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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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Account and the Reserve Account, and the financial institution holding such .funds in <br />trust shall be instructed to pay the required payments in accordance with the payment <br />schedules for the City's outstanding bonds. The Common Council hereby authorizes the <br />Mayor and Controller to execute and deliver an agreement with a financial institution to <br />reflect this trust arrangement for the Sinking Fund and/or the Construction Account. <br />Section XIII. Funding Improvements to the Sewage Works. On the first day of <br />each calendar month, after meeting the requirements for operation, repair and maintenance, and <br />the Sewage Works Sinking Fund, all available Net Revenues shall be credited to the Sewage <br />Works Improvement Fund previously established and continued hereby. Said fund shall be used <br />for improvements, replacements, additions and extensions of the Sewage Works, or for any other <br />lawful purpose, including transfers to the cash reserve fund of the utility or the general fund of <br />the City representing payments in lieu of taxes and a reasonable rate of return on the Sewage <br />Works. Moneys in the. Sewage Works Improvement Fund shall be transferred to the Sewage <br />Works Sinking Fund if necessary to prevent a default in the payment of principal and interest on <br />the then outstanding bonds or if necessary to eliminate any deficiencies in credits to or minimum <br />balance in the Reserve Account of the Sewage Works Sinking Fund. Moneys in the Sewage <br />Works Improvement Fund also may be transferred to the Operation and Maintenance Fund to <br />meet unforeseen contingencies in the operation, repair and maintenance ofthe Sewage Works. <br />Section XIV. Investment of Funds. All of the amounts in the funds and accounts <br />created pursuant to this Ordinance shall be deposited in lawful depositories of the State of <br />Indiana, and shall be continuously held and secured or invested as provided by the laws of the <br />State of Indiana relating to the depositing, securing, holding and investing of public funds, <br />including particularly Indiana Code 5-13, as amended and supplemented, including pursuant to <br />-35- <br />BDDBOI 5738468v1 <br />
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