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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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material furnished shall first be checked by the Consulting Engineers and approved by <br />the Board. <br />(c) The City shall at all times maintain its Sewage Works in good <br />condition and operate the same in an efficient manner and at a reasonable cost. <br />(d) So long as any of the Bonds herein authorized are outstanding, the <br />City shall maintain insurance coverage (which must be acceptable to the Authority if the <br />Authority owns the Bonds), including fidelity bonds, to protect the sewage works and its <br />operations on the insurable parts of said Sewage Works of a kind and in an amount such <br />as would normally be carried by private companies engaged in a similar type of business. <br />All insurance shall be placed with responsible insurance companies qualified to do <br />business under the laws of the State of Indiana, provided, however, such insurance <br />requirement may be satisfied, in part or in whole, through the City's self insurance <br />program. In the Bonds are sold to the Authority for participation in the wastewater SRF <br />loan program under Indiana Code 13-18-13, use of the City's self-insurance program to <br />satisfy any of the insurance requirements set forth herein shall be subject to the approval <br />of the Authority. Insurance proceeds and condemnation awards shall be used to replace <br />or repair the property, or, if not used for that purpose, shall be treated and applied as net <br />revenues of the sewage works (provided such is consented to by the Authority if the <br />Authority owns the Bonds). <br />(e) So long as any of the Bonds are outstanding, the City shall not <br />mortgage, pledge or otherwise encumber such sewage works, or any part thereof, nor. <br />shall it sell, lease or otherwise dispose of any portion thereof except replace equipment <br />-42- <br />BDDBOI 5738468v1 <br />
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