ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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f 411 whether from the proceeds of the bonds and BANs authorized herein or otherwise. Such Sewage Works shall be constructed and the bonds and BANs herein authorized shall be issued pursuant to the provisions of this Ordinance, the Act and IC 5-1-14-5 (together with Indiana Code 4-4-11 and Indiana Code 13-18-13). SECTION 2. Description of the Project. The Project primarily consists of the acquisition, construction and installation of improvements to the Town's sewage works treatment system. The Town shall proceed with the acquisition, construction and installation of the Project and shall enter into all contracts necessary or appropriate for such purpose, in conformity with and subject to the requirements and conditions set forth in this Ordinance and in the Act. SECTION 3. The Bonds. In accordance with the Act and for the purpose of providing funds with which to pay a portion of the costs of the Project, together with authorized expenses relating thereto including the costs of issuance of the Bonds, as hereinafter defined, on account thereof, and refunding the BANs described below, if any, the Town shall issue and sell its sewage works revenue bonds in the aggregate principal amount not to exceed Nineteen Million Six Hundred Thousand Dollars ($19,600,000) (the "Bonds"). The principal of; redemption premium, if any, and interest on the Bonds shall be payable solely out of the Sewage Works Sinking Fund referred to below. The Bonds shall be designated as the "Town of Mooresville, Indiana, Sewage Works Revenue Bonds, Series 2010,"and shall be issued in an aggregate principal amount not to exceed Nineteen Million Six Hundred Thousand Dollars ($19,600,000). The Bonds shall be issued as fully registered bonds in denominations of One Dollar ($1) each if sold to the Authority as part of the SRF Program, and in denominations of Five Thousand Dollars ($5,000) each if sold to another purchaser, and any integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing in any one (1) year, and shall be numbered consecutively from 10R-1 upward. The Bonds shall bear interest at a rate or rates not to exceed six percent (6%)per annum if sold to the Authority as a part of the SRF Program, or shall bear interest at a rate or rates not exceeding seven percent (7.0%)per annum if sold to any other purchaser(the exact rate or rates to be determined through negotiation with the SRF Program or as determined by bidding as the case may be). Interest on the Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred sixty (360) day year and shall be payable semiannually on February 1 and August 1 in each year (each an "Interest Payment Date"), commencing on the date selected by the Clerk-Treasurer of the Town (the "Clerk-Treasurer") based upon the advice of the Financial Advisor, and to be memorialized in the Clerk-Treasurer's Certificate (as hereinafter defined), until principal is fully paid. The principal of the Bonds shall mature serially on February 1 and August 1 beginning and ending in the years indicated in the Clerk-Treasurer's Certificate, but in no event beginning later than August 1, 2012, nor ending later than August 1, 2035. The final principal amortization schedule for the Bonds shall be certified by the Clerk- Treasurer, based on the advice of the Financial Advisor to effectuate annual debt service as level as practicable, and to be set forth in the Clerk-Treasurer's Certificate prior to the sale of the Bonds;provided, however, that any Bonds sold to the Authority as part of its SRF Program shall mature semiannually on February 1 and August 1, or be subject to mandatory sinking fund redemption on February 1 or August 1, over a period ending no later than twenty(20) years after substantial completion of the Project (as determined under the Financial Assistance Agreement), and in such amounts that will allow the Town to meet the coverage and/or amortization 3