ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

Home Browse Search

• Bond or BAN, the Registrar and Paying Agent may pay the same upon surrender of the mutilated Bond or BAN or upon satisfactory indemnity and proof of loss, theft or destruction in the case of a lost, stolen or destroyed Bond or BAN. The Town and the Registrar and Paying Agent may charge the owner of any such Bond or BAN with their reasonable fees and expenses in connection with the above. Every substitute Bond or BAN issued by reason of any Bond or BAN being lost, stolen or destroyed shall, with respect to such Bond or BAN, as the case may be, constitute a substitute contractual obligation of the Town pursuant to this Ordinance, whether or not the lost, stolen or destroyed Bond or BAN shall be found at any time, and shall be entitled to all the benefits of this Ordinance, equally and proportionately with any and all other Bonds or BANs, as the case may be, duly issued hereunder. In the event that any Bond or BAN is not presented for payment or redemption on the date established therefor, the Town may deposit in trust with the Paying Agent an amount sufficient to pay such Bond or BAN or the redemption price thereof; as appropriate, and thereafter the owner of such Bond or BAN shall look only to the funds so deposited in trust with the Paying Agent for payment and the Town shall have no further obligation or liability with respect thereto. SECTION 4. The BANs. In anticipation of the issuance and sale of the Bonds authorized herein, and to provide interim financing to apply to the cost of the Project, the Town is hereby authorized to have prepared and to issue and sell negotiable Bond Anticipation Notes (the "BANs") of the Town, in an amount not to exceed Nineteen Million Six Hundred Thousand Dollars ($19,600,000), to be designated "Town of Mooresville, Indiana, Sewage Works Revenue Bond Anticipation Notes, Series 2010." The BANs shall be issued in full registered form, shall be numbered consecutively from 10R-1 upwards, shall be issued in denominations of One Dollar ($1) or integral multiples thereof; shall be dated as of the date on which the BANs are issued, and shall bear interest at a rate not exceeding five percent(5.0%)per annum (the exact rate of interest to be determined by negotiation), payable as set forth in the Clerk-Treasurer's Certificate. The BANs shall be sold at a price of not less than ninety-nine percent (99%) of the par amount thereof. The initial BANs delivered will mature as set forth in the Clerk-Treasurer's Certificate. Each subsequent BAN delivered will bear the same maturity date as the initial BANs. The BANs shall be subject to renewal or extension, subject to the limitations set forth below, at an interest rate not to exceed seven percent (7.0%), with the exact rate to be negotiated. The term of the BANs and all renewal BANs may not exceed five (5) years from the date of delivery of the initial BANs. The BANs shall be issued pursuant to the provisions of Indiana Code 5-1-14-5 (together • with Indiana Code 4-4-11 and Indiana Code 13-18-13), and the principal thereof shall be refunded and retired out of the proceeds from the issuance and sale hereunder of the Bonds. The Town may also use other revenues or funds of the Town legally available therefor, if any, including amounts available to the Town out of federal or state funds available for application to the Project, for payment of the principal of the BANs; provided, however, that no funds other than proceeds from the issuance and sale of the Bonds, if and when issued, are pledged to the payment of principal of the BANs. The interest on the BANs shall be payable either from the net revenues of the Sewage Works, or from proceeds from the issuance and sale hereunder of the Bonds. Notwithstanding any other provision of this Ordinance, if the BANs are sold to a purchaser that so agrees, the Town may receive payment for the BANs in installments and 6