ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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This bond and the other bonds of this issue, together with the interest payable hereon and thereon, are payable solely from and secured by an irrevocable pledge of and constitute a first charge upon all of the net revenues (defined to be gross revenues after deduction only for the payment of the reasonable expenses of operation, repair and maintenance) derived from the sewage works of the Town, including the existing works, the improvements and extensions acquired or constructed out of the proceeds of this bond and the issue of which it is a part, and all additions and improvements thereto subsequently acquired or constructed. The Town shall not be obligated to pay the principal of or interest on this bond except from the special fund, entitled the"Sewage Works Sinking Fund"heretofore created by ordinance of the Town, provided from the net revenues of such sewage works, and neither this bond nor any of the bonds of the issue of which this bond is a part shall constitute an indebtedness of the Town within the meaning of the provisions and limitations of the constitution of the State of Indiana. [Reference is hereby made to the Financial Assistance Agreement ("Financial Assistance Agreement") between the Town and the Authority concerning certain terms and covenants pertaining to the sewage works project and the purchase of this Bond as part of the wastewater loan program established and existing pursuant to IC 4-4-11 and IC 13-18-13.] This bond is one of an authorized issue of bonds of the Town of Mooresville, Indiana, of like date, tenor and effect, except as to numbering, interest rates and dates of maturity, in the total amount of Dollars ($ ) numbered from 10R-1 upward, issued for the purpose of providing funds to pay the cost of certain additions, improvements and extensions to the sewage works and all expenses necessarily incurred in connection with the issuance of such bonds, as authorized by an ordinance adopted by the Town Council of the Town on the day of ,2009, entitled"An Ordinance authorizing the acquisition, construction and installation by the Town of Mooresville, Morgan County, Indiana, of certain improvements and extensions to the sewage works of the Town, the issuance and sale of revenue bonds to provide funds for the payment of the costs thereof, the issuance and sale of bond anticipation notes in anticipation of the issuance and sale of such bonds, and the collection, segregation and distribution of the revenues of the sewage works and all matters related thereto" (the"Ordinance"), and in strict compliance with the provisions of the Indiana Code, Title 36, Article 9, Chapter 23, and the laws amendatory thereof and supplemental thereto(the"Act"). This bond is issuable only in fully registered form in the denomination of[One Dollar($1)] [Five Thousand Dollars($5,000)] or any integral multiple thereof not exceeding the aggregate principal amount of the bonds of this issue maturing in any one year. Pursuant to the provisions of the Act and the Ordinance,the principal of and interest on this bond and all other bonds of this issue, together with all other bonds hereafter issued ranking on a parity herewith and therewith, are payable solely from the Sewage Works Sinking Fund heretofore created (the "Sinking Fund")to be provided from the net revenues (herein defined as the gross revenues of the sewage works of the Town remaining after payment of reasonable expenses of [Operation and Maintenance (as defined in the Financial Assistance Agreement] OR [operation, repair and maintenance]) of the sewage works of the Town, including the existing works, the improvements and extensions acquired or constructed out of the proceeds of this bond and the issue of which it is a part, and all additions and improvements thereto and replacements thereof subsequently constructed and acquired. This bond does not and shall not constitute an indebtedness of the Town within the meaning of the provisions and limitations of the constitution of the State of Indiana, and the Town is not and shall not be obligated to pay this bond or the interest thereon except from such special fund provided from such net revenues. The Town irrevocably pledges the entire net revenues of the Sewage Works to the extent necessary for such purposes, to the prompt payment of the principal of and interest on the bonds of this issue authorized pursuant to the Ordinance,including this bond and any bonds hereafter issued on a parity herewith and therewith. The Town covenants that it will to the fullest extent permitted by law cause to be fixed, maintained and collected such rates and charges for services rendered by such works as are 13