ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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same, and to approve any changes in form or substance to the Financial Assistance Agreement, which are consistent with the terms of this Ordinance, such changes to be conclusively evidenced by such execution. Notwithstanding anything contained herein, the Town may accept any other forms of financial assistance, as and if available, from the SRF Program (including without limitation (1) any forgivable loans, grants or other assistance whether available as an alternative to any Bond related provision otherwise provided for herein or as a supplement or addition thereto and (2) one or more series or combination of series of Bonds and/or BANs). If required by the SRF Program to be eligible for such financial assistance, one or more of the series of the Bonds or BANs issued hereunder may be issued on a basis such that the payment of the principal of or interest on (or both) such series of Bonds is junior and subordinate to the payment of the principal of and interest on other series of Bonds issued hereunder (and/or any other revenue bonds secured by a pledge of Net Revenue, whether now outstanding or hereafter issued), all as provided by the terms of such series of Bonds as modified pursuant to this authorization. Such financial assistance, if any, shall be as provided in the Financial Assistance Agreement and the Bonds of each series of Bonds and the BANs of each series of BANs issued hereunder(including any modification made pursuant to the authorization in this paragraph to the form of Bond otherwise contained herein). Prior to the delivery of the Bonds and the BANs, the Clerk-Treasurer, (i) based upon the advice of the Financial Advisor, shall be authorized to investigate, negotiate and obtain bond insurance, other forms of credit enhancement and/or credit ratings on the Bonds (and the BANs, if issued), and (ii) shall obtain a legal opinion as to the validity of the Bonds (and the BANs, if issued) from Barnes & Thornburg LLP, Indianapolis, Indiana, bond counsel for the Town, with such opinion or opinions to be furnished to the purchaser or purchasers of the Bonds or to the purchaser of the BANs at the expense of the Town. The costs of obtaining any such insurance, other credit enhancement and/or credit ratings, together with bond counsel's fee in preparing and delivering such opinion or opinions and in the performance of related services in connection with the issuance, sale and delivery of the Bonds and the BANs, shall be considered as a part of the cost of the Project and may be paid out of the proceeds of the Bonds and BANs,respectively. SECTION 10. Disposition of Proceeds of the Bonds and BANs; Town of Mooresville, 2010 Sewage Works Construction Account. The proceeds from the sale of the BANs (or, if and to the extent the BANs are not issued, the Bonds) shall be deposited in a bank or banks which are legally qualified depositories for the funds of the Town, in the special account to be designated as "Town of Mooresville, 2010 Sewage Works Construction Account" (the "Construction Account"). Amounts in the Construction Account shall be expended only for the purpose of paying the costs of the Project, refunding the BANs, if issued, paying the costs of issuance of the Bonds or BANs, if issued, or as otherwise permitted or required by the Act. Any balance or balances remaining unexpended in the Construction Account after completion of the Project, which are not required to meet unpaid obligations incurred in connection with the acquisition, construction or installation of the Project, shall be used solely for one (1) or more of the purposes permitted under the provisions of Indiana Code 5-1-13, as amended and supplemented including pursuant to IC 4-4-11 and IC 13-18-13. Pursuant to the Act, the owners of the Bonds and BANs shall be entitled to a lien on the proceeds of the Bonds and BANs, respectively, until such proceeds are applied as required by this Ordinance and by Indiana law. 20