ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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Notwithstanding the provisions of this section, if BANs are issued, then the proceeds of the Bonds relating thereto shall be used to refund the BANs and are hereby pledged for such purpose, and any proceeds of the Bonds remaining after the BANs have been paid in full and after completion of the Project shall be used solely for one (1) or more purposes pennitted 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. With respect to any Bonds sold to the Authority as part of its SRF Program, to the extent that (a) the total principal amount of the Bonds is not paid by the purchaser or drawn down by the Town, or (b) proceeds remain in the Construction Account and are not applied to the Project (or any modifications or additions thereto approved by the Authority), the Town shall reduce the principal amount of the remaining Bond maturities to effect such reduction in amounts which will still achieve the annual debt service as described in SECTION 3 subject to and upon the terms set forth in the Financial Assistance Agreement. SECTION 11. Segregation and Application of Sewage Works Revenues. All revenues derived from the operation of the Sewage Works and from the collection of sewage rates and charges shall be segregated and kept separate and apart from all other funds and bank accounts of the Town. Out of said revenues, the proper and reasonable expenses of operation, repair and maintenance of the Sewage Works shall be paid, the principal and interest of all bonds and fiscal agency charges of bank paying agents shall be paid, and the costs of replacements, extensions, additions and improvements shall be paid as hereinafter provided. No moneys derived from the revenues of the Sewage Works shall be transferred to the General Fund of the Town or be used for any purpose not connected with the Sewage Works (and the Sewage Works Sinking Fund shall be continued) so long as any bonds payable from the revenues of the Sewage Works are outstanding. SECTION 12. Sewage Works Sinking Fund. On the last day of each calendar month there shall be first credited to the Operation and Maintenance Fund established hereby (and prior to any deposit to the Sewage Works Sinking Fund), a sufficient amount of the revenues of the Sewage Works so that the balance in said fund shall be sufficient to pay the expenses of operation, repair and maintenance of the works for the next succeeding two (2) calendar months. The moneys credited to this Fund shall be used for the payment of the reasonable and proper operation, repair and maintenance expenses of the Sewage Works on a day-to-day basis, but none of the moneys in such Fund shall be used for depreciation, replacements, improvements, extensions or additions. Any balance in said Fund in excess of the expected expenses of operation, repair and maintenance for the next calendar month may be transferred to the Sewage Works Sinking Fund if necessary to prevent a default in the payment of principal or interest on outstanding bonds of the Sewage Works. There shall be deposited into the Sewage Works Sinking Fund previously established for the payment of the interest on and principal of revenue bonds which by their terms are payable from the revenues of the Sewage Works, and the payment of any fiscal agency charges in connection with the payment of such bonds and interest thereon, a sufficient amount of the net revenues of said Sewage Works to meet the requirements of the Bond and Interest Account and the Debt Service Reserve Account established hereby in said Sewage Works Sinking Fund. Such payments shall continue until the balance in the Bond and Interest Account, plus the balance in the Debt Service Reserve Account, equals the principal of and interest on all of the then outstanding bonds of the Sewage Works to the final maturity thereof. 21