ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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• Account. In the event moneys in the Debt Service Reserve Account are transferred to the 41110 Bond and Interest Account to pay principal and interest on bonds, then such depletion of the balance in the Debt Service Reserve Account shall be made up from the next available net revenues after the credits into the Bond and Interest Account hereinbefore provided for. Any moneys in the Debt Service Reserve Account in excess of the Debt Service Reserve Requirement shall be transferred to the Sewage Works Improvement Fund, and in no event shall such excess moneys be held in the Debt Service Reserve Account. If any Bonds are sold to the Authority as part of the SRF Program, the Sewage Works Sinking Fund and the Construction Account may be held by a financial institution acceptable to the Authority as a part of its SRF Program, pursuant to terms acceptable to the Authority. If the Sewage Works Sinking Fund and the accounts therein are held in trust, the Town shall transfer the monthly required amounts of Net Revenue in accordance with this SECTION 12, and the financial institution holding such funds in trust shall be instructed to pay the required payments in accordance with the payment schedules for the Town's outstanding bonds. The financial institution selected to serve in this role may also serve as the Registrar and the Paying Agent for such Bonds. If the Construction Account is so held in trust, the Town shall deposit the proceeds of such Bonds therein until such proceeds are applied consistent with this Ordinance and the Financial Assistance Agreement. The Town Council hereby authorizes the President of the Town Council and the Clerk-Treasurer to execute and deliver an agreement with a financial institution to reflect this trust arrangement for all or a part of the Sewage Works Sinking Fund and the Construction Account in the form. of Trust Agreement as approved by the President of the Town Council and the Clerk-Treasurer, consistent with the terms and provisions of this Ordinance. SECTION 13. Sewage Works Improvement Fund. After meeting the requirements for the Operation and Maintenance Fund, the Bond and Interest Account and the Debt Service Reserve Account as provided in SECTION 12 herein, all available net revenues shall be credited to the Sewage Works Improvement Fund established hereby. Said Fund shall be used for improvements, replacements, additions and extensions of the Sewage Works. Moneys in the Sewage Works Improvement Fund shall be transferred to the Sewage Works Sinking Fund if necessary to prevent a default in the payment of principal and interest on the then outstanding bonds of the sewage works or if necessary to restore the Debt Service Reserve Requirement in the Debt Service Reserve Account. SECTION 14. Investment of Funds. All of the amounts in the funds and accounts created pursuant to this Ordinance shall be deposited in lawful depositories of the State of Indiana, and shall be continuously held and secured or invested as provided by the laws of the State of Indiana relating to the depositing, securing, holding and investing of public funds, including particularly Indiana Code 5-13-9, as amended and supplemented, including pursuant to IC 4-4-11 and IC 13- 18-13. The amounts in the Sewage Works Sinking Fund and all other funds and accounts created pursuant to this Ordinance shall be kept in separate bank accounts apart from all other bank accounts of the Town. In no event shall any of the revenues of the Sewage Works be transferred or used for any purpose not authorized by this Ordinance so long as any of the bonds of the Sewage Works issued pursuant to the provisions of this Ordinance shall be outstanding. Investment income earned on moneys in the funds and accounts established by this Ordinance shall become a part of the funds and accounts invested (except as otherwise provided in SECTION 12 hereof) and shall be used only as provided in this Ordinance. 23