ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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• in compliance with its National Pollutant Discharge Elimination System permits, except for non-compliance for which the bonds am to be issued, including refunding bonds issued prior to,but part of, the overall plan to eliminate such non-compliance. SECTION 19. Additional Covenants of the Town. For the purpose of further safeguarding the interests of the owners of the Bonds and BANs herein authorized, it is specifically provided as follows: (a) All contracts let by the Town in connection with the construction of said additions and improvements to the Sewage Works shall be let after due advertisement as required by the laws of the State of Indiana, and all contractors shall be required to furnish surety bonds in an amount equal to one hundred percent (100%) of the amount of such contracts, to insure the completion of said contracts in accordance with their terms, and such contractors shall also be required to carry such employers' liability and public liability insurance as are required under the laws of the State of Indiana in the case of public contracts, and shall be governed in all respects by the laws of the State of Indiana relating to public contracts. (b) Said additions and improvements shall be constructed under the supervision and subject to the approval of the Consulting Engineers or such other competent engineer as shall be designated by the Town Council. All estimates for work done or material furnished shall first be checked and reviewed by the Consulting Engineers and approved by the Town Council. (c) The Town shall at all times maintain its Sewage Works in good condition and operate the same in an efficient manner and at a reasonable cost. (d) So long as any of the Bonds or BANs herein authorized are outstanding, the Town shall maintain insurance coverage acceptable to the Authority if any Bonds are sold to or owned by the Authority as part of its SRF Program, on the insurable parts of the Sewage Works of a kind and in an amount such as would normally be carried by private companies engaged in a similar type of business. All insurance shall be placed with responsible insurance companies qualified to do business under the laws of the State of Indiana. All insurance proceeds and condemnation awards shall be used in replacing or repairing the property destroyed, damaged or taken, unless the Authority shall consent to a different use of such proceeds or awards if any Bonds are sold to or are owned by the Authority as part of its SRF Program, or, if no Bonds are sold to or are owned by the Authority as part of its SRF Program and such proceeds or awards are not used for such purposes, such proceeds or awards may be applied as net revenues of the works. (e) So long as any of the Bonds or BANs are outstanding, the Town shall not mortgage, pledge or otherwise encumber such works, or any part thereof, nor shall it sell, lease or otherwise dispose of any portion thereof except replace equipment which may become worn out or obsolete, and if any Bonds are sold to the Authority as part of its SRF Program, provided that the Town shall obtain the prior written consent of the Authority. (f) If any Bonds are sold to the Authority as part of its SRF Program, the Town shall not borrow any money, enter into any contract or agreement or incur any other liabilities in connection with the sewage works, other than for normal operating 26