HomeMy WebLinkAboutD-2551-20_Waterworks Refunding Revenue Bonds of 2020SPONSOR: Councilors Campbell
and Finkam
ORDINANCE D-2551-20
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, AUTHORIZING THE REFUNDING OF PRIOR WATERWORKS
REVENUE BONDS OF THE CITY OF CARMEL, INDIANA, AUTHORIZING THE
ISSUANCE OF THE CITY OF CARMEL, INDIANA JUNIOR WATERWORKS
REVENUE BONDS OF 2020, TO PROVIDE FUNDS FOR THE PAYMENT OF COSTS
THEREOF, AND ADDRESSING OTHER MATTERS CONNECTED THEREWITH
Synopsis:
Bond Ordinance permitting the issuance of water works refunding revenue bonds City to
advance refund outstanding bonds of the City.
WHEREAS, the City of Carmel, Indiana (the "City") has heretofore established,
constructed and financed a municipal waterworks and now owns and operates said waterworks
pursuant to I.C. 8-.1.5, as amended, and other applicable laws (the “Act”); and
WHEREAS, Council of the City (the “Council”) hereby finds that certain hereinafter
described outstanding bonds of the waterworks of the City should be refunded to obtain a reduction
in interest payments and effect a savings to the City; that the refunding of those outstanding bonds,
together with redemption premium and accrued interest thereon and including all costs related to
the refunding cannot be provided for out of funds of the waterworks now on hand and the refunding
should be accomplished by the issuance of revenue bonds of the waterworks; and
WHEREAS, the Council finds that there are now outstanding bonds of the City’s
waterworks payable out of the revenues therefrom, designated “City of Carmel, Indiana Junior
Waterworks Revenue Bonds of 2008,” dated September 22, 2008, and maturing annually over a
period ending May 1, 2034 (the “2008 Bonds”), which were authorized and issued pursuant to
Ordinance No. D-1-1887-08 as Amended, adopted by the Council on July 7, 2008, and as further
amended by Ordinance No. D-2305-16, adopted by the Council on August 1, 2016 (the “2008
Ordinance”); and
WHEREAS, the 2008 Bonds constitute a first lien charge upon the Net Revenues; and
WHEREAS, the 2008 Ordinance provides that the City may authorize and issue additional
bonds payable out of the Net Revenues ranking on a junior and subordinate basis to the 2008 Bonds
for the purpose of financing the cost of future additions, extensions and improvements to the
works, or to refund obligations; and
WHEREAS, the Common Council finds that there are now outstanding bonds of the City’s
waterworks and payable out of the revenues therefrom designated “Junior Waterworks Revenue
Bonds of 2012,” dated February 9, 2012, originally issued in the amount of $21,625,000 (the “2012
Bonds”), now outstanding in the aggregate principal amount of $15,580,000, authorized by
Ordinance No. D-2070-11 adopted by the Common Council of the Issuer on December 19, 2011,
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as amended by Ordinance No. D-2080-12, adopted by the Common Council of the Issuer on
January 23, 2012 (collectively, the “2012 Ordinance”); and
WHEREAS, the 2012 Bonds may be redeemed, at the option of the City, in whole or in
part, on May 1, 2022, or any date thereafter, at a redemption price of 100% of the principal amount
to be redeemed, plus accrued interest to the date of redemption; and
WHEREAS, the Common Council finds that there are now outstanding bonds of the City’s
waterworks payable out of the revenues therefrom designated “Junior Waterworks Refunding
Revenue Bonds of 2017,” dated August 30, 2017, originally issued in the amount of $13,000,000
(the “2017 Bonds”), authorized by Ordinance No. D-2364-17 adopted by the Common Council of
the Issuer on May 15, 2017 (the “2017 Ordinance”); and
WHEREAS, the Council finds that there are now outstanding bond anticipation notes
designated the “Waterworks Revenue Bond Anticipation Notes, Series 2019” in the aggregate
principal amount of $17,745,000, payable from the issuance of bonds payable out of the revenues
of the waterworks authorized in the maximum principal amount $18,000,000 (the “2019 Bonds”),
both authorized by Ordinance No. D-2486-19 (the “2019 Ordinance”); and
WHEREAS, the City is also now considering for approval by separate ordinance the
issuance of bonds payable out of the revenues generated from the waterworks of the City
designated “Junior Waterworks Revenue Bonds of 2020” in an aggregate principal amount of
$6,000,000 (the “2020 Bonds”) pursuant to Ordinance No. D-2550-20 (the “2020 Ordinance”);
and
WHEREAS, the 2017 Ordinance, the 2019 Ordinance and the 2020 Ordinance allow for
the issuance of additional bonds payable from the revenues of the waterworks ranking on a parity
with the 2017 Bonds, the 2019 Bonds when issued and the 2020 Bonds, junior and subordinate to
the 2008 Bonds; and
WHEREAS, the Council finds that it may be beneficial to refund the outstanding 2012
Bonds (the “Refunded Bonds”) pursuant the provisions of IC 5-1-5 to enable the City to obtain an
reduction in interest payments and effect a savings to the City and hereby authorizes the same by
issuance of the refunding revenue bonds in an amount not to exceed Nineteen Million Six Hundred
Thirty-Five Thousand Dollars ($19,635,000), which bonds shall be junior and subordinate to the
2008 Bonds and on parity with the 2017 Bonds, the 2019 Bonds when issued, and the 2020 Bonds;
and
WHEREAS, the conditions precedent to the issuance of additional revenue bonds set forth
in the 2008 Ordinance, the 2017 Ordinance, the 2019 Ordinance and the 2020 Ordinance, as
described above, will be satisfied under this Ordinance for the issuance of such additional revenue
bonds on a junior and subordinate basis to the 2008 Bonds and on parity with the 2017 Bonds, the
2019 Bonds when issued, and the 2020 Bonds; and
WHEREAS, the Council now finds that all conditions precedent to the adoption of an
ordinance authorizing the issuance of revenue bonds have been complied with in accordance with
the applicable provisions of the Act; and
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NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of Carmel,
Indiana, as follows:
SECTION 1. Issuance of Refunding Bonds. The City, being the owner of and
engaged in operating the waterworks system of the City now finds it necessary to provide funds
for refunding the Refunded Bonds thereby reducing its interest payments and effecting a savings,
as will be reported after the sale of the bonds issued hereunder by the City’s municipal advisor,
Baker Tilly Municipal Advisors, LLC (the “Municipal Advisor”). The terms "works," "utility"
and “system” and other like terms where used in this Ordinance shall be construed to mean and
include all structures and property of the City's waterworks utility.
SECTION 2. Authorization of Obligations.
(a) The City shall issue its "City of Carmel, Indiana Junior Waterworks Refunding Revenue
Bonds of 20__" (with the year of issuance included along with any series designation) (the
"Refunding Bonds"), in one or more series, in an original principal amount not to exceed Nineteen
Million Six Hundred Thirty-Five Thousand Dollars ($19,635,000) as negotiable, fully registered
bonds, for the purpose of procuring funds to be applied to the costs of refunding the Refunded
Bonds, including without limitation all incidental expenses incurred in connection therewith, the
funding of a reserve account and the costs of selling and issuing the Refunding Bonds. The
Refunding Bonds shall rank junior and subordinate to the 2008 Bonds for all purposes and on
parity with the 2017 Bonds, the 2019 Bonds when issued and the 2020 Bonds.
(b) The Refunding Bonds shall be issued in denominations of Five Thousand Dollars
($5,000) or any integral multiple thereof (or such higher denominations as may be determined by
the Mayor of the City (the “Executive”) at the time of the sale of the Refunding Bonds with the
advice of the City’s Municipal Advisor), numbered consecutively from 1 upward, and dated as of
the first day of the month in which they are sold or the date of delivery, as evidenced by the
execution thereof. The Refunding Bonds shall bear interest at a rate or rates not exceeding five
percent (5.00%) per annum (the exact rate or rates to be determined by bidding or, if applicable,
negotiations), and interest shall be payable semiannually on May 1 and November 1 in each year,
beginning on the first May 1 or November 1 following the date of issuance of the Refunding Bonds,
provided such date of issuance is not after the 15th day of the month preceding such May 1 or
November 1. Interest on the Refunding Bonds shall be calculated according to a 360-day calendar
year containing twelve 30-day months. The Refunding Bonds shall mature annually on May 1 of
each year thereafter over a period ending not later than May 1, 2036, as finally estimated,
determined and fixed by the Executive or the fiscal officer of the City (the "Fiscal Officer") with
the advice of the City's municipal advisor, as evidenced by delivery of the executed initial issue of
the Refunding Bonds to the Registrar for authentication.
(c) All or a portion of the Refunding Bonds may be aggregated into and issued as one or
more term bonds. The term bonds will be subject to mandatory sinking fund redemption with
sinking fund payments and final maturities corresponding to the serial maturities described above.
Sinking fund payments shall be applied to retire a portion of the term bonds as though it were a
redemption of serial bonds, and, if more than one term bond of any maturity is outstanding,
redemption of such maturity shall be made by lot. Sinking fund redemption payments shall be
made in a principal amount equal to such serial maturities, plus accrued interest to the redemption
date, but without premium or penalty. For all purposes of this Ordinance, such mandatory sinking
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fund redemption payments shall be deemed to be required payments of principal which mature on
the date of such sinking fund payments. Appropriate changes shall be made in the definitive form
of the Refunding Bonds, relative to the form of the Refunding Bonds contained in this Ordinance,
to reflect any mandatory sinking fund redemption and optional redemption terms.
SECTION 3. Pledge of Net Revenues; Payment of Principal and Interest. The
Refunding Bonds, and any hereafter issued bonds ranking on a parity therewith, as to principal,
premium, if any, and interest, shall be payable solely from and are hereby secured by an irrevocable
pledge of and shall constitute a charge upon all the net revenues (defined as gross revenues of the
works after deduction only for the payment of the reasonable expenses of operation, repair and
maintenance) of the works (the "Net Revenues"), junior and subordinate to the 2008 Bonds for all
purposes and on parity with the 2017 Bonds, the 2019 Bonds when issued and the 2020 Bonds.
The City shall not be obligated to pay the Refunding Bonds except from the Net Revenues, and
the Refunding Bonds shall not constitute an indebtedness of the City within the meaning of the
provisions and limitations of the constitution of the State of Indiana.
All payments of interest on the Refunding Bonds shall be paid by check mailed one
business day prior to the interest payment date to the registered owners thereof as of the fifteenth
(15th) day of the month preceding the interest payment date (the "Record Date") at the addresses
as they appear on the registration and transfer books of the City kept for that purpose by the
Registrar (the "Registration Record") or at such other address as is provided to the Paying Agent
in writing by such registered owner. Each registered owner of $1,000,000 or more in principal
amount of the Refunding Bonds shall be entitled to receive interest payments by wire transfer by
providing written wire instructions to the Paying Agent before the Record Date for any payment.
All principal payments and premium payments, if any, on the Refunding Bonds shall be made
upon surrender thereof at the principal office of the Paying Agent, in any U.S. coin or currency
which on the date of such payment shall be legal tender for the payment of public and private
debts, or in the case of a registered owner of $1,000,000 or more in principal amount of the
Refunding Bonds, by wire transfer on the due date upon written direction of such owner provided
at least fifteen (15) days prior to the maturity date or redemption date.
Interest on Refunding Bonds shall be payable from the interest payment date to which
interest has been paid next preceding the authentication date thereof unless such Refunding Bonds
are authenticated after the Record Date for an interest payment date and on or before such interest
payment date in which case they shall bear interest from such interest payment date, or unless
authenticated on or before the Record Date for the first interest payment date, in which case they
shall bear interest from the original date, until the principal shall be fully paid.
SECTION 4. Transfer and Exchange of Refunding Bonds. Each Refunding Bond
shall be transferable or exchangeable only upon the Registration Record, by the registered owner
thereof in writing, or by the registered owner's attorney duly authorized in writing, upon surrender
of such Refunding Bond, together with a written instrument of transfer or exchange satisfactory to
the Registrar duly executed by the registered owner or such attorney, and thereupon a new fully
registered Refunding Bond or Refunding Bonds in the same aggregate principal amount, and of
the same maturity, shall be executed and delivered in the names of the transferee or transferees or
the registered owner, as the case may be, in exchange therefor. The costs of such transfer or
exchange shall be borne by the City except for any tax or governmental charge required to be paid
with respect to the transfer or exchange, which taxes or governmental charges are payable by the
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person requesting such transfer or exchange. The City, the Registrar and the Paying Agent may
treat and consider the persons in whose names such Refunding Bonds are registered as the absolute
owners thereof for all purposes including for the purpose of receiving payment of, or on account
of, the principal thereof and interest and premium, if any, due thereon.
In the event any Refunding Bond is mutilated, lost, stolen or destroyed, the City may
execute and the Registrar may authenticate a new bond of like date, maturity and denomination as
that mutilated, lost, stolen or destroyed, which new bond shall be marked in a manner to distinguish
it from the Refunding Bond for which it was issued, provided that, in the case of any mutilated
Refunding Bond, such mutilated bond shall first be surrendered to the Registrar, and in the case of
any lost, stolen or destroyed bond there shall be first furnished to the Registrar evidence of such
loss, theft or destruction satisfactory to the Fiscal Officer and the Registrar, together with
indemnity satisfactory to them. In the event any such Refunding Bond shall have matured, instead
of issuing a duplicate bond, the City and the Registrar may, upon receiving indemnity satisfactory
to them, pay the same without surrender thereof. The City and the Registrar may charge the owner
of such Refunding Bond with their reasonable fees and expenses in this connection. Any
Refunding Bond issued pursuant to this paragraph shall be deemed an original, substitute
contractual obligation of the City, whether or not the lost, stolen or destroyed Refunding Bond
shall be found at any time, and shall be entitled to all the benefits of this Ordinance, equally and
proportionately with any and all other Refunding Bond issued hereunder.
SECTION 5. Registrar and Paving Agent. The Fiscal Officer is hereby authorized to
serve as, or to appoint a qualified financial institution to serve as, Registrar and Paying Agent for
the Refunding Bonds (together with any successor, the "Registrar" or "Paying Agent"). The
Registrar is hereby charged with the responsibility of authenticating the Refunding Bonds, and
shall keep and maintain the Registration Record at its office. The Fiscal Officer is hereby
authorized to enter into such agreements or understandings with any such institution as will enable
the institution to perform the services required of a Registrar and Paying Agent. The Fiscal Officer
is further authorized to pay such fees and the institution may charge for the services it provides as
Registrar and Paying Agent and such fees may be paid from the Sinking Fund established to pay
the principal of and interest on the Refunding Bonds as fiscal agency charges.
The Registrar and Paying Agent may at any time resign as Registrar and Paying Agent by
giving thirty (30) days’ written notice to the City and by first-class mail to each registered owner
of the Refunding Bonds then outstanding, and such resignation will take effect at the end of such
thirty (30) days’ or upon the earlier appointment of a successor Registrar and Paying Agent by the
City. Such notice to the City may be served personally or sent by first-class or registered mail. The
Registrar and Paying Agent may be removed at any time as Registrar and Paying Agent by the
City, in which event the City may appoint a successor Registrar and Paying Agent. The City shall
notify each registered owner of the Refunding Bonds then outstanding of the removal of the
Registrar and Paying Agent. Notices to the registered owners of the Refunding Bonds shall be
deemed to be given when mailed by first-class mail to the addresses of such registered owners as
they appear on the Registration Record. Any predecessor Registrar and Paying Agent shall deliver
all the Refunding Bonds, cash and investments related thereto in its possession and the Registration
Record to the successor Registrar and Paying Agent.
SECTION 6. Terms of Redemption. The Refunding Bonds may be made redeemable
at the option of the City on thirty (30) days' notice, in whole or in part, in any order of maturities
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selected by the City and by lot within a maturity, on dates and with premiums, if any, and other
terms as finally determined by the Executive or the Fiscal Officer with the advice of the City’s
municipal advisor, as evidenced by delivery of the executed initial issue of the Refunding Bonds
to the Registrar for authentication.
Official notice of such redemption shall be mailed by the Registrar and Paying Agent by
certified or registered mail at least thirty (30) days prior to the date fixed for redemption except to
the extent such redemption notice is waived by owners of the Refunding Bonds redeemed,
provided, however, that failure to give such notice by mailing, or any defect therein, with respect
to any Refunding Bond shall not affect the validity of any proceedings for the redemption of any
other Refunding Bonds. Such notice shall be mailed to the address of the registered owner as
shown on the Registration Record as of the date which is forty-five (45) days prior to such
redemption date for such Refunding Bonds. The notice shall specify the date and place of
redemption, the redemption price and the CUSIP numbers of the Refunding Bonds called for
redemption. The place of redemption may be determined by the City. Inter est on the Refunding
Bonds so called for redemption shall cease on the redemption date fixed in such notice if sufficient
funds are available at the place of redemption to pay the redemption price on the date so named,
and thereafter, such Refunding Bonds shall no longer be protected by this Ordinance and shall not
be deemed to be outstanding hereunder, and the holders thereof shall have the right only to receive
the redemption price.
All Refunding Bonds which have been redeemed shall be canceled and shall not be
reissued; provided, however, that one or more new registered bonds shall be issued for the
unredeemed portion of any Refunding Bond without charge to the holder thereof.
No later than the date fixed for redemption, funds shall be deposited with the Paying Agent
or another paying agent to pay, and such agent is hereby authorized and directed to apply such
funds to the payment of, the Refunding Bonds or portions thereof called for redemption, including
accrued interest thereon to the redemption date. No payment shall be made upon any Refunding
Bond or portion thereof called for redemption until such Refunding Bond shall have been delivered
for payment or cancellation or the Registrar shall have received the items required by this
Ordinance with respect to any mutilated, lost, stolen or destroyed bond.
SECTION 7. Execution and Negotiability. The Refunding Bonds shall be signed in
the name of the City by the manual or facsimile signature of the Executive, and attested by the
manual or facsimile signature of the Fiscal Officer, who also shall affix the seal of the City
manually or shall have the seal imprinted or impressed thereon by facsimile or other means. In
case any officer whose signature or facsimile signature appears thereon shall cease to be such
officer before the delivery of the Refunding Bonds, such signature shall nevertheless be valid and
sufficient for all purposes as if such officer had remained in office until such delivery.
The Refunding Bonds shall also be authenticated by the manual signature of the Registrar,
and no Refunding Bond shall be valid or become obligatory for any purpose until the certificate
of authentication thereon has been so executed.
The Refunding Bonds shall have all of the qualities and incidents of negotiable instruments
under the laws of the State of Indiana, subject to the provisions for registration herein.
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SECTION 8. Authorization for Book-Entry System. The Refunding Bonds may, in
compliance with all applicable laws, initially be issued and held in book-entry form on the books
of the central depository system, The Depository Trust Company, its successors, or any successor
central depository system appointed by the City from time to time (the "Clearing Agency"),
without physical distribution of bonds to the purchasers. The following provisions of this Section
apply in such event.
One definitive Refunding Bond of each maturity shall be delivered to the Clearing Agency
(or its agent) and held in its custody. The City and Registrar may, in connection herewith, do or
perform or cause to be done or performed any acts or things not adverse to the rights of the holders
of the Refunding Bonds as are necessary or appropriate to accomplish or recognize such book-
entry form Refunding Bonds.
During any time that the Refunding Bonds are held in book-entry form on the books of a
Clearing Agency, (1) any such Refunding Bond may be registered upon the Registration Record
in the name of such Clearing Agency, or any nominee thereof, including Cede & Co.; (2) the
Clearing Agency in whose name such Refunding Bond is so registered shall be, and the City and
the Registrar and Paying Agent may deem and treat such Clearing Agency as, the absolute owner
and holder of such Refunding Bond for all purposes of this Ordinance, including, without
limitation, the receiving of payment of the principal of and interest and premium, if any, on such
Refunding Bond, the receiving of notice and the giving of consent; (3) neither the City nor the
Registrar or Paying Agent shall have any responsibility or obligation hereunder to any di rect or
indirect participant, within the meaning of Section 17A of the Securities Exchange Act of 1934,
as amended, of such Clearing Agency, or any person on behalf of which, or otherwise in respect
of which, any such participant holds any interest in any Refunding Bond, including, without
limitation, any responsibility or obligation hereunder to maintain accurate records of any interest
in any Refunding Bond or any responsibility or obligation hereunder with respect to the receiving
of payment of principal of or interest or premium, if any, on any Refunding Bond, the receiving
of notice or the giving of consent; and (4) the Clearing Agency is not required to present any
Refunding Bond called for partial redemption, if any, prior to receiving payment so long as the
Registrar and Paying Agent and the Clearing Agency have agreed to the method for noting such
partial redemption.
If either the City receives notice from the Clearing Agency which is currently the registered
owner of the Refunding Bonds to the effect that such Clearing Agency is unable or unwilling to
discharge its responsibility as a Clearing Agency for the Refunding Bonds, or the City elects to
discontinue its use of such Clearing Agency as a Clearing Agency for the Refunding Bonds, then
the City and the Registrar and Paying Agent each shall do or perform or cause to be done or
performed all acts or things, not adverse to the rights of the holders of the Refunding Bonds, as are
necessary or appropriate to discontinue use of such Clearing Agency as a Clearing Agency for the
Refunding Bonds and to transfer the ownership of each of the Refunding Bonds to such person or
persons, including any other Clearing Agency, as the holder of the Refunding Bonds may direct in
accordance with this Ordinance. Any expenses of such discontinuance and transfer, including
expenses of printing new certificates to evidence the Refunding Bonds, shall be paid by the City.
During any time that the Refunding Bonds are held in book-entry form on the books of a
Clearing Agency, the Registrar shall be entitled to request and rely upon a certificate or other
written representation from the Clearing Agency or any participant or indirect participant with
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respect to the identity of any beneficial owner of the Refunding Bonds as of a record date selected
by the Registrar. For purposes of determining whether the consent, advice, direction or demand of
a registered owner of a Refunding Bond has been obtained, the Registrar shall be entitled to treat
the beneficial owners of the Refunding Bonds as the bondholders and any consent, request,
direction, approval, objection or other instrument of such beneficial owner may be obtained in the
fashion described in this Ordinance.
During any time that the Refunding Bonds are held in book-entry form on the books of a
Clearing Agency, the Executive, the Fiscal Officer and/or the Registrar are authorized to execute
and deliver a Letter of Representations agreement with the C learing Agency, or a Blanket Issuer
Letter of Representations, and the provisions of any such Letter of Representations or any
successor agreement shall control on the matters set forth therein. The Registrar, by accepting the
duties of Registrar under this Ordinance, agrees that it will (i) undertake the duties of agent
required thereby and that those duties to be undertaken by either the agent or the City shall be the
responsibility of the Registrar, and (ii) comply with all requirements of the Clearing Agency,
including without limitation same day funds settlement payment procedures. Further, during any
time that the Refunding Bonds are held in book-entry form, the provisions of Section 8 of this
Ordinance shall control over conflicting provisions in any other section of this Ordinance.
SECTION 9. Form of the Refunding Bonds. The form and tenor of the Refunding
Bonds shall be substantially as follows (with such additions, deletions and modification as the
Executive or Fiscal Officer may authorize, as conclusively evidenced by their signatures thereon),
with all blanks to be filled in properly prior to delivery thereof:
R-___
UNITED STATES OF AMERICA
STATE OF INDIANA COUNTY OF HAMILTON
CITY OF CARMEL, INDIANA
JUNIOR WATERWORKS REFUNDING REVENUE BOND OF 2020
Interest
Rate
Maturity
Date
Original
Date
Authentication
Date
CUSIP
REGISTERED OWNER:
PRINCIPAL SUM:
The City of Carmel, in Hamilton, County, State of Indiana (the "City"), for value received, hereby promises
to pay to the Registered Owner set forth above or registered assigns, solely out of the special revenue fund hereinafter
referred to, the Principal Sum set forth above on the Maturity Date set forth above (unless this bond be subject to and
be called for redemption prior to maturity as hereafter provided), and to pay interest hereon until the Principal Sum
shall be fully paid at the Interest Rate per annum set forth above from the interest payment date to which interest has
been paid next preceding the Authentication Date of this bond unless this bond is authenticated after the fifteenth day
of the month preceding the interest payment date (the "Record Date") and on or before such interest payment date in
which case it shall bear interest from such interest payment date, or unless this bond is authenticated on or before
_____ 15, 20__, in which case it shall bear interest from the Original Date, which interest is payable semiannually on
May 1 and November 1 of each year, beginning on ______ 1, 202_. Interest shall be calculated on the basis of a 360-
day year comprised of twelve 30-day months.
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The principal of and premium, if any, on this bond are payable at the principal office of the [Controller] of
the City of Carmel [_______________] (the "Registrar" or "Paying Agent"), in Carmel, Indiana. All payments of
interest on this bond shall be paid by check mailed one business day prior to the interest payment date to the Registered
Owner as of the Record Date at the address as it appears on the registration books kept by the Registrar or at such
other address as is provided to the Paying Agent in writing by the Registered Owner. Each Registered Owner of
$1,000,000 or more in principal amount of bonds shall be entitled to receive interest payments by wire transfer by
providing written wire instructions to the Paying Agent before the Record Date for any payment. All payments of
principal of, and premium, if any, on this bond shall be made upon surrender thereof at the principal office of the
Paying Agent, in any U.S. coin or currency which on the date of such payment shall be legal tender for the payment
of public and private debts, or in the case of a Registered Owner of $1,000,000 or more in principal amount of the
Refunding Bonds, by wire transfer on the due date upon written direction of such owner provided at least fifteen (15)
days prior to the maturity date or redemption date .
THE CITY SHALL NOT BE OBLIGATED TO PAY THIS BOND OR THE INTEREST HEREON
EXCEPT FROM THE HEREINAFTER DESCRIBED SPECIAL FUND, AND NEITHER THIS BOND NOR THE
ISSUE OF WHICH IT IS A PART SHALL IN ANY RESPECT CONSTITUTE A CORPORATE INDEBTEDNESS
OF THE CITY WITHIN THE PROVISIONS AND LIMITATIONS OF THE CONSTITUTION OF THE STATE OF
INDIANA.
This bond is one of an authorized series of bonds of the City of Carmel, of Hamilton County, Indiana, of like
date, tenor and effect except as to denomination, numbering, rates of interest, redemption terms an d dates of maturity,
aggregating _____________________________ Dollars ($_________), numbered consecutively from 1 upward (the
"Bonds"), issued for the purpose of providing funds to be applied for construction and acquisition of certain
improvements to the waterworks (the "Project"), to fund a debt service reserve account, and to pay incidental expenses
and costs of issuance of the Bonds. This bond is issued pursuant to an ordinance adopted by the Common Council of
said City on the ____ day of ________, 2020, entitled "An Ordinance of the Common Council of the City of Carmel,
Indiana, Authorizing the Refunding of Prior Waterworks Revenue Bonds of the City of Carmel, Indiana, Authorizing
the Issuance of the City of Carmel, Indiana Junior Waterworks Revenue Bo nds of 2012, to Provide Funds for the
Payment of Costs Thereof, and Addressing Other Matters Connected Therewith " (the "Ordinance"), and in accordance
with the provisions of Indiana law, including without limitation Indiana Code 8 -1.5, and other applicable laws, as
amended (the "Act"), all as more particularly described in the Ordinance. The owner of this bond, by the acceptance
hereof, agrees to all the terms and provisions contained in the Ordinance and the Act.
Pursuant to the provisions of the Act and the Ordinance, the principal of and interest on this bond and all
other bonds of said issue and any prior or hereafter issued bonds ranking on a parity therewith are payable solely from
the Sinking Fund (the "Sinking Fund") maintained under the Ordinance to be provided from the Net Revenues (defined
as the gross revenues of the works remaining after the payment of the reasonable expenses of operation, repair and
maintenance) of the works, including all additions and improvements thereto and replacements ther eof subsequently
constructed or acquired, on a basis that is junior and subordinate to the 2008 Bonds (as hereinafter defined) for all
purposes.
The City irrevocably pledges the entire Net Revenues of the works to the prompt payment of the principal of
and interest on the Bonds on parity with the pledge thereof to the City’s outstanding Junior Waterworks Refunding
Revenue Bonds of 2017 (the “2017 Bonds”), the Junior Waterworks Revenue Bonds issued to redeem the City’s
Waterworks Revenue Bond Anticipation Notes, Series 2019 (the “2019 Bonds”) when issued, and the Junior
Waterworks Revenue Bonds of 2020 (the “2020 Bonds”) and any hereafter issued bonds ranking on a parity therewith,
subject to the prior payment of the principal of and interest on the City of Carmel, Indiana Waterworks Revenue Bonds
of 2008 (the "2008 Bonds"), to which the Bonds, the 2017 Bonds, the 2019 Bonds when issued, the 2020 Bonds and
any hereafter issued bonds ranking on a parity therewith are junior and subordinate for all purposes, and covenants
that it will establish proper rates and charges for services rendered by the utility as are sufficient in each year for the
payment of the proper and reasonable expenses of operation, repair and maintenance of the works and for the payment
of the sums required to be paid into the Sinking Fund under the provisions of the Act and the Ordinance. If the City
or the proper officers thereof shall fail or refuse to so fix and collect suc h rates or charges, or if there be a default in
the payment of the interest on or principal of this bond, the owner of this bond shall have all of the rights and remedies
provided for in the Act.
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The City covenants that for so long as the Bonds, the 2017 Bonds, the 2019 Bonds when issued, the 2020
Bonds and any hereafter issued bonds ranking on a parity therewith, or the 2008 Bonds, remain outstanding it will set
aside and pay into the Sinking Fund a sufficient amount of the Net Revenues for the payment of (a) the principal of
and interest on all bonds which by their terms are payable from the Net Revenues, as such principal and interest shall
fall due, (b) the necessary fiscal agency charges for paying bonds and (c) an additional amount as a margin of safet y
to accumulate and maintain the reserve required by the Ordinance. Such required payments of the Bonds , the 2017
Bonds, the 2019 Bonds when issued, the 2020 Bonds and any hereafter issued bonds ranking on a parity therewith,
shall constitute a second charge upon all the Net Revenues subject to the prior and first charge in respect of such
required payments of the 2008 Bonds. Reference is made to the Ordinance for a more complete statement of the
revenues from which and conditions under which this bond is p ayable, a statement of the conditions on which
obligations may hereafter be issued on parity with this bond, the manner in which the Ordinance may be amended and
the general covenants and provisions pursuant to which this bond has been issued.
The bonds of this issue maturing on and after May 1, 20__ are redeemable at the option of the City on
__________, 20__ or any date thereafter, on thirty (30) days' notice, in whole or in part, in any order of maturities
selected by the City and by lot within a maturity, at 100% of face value, and without premium, plus accrued interest
to the date fixed for redemption. Each minimum authorized denomination in principal amount shall be considered a
separate bond for purposes of partial redemption.
[The bonds maturing on May 1, 20____ are subject to mandatory sinking fund redemption prior to maturity,
at a redemption price equal to the principal amount thereof, plus accrued interest, on May 1 in the years and in the
amounts set forth below:
Year Amount
*
* Final Maturity]
Notice of such redemption shall be mailed by certified or registered mail not less than thirty (30) days prior
to the date fixed for redemption to the address of the registered owner of each bond to be redeemed as shown on the
registration record of the City except to the extent such redemption notice is waived by owners of the bond or bonds
redeemed, provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any
bond shall not affect the validity of any proceedings for the redemption of any other bonds. The notice shall specify
the date and place of redemption, the redemption price and the CUSIP numbers of the bonds called for redemption.
The place of redemption may be determined by the City. Interest on the bonds so called for redemption shall cease on
the redemption date fixed in such notice if sufficient funds are available at the place of redemption to pay the
redemption price on the date so named, and thereafter, such bonds shall n o longer be protected by the Ordinance and
shall not be deemed to be outstanding thereunder.
This bond is subject to defeasance prior to payment or redemption as provided in the Ordinance.
If this bond shall not be presented for payment or redemption on the date fixed therefor, the City may deposit
in trust with the Paying Agent or another paying agent, an amount sufficient to pay such bond or the redemption price,
as the case may be, and thereafter the Registered Owner shall look only to the funds so deposited in trust for payment
and the City shall have no further obligation or liability in respect thereto.
This bond is transferable or exchangeable only upon the registration record kept for that purpose at the office
of the Registrar by the Registered Owner in person, or by his attorney duly authorized in writing, upon surrender of
this bond together with a written instrument of transfer or exchange satisfactory to the Registrar duly executed by the
Registered Owner or such attorney, and thereupon a new fully registered bond or bonds in the same aggregate principal
amount, and of the same maturity, shall be executed and delivered in the name of the transferee or transferees or the
Registered Owner, as the case may be, in exchange therefor. This bond may be t ransferred or exchanged without cost
to the Registered Owner except for any tax or governmental charge required to be paid with respect to the transfer or
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exchange. The City, the Registrar, the Paying Agent and any other registrar or paying agent for this bond may treat
and consider the person in whose name this bond is registered as the absolute owner hereof for all purposes including
for the purpose of receiving payment of, or on account of, the principal hereof and interest and premium, if any, due
hereon.
The bonds maturing on any maturity date are issuable only in the denomination of $5,000 or any integral
multiple thereof.
[A Continuing Disclosure Contract from the City to each registered owner or holder of any bond, dated as of
the date of initial issuance of the Bonds (the "Contract"), has been executed by the City, a copy of which is available
from the City and the terms of which are incorporated herein by this reference. The Contract contains certain promises
of the City to each registered owner or holder of any bond, including a promise to provide certain continuing
disclosure. By its payment for and acceptance of this bond, the registered owner or holder of this bond assents to the
Contract and to the exchange of such payment and acceptance for suc h promises.]
It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in
the execution, issuance and delivery of this bond have been done and performed in regular and due form as provided
by law.
This bond shall not be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been executed by an authorized representative of the Registrar.
IN WITNESS WHEREOF, the City of Carmel, in Hamilton County, Indiana, has caused this bond to be
executed in its corporate name by the manual or facsimile signature of its Mayor, its corporate seal to be hereunto
affixed, imprinted or impressed by any means and attested manually or by facsimile by its Controller.
CITY OF CARMEL, INDIANA
By:
Mayor
(SEAL)
ATTEST:
Controller
REGISTRAR'S CERTIFICATE OF AUTHENTICATION
It is hereby certified that this bond is one of the bonds described in the within -mentioned Ordinance duly
authenticated by the Registrar.
as Registrar
By:
Authorized Representative
The following abbreviations, when used in the inscription of the face of this bond, shall be construed as
through they were written out in full according to applicable laws or regulations:
TEN. COM. as tenants in common
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TEN. ENT. as tenants by the entireties
JT. TEN. as joint tenants with right of survivorship and not as tenants in common
UNIF. TRAN.
MIN. ACT ________ Custodian __________
(Cust.) (Minor)
under Uniform Transfer to Minors Act of
(State)
Additional abbreviations may also be used although not in the above list.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto (Please Print or Typewrite
Name and Address and Social Security or Other Identifying Number) $___________ principal amo unt (must be a
multiple of $5,000) of the within bond and all rights thereunder, and hereby irrevocably constitutes and appoints
___________, attorney to transfer the within bond on the books kept for the registration thereof with full power of
substitution in the premises.
Dated: ______________________
NOTICE: The Signature to this assignment must
correspond with the name as it appears on the face of the
within bond in every particular, without alteration or
enlargement or any change whatsoever.
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed by an eligible
guarantor institution participating in a Securities
Transfer Association recognized signature guarantee
program.
[End of form of bonds]
SECTION 10. Authorization for Preparation and Sale of Bonds.
(a) The Refunding Bonds shall be sold in a competitive sale or by negotiation with a
purchaser(s) selected by the Executive and Fiscal Officer on the advice of the City’s municipal
advisor, or pursuant to I.C. 5-1.4 or I.C. 5-1.5 as determined by the Executive or Fiscal Officer. If
sold in a competitive sale, the Fiscal Officer shall cause to be published either (i) a notice of sale
once each week for two consecutive weeks in accordance with I.C. §5-3-1-2, in which case the
date fixed for the sale shall not be earlier than fifteen (15) days after the first of such publications
and not earlier than three (3) days after the second of such publications, or (ii) a notice of intent to
sell bonds once each week for two weeks in accordance with I.C. §5-1-11-2 and I.C. §5-3-1-4 and
in a newspaper of general circulation published in the State capital, in which case bids may not be
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received more than ninety (90) days after the first of such publications. Said sale notice shall state
the time and place of sale, the purpose for which the Refunding Bonds are being issued, the total
amount thereof, the amount and date of each maturity, the maximum rate or rates of interest
thereon, their denominations, the time and place of payment, the terms and conditions upon which
bids will be received and the sale made and such other information as is required by law or as the
Fiscal Officer shall deem necessary.
If sold by a competitive sale, bids for the Refunding Bonds shall be sealed and shall be
presented to the Fiscal Officer in accord with the terms set forth in the sale notice. Bidders for the
Refunding Bonds shall be required to name the rate or rates of interest which the Refunding Bonds
are to bear, which shall be the same for all Refunding Bonds maturing on the same date and the
interest rate bid on any maturity of the Refunding Bonds must be no less than the interest rate bid
on any and all prior maturities, not exceeding five percent (5.00%) per annum, and such interest
rate or rates shall be in multiples of one hundredth of one percent. The Fiscal Officer shall award
the Refunding Bonds to the bidder who offers the lowest interest cost, to be determined by
computing the total interest on all the Refunding Bonds to their maturities and deducting therefrom
the premium bid, if any, or adding thereto the amount of the discount, if any. No bid for less than
ninety-nine percent (99.00%) of the par value of the Refunding Bonds, plus accrued interest, shall
be considered. The Fiscal Officer may require that all bids be accompanied by certified or cashier's
checks payable to the order of the City, or a surety bond, in an amount not to exceed one percent
of the aggregate principal amount of the Refunding Bonds as a guaranty of the performance of
said bid, should it be accepted. In the event no satisfactory bids are received on the day named in
the sale notice, the sale may be continued from day to day thereafter for a period of thirty (30) days
without readvertisement; provided, however, that if said sale is continued, no bid shall be accepted
which offers an interest cost which is equal to or higher than the best bid received at the time fixed
for sale in the bond sale notice. The Fiscal Officer shall have full right to reject any and all bids.
If the Refunding Bonds are sold by negotiated sale, the Executive is authorized to negotiate
and execute a bond purchase agreement with one or more selected purchaser(s) on terms
recommended by the City’s municipal advisor, consistent with the parameters set forth in this
Ordinance.
The Fiscal Officer is hereby authorized to appoint a financial institution to serve as escrow
trustee (the “Escrow Trustee”) for the Refunded Bonds in accordance with the terms of an Escrow
Agreement between the City and the Escrow Trustee (the “Escrow Agreement”). The Executive
and the Fiscal Officer are hereby authorized and directed to complete, execute and attest the same
on behalf of the City so long as its provisions are consistent with this Ordinance and the purchase
contract.
The execution, by either the Executive, Fiscal Officer, or the purchaser, of a subscription
for investments of proceeds of the Refunding Bonds to be held under the Escrow Agreement in a
manner consistent with this Ordinance is hereby approved.
After the Refunding Bonds have been properly sold and executed, the Fiscal Officer shall
receive from the purchasers payment for the Refunding Bonds and shall provide for delivery of
the Refunding Bonds to the purchasers.
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(b) The Refunding Bonds, when fully paid for and delivered to the purchaser shall be
the binding special revenue obligations of the City, payable out of the Net Revenues. The proper
officers of the City are hereby directed to sell the Refunding Bonds to the purchaser, to draw all
proper and necessary warrants, and to do whatever acts and things which may be necessary to carry
out the provisions of this Ordinance.
(c) If necessary, the Executive and the Fiscal Officer each are hereby authorized to
deem final an official statement with respect to the Refunding Bonds, as of its date, in accordance
with the provisions of Rule 15c2-12 of the U.S. Securities and Exchange Commission, as amended
(the "SEC Rule"), subject to completion as permitted by the SEC Rule, and the City further
authorizes the distribution of the deemed final official statement, and the execution, delivery and
distribution of such document as further modified and amended with the approval of the Executive
or the Fiscal Officer in the form of a final official statement.
(d) In order to assist any underwriter of the Refunding Bonds in complying with
paragraph (b)(5) of the SEC Rule by undertaking to make available appropriate disclosure about
the City and the Refunding Bonds to participants in the municipal securities market, the City
hereby covenants, agrees and undertakes, in accordance with the SEC Rule, unless excluded from
the applicability of the SEC Rule or otherwise exempted from the provisions of paragraph (b)(5)
of the SEC Rule, that it will comply with and carry out all of the provisions of the continuing
disclosure contract. "Continuing disclosure contract" shall mean that certain continuing disclosure
contract executed by the City and dated the date of issuance of the Refunding Bonds, as originally
executed and as it may be amended from time to time in accordance with the terms thereof. Th e
execution and delivery by the City of the continuing disclosure contract, and the performance by
the City of its obligations thereunder by or through any employee or agent of the City, are hereby
approved, and the City shall comply with and carry out the terms thereof.
(e) The Fiscal Officer is hereby authorized and directed to obtain a legal opinion as to
the validity of the Refunding Bonds from Barnes & Thornburg LLP, and to furnish such opinion
to the purchasers of the Refunding Bonds or to cause a copy of said legal opinion to be printed on
each Refunding Bond. The cost of such opinion shall be paid out of the proceeds of the Refunding
Bonds.
(f) In connection with the sale of the Refunding Bonds, the Executive and the Fiscal
Officer each are authorized to take such actions and to execute and deliver such agreements and
instruments as they deem advisable to obtain a rating and/or to obtain bond insurance for the
Refunding Bonds, and the taking of such actions and the execution and delivery of such agreements
and instruments are hereby approved.
(g) In connection with the sale of the Refunding Bonds, the Executive and the Fiscal
Officer each are authorized to take such actions and to execute and deliver such agreements and
instruments as they deem advisable, including but not limited to a continuing disclosure agreement,
a bond purchase agreement and any offering document for the Refunding Bonds, and the taking of
such actions and the execution and delivery of such agreements and instruments are hereby
approved.
(h) Notwithstanding anything in this Ordinance and in lieu of a public sale of the
Refunding Bonds pursuant to this Section, the Refunding Bonds may, in the discretion of the
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Executive, based upon the advice of the City's municipal advisor, be sold to the Indiana Bond Bank
or the City Bond Bank. In the event of such determination, Bonds shall be sold in such
denomination or denominations as the purchaser may request, and pursuant to a qualified entity
purchase agreement (the "Purchase Agreement") between the City and either the Indiana Bond
Bank or the City Bond Bank, hereby authorized to be entered into and executed by the Executive
on behalf of the City, subsequent to the date of the adoption of this Ordinance. Such Purchase
Agreement may set forth the definitive terms and conditions for such sale, but all of such terms
and conditions must be consistent with the terms and conditions of this Ordinance, including
without limitation, the interest rate or rates on the Refunding Bonds which shall not exceed the
maximum rate of interest for the Refunding Bonds authorized pursuant to this Ordinance. Bonds
sold to the Indiana Bond Bank or the City Bond Bank shall be accompanied by all documentation
required by the purchaser pursuant to the provisions of Indiana Code 5-1.4 or Indiana Code 5-1.5,
as applicable, and the Purchase Agreement, including, without limitation, an approving opinion of
nationally recognized bond counsel, certification and guarantee of signatures and certification as
to no litigation pending, as of the date of delivery of the Refunding Bonds, challenging the validity
or issuance of the Refunding Bonds. In the event the Executive determines to sell the Refunding
Bonds to the Indiana Bond Bank or the City Bond Bank, the entry by the City into the Purchase
Agreement, and the execution and delivery of the Purchase Agreement on behalf of the City by
the Executive in accordance with this Ordinance are hereby authorized, approved and ratified.
(i) Notwithstanding anything in this Ordinance to the contrary, upon the advice of the
City’s municipal advisor, the Refunding Bonds may be sold in conjunction with the 2020
Refunding Bonds pursuant to a single sale process in accordance with any of the procedures
described above. A single bond sale notice and/or single purchase agreement, and a single official
statement and continuing disclosure contract may be prepared covering both the Refunding Bonds
and the 2020 Refunding Bonds upon such occurrence
SECTION 11. Use of Proceeds.
(a) Any accrued interest received at the time of delivery of the Refunding Bonds (and,
if deemed by the Executive or the Fiscal Officer to be in excess of needs for the refunding, any
premium), shall be deposited in the Junior Principal and Interest Account of the Sinking Fund (as
hereafter defined) and applied to payments on the Refunding Bonds on the first interest payment
date.
(b) Concurrently with the delivery of the Refunding Bonds, the Fiscal Officer may
acquire, with the proceeds of the Refunding Bonds and cash on hand, investments as permitted
under the Junior Ordinances (the “Obligations”) to be used, together with certain cash from the
proceeds of the Refunding Bonds and cash on hand, if any, as set forth in the Escrow Agreement,
to refund and legally defease the Refunded Bonds all as set forth in the Escrow Agreement. In
order to refund the Refunded Bonds, the Fiscal Officer shall deposit the Obligations and certain
cash, if any, with the Escrow Trustee under the Escrow Agreement in an amount sufficient to
provide moneys for the payment of the principal of and interest and redemption premium, if any,
on the Refunded Bonds until the earliest date upon which the Refunded Bonds may be called for
redemption.
If required for the legal defeasance of the Refunded Bonds, the Fiscal Officer shall obtain
a verification of an accountant as to the sufficiency of the funds deposited in the Trust Account
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under the Escrow Agreement to accomplish said refunding and legal defeasance of the Refunded
Bonds.
(c) Costs of issuance of the Refunding Bonds, including the premium for any bond
insurance obtained for the Refunding Bonds, not otherwise paid shall be paid from the remaining
proceeds by the Fiscal Officer. When all the costs of issuance of the Refunding Bonds have been
paid, the Fiscal Officer shall then transfer any amount then remaining from the proceeds of the
Refunding Bonds to the Sinking Fund herein created.
SECTION 12. Revenue Fund. There is hereby continued a fund of the utility
designated as the Revenue Fund (the "Revenue Fund"), into which there shall be deposited upon
receipt all revenues of the works for application as set forth below.
SECTION 13. Operation and Maintenance Fund. There is hereby continued an
operating fund of the utility designated as the Operation and Maintenance Fund (the "Operation
and Maintenance Fund”). There shall be transferred from the Revenue Fund and credited to the
Operation and Maintenance Fund, on the last day of each calendar month, a sufficient amount to
meet the expenses of operation, repair and maintenance for the then next succeeding two 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 works on a day -to-day basis, but none
of the moneys in the Operation and Maintenance Fund shall be used for depreciation,
replacements, improvements, extensions or additions. Any balance in Operation and Maintenance
Fund in excess of the expected expenses of operation, repair and maintenance for the next
succeeding month may be transferred to the Sinking Fund if necessary to prevent a default in the
payment of principal of or interest on the outstanding bonds of the works.
SECTION 14. Sinking Fund. There is hereby continued a fund of the utility designated
as the Sinking Fund (the "Sinking Fund"), to be used for the payment of the principal of and interest
on the Refunding Bonds, the 2017 Bonds, the 2019 Bonds when issued, the 2020 Bonds, and any
hereafter issued bonds ranking on a parity therewith which by their terms are payable from the Net
Revenues, and the payment of any fiscal agency charges in connection with such payment,
provided however, the Net Revenues shall first be used and withdrawn solely for the purpose of
making payments of the principal of and interest on the 2008 Bonds, to which the Refunding
Bonds, the 2017 Bonds, the 2019 Bonds when issued, the 2020 Bonds and any hereafter issued
bonds ranking on a parity therewith are for all purposes junior and subordinate. The Sinking Fund
is further and additionally divided into two additional accounts designated as the Junior Principal
and Interest Account and the Junior Debt Service Reserve Account, which are pledged for the
purposes set forth below.
(a) Junior Principal and Interest Account. After meeting monthly deposits to the
Sinking Fund required by the 2008 Bond Ordinance, there shall be transferred, on the last day of
each calendar month, from the Revenue Fund and credited to the Junior Principal and Interest
Account an amount equal to the sum of at least one-twelfth (1/12) of the principal and at least one-
sixth (1/6) of the interest on all then outstanding Refunding Bonds, the 2017 Bonds, the 2019
Bonds when issued, the 2020 Bonds and any hereafter issued bonds ranking on a parity therewith
payable from Net Revenues on the next succeeding principal and interest payment dates (except
in the instance of the first principal and interest payment dates next succeeding the issuance of the
Refunding Bonds, an appropriately greater percentage as would result in such equal monthly
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transfers equaling the required payments), until the amount available therein shall equal the
principal payable during the next succeeding twelve (12) calendar months and the interest payable
during the next succeeding six (6) calendar months. There shall similarly be credited to the account
any amount necessary to pay when due the bank fiscal agency charges for paying principal of and
interest on the Refunding Bonds, the 2017 Bonds, the 2019 Bonds when issued, the 2020 Bonds
and any hereafter issued bonds ranking on a parity therewith as the same become payable. The
City shall, from the sums deposited in the Sinking Fund and credited to the Junior Principal and
Interest Account, remit promptly to the registered owner or to the bank fiscal agency sufficient
moneys to pay the principal and interest on Refunding Bonds, the 2017 Bonds, the 2019 Bonds
when issued, the 2020 Bonds and any hereafter issued bonds ranking on a parity therewith the due
dates thereof together with the amount of bank fiscal agency charges. Amounts held in the Junior
Principal and Interest Account are neither pledged to, nor available for, payments of the principal
of and interest on the 2008 Bonds.
(b) Junior Debt Service Reserve Account. After meeting monthly deposits to the
Sinking Fund required by the 2008 Ordinance, the 2017 Ordinance, the 2019 Ordinance upon the
issuance of the 2019 Bonds, and the 2020 Ordinance, there shall be transferred, on the last day of
each calendar month following the issuance of the Refunding Bonds, after making any required
transfer to the Junior Principal and Interest Account, from the Revenue Fund and credited to the
Junior Debt Service Reserve Account an amount to constitute an appropriate reserve to facilitate
the marketing of the Refunding Bonds, which monthly deposits shall be in an amount sufficient to
build the balance in the Junior Debt Service Reserve Account (after consideration of any transfers
made pursuant to the next following sentence) to an amount equal to the Reserve Requirement as
defined below within no more than five (5) years on a level monthly basis (after accounting for
earnings thereon). The Fiscal Officer, with the advice of the City's municipal advisor, may transfer
an amount of the funds of the utility now on hand, or apply proceeds of the Refunding Bonds, in
full or partial satisfaction of the Reserve Requirement at or after the issuance of the Refunding
Bonds. After the issuance of the Refunding Bonds, the City shall maintain the balance in the Junior
Debt Service Reserve Account in an amount equal to the Reserve Requirement, subject to the
provisions of this Ordinance, the 2017 Ordinance, the 2019 Ordinance upon the issuance of the
2019 Bonds, the 2020 Ordinance or any ordinance authorizing and any hereafter issued bonds
ranking on a parity therewith, which allows the Reserve Requirement to be accumulated over time,
and first subject to meeting the requirement of the Sinking Fund pursuant to the 2008 Bond
Ordinance. For these purposes, "Reserve Requirement" means the least of (i) ten percent (10%) of
the proceeds of the Refunding Bonds, the 2017 Bonds, the 2019 Bonds when issued, the 2020
Bonds and any hereafter issued bonds ranking on a parity therewith, (ii) the maximum annual debt
service on the Refunding Bonds, the 2017 Bonds, the 2019 Bonds when issued, the 2020 Bonds
and any hereafter issued bonds ranking on a parity therewith, or (iii) 125% of the average annual
debt service on the Refunding Bonds, the 2017 Bonds, the 2019 Bonds when issued, the 2020
Bonds and any hereafter issued bonds ranking on a parity therewith; provided, however, if any of
the outstanding bonds payable from Net Revenues on a parity with the Refunding Bonds are held
by the Indiana Finance Authority pursuant to its SRF Program, then the reserve amount shall equal
the maximum annual debt service on the Refunding Bonds, the 2017 Bonds, the 2019 Bonds when
issued, the 2020 Bonds and any hereafter issued bonds ranking on a parity therewith if so required
by the Indiana Finance Authority.
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All money in the Junior Debt Service Reserve Account shall be used and withdrawn solely
for the purpose of making deposits into the Junior Principal and Interest Account, in the event of
and to the extent of any deficiency in the Junior Principal and Interest Account with respect to the
payments then due on the Refunding Bonds, the 2017 Bonds and the 2019 Bonds when issued,
2020 Bonds and any hereafter issued bonds ranking on a parity therewith, or to make the final
payments on such bonds when the Junior Debt Service Reserve Account, together with other funds
available for such purpose, is sufficient to make all remaining payments thereon to final maturity.
Any amount in the Junior Debt Service Reserve Account in excess of the Reserve Requirement
shall be withdrawn from time to time, and at least as frequently as annually, and deposited in the
Junior Principal and Interest Account. Any deficiency in the balance required to be held in the
Junior Debt Service Reserve Account shall be promptly made up from the next available Net
Revenues after credits to the Junior Principal and Interest Account and subject to first meeting the
requirement of the Sinking Fund pursuant to the 2008 Bond Ordinance. Amounts held in the Junior
Debt Service Reserve Account are neither pledged to, nor available for, payments of the principal
of and interest on the 2008 Bonds.
Notwithstanding the foregoing, after obtaining the necessary approval, if any, of the
municipal bond insurers of the 2008 Bonds, the Fiscal Officer, with the advice of the City's
municipal advisor and bond counsel, may enable the City to satisfy all or any part of its obligation
to maintain an amount in the Junior Debt Service Reserve Account equal to the Reserve
Requirement by depositing a Reserve Fund Credit Facility in the Junior Debt Service Reserve
Account at or after the issuance of the Refunding Bonds, provided that such deposit does not
adversely affect any then existing rating on the Refunding Bonds and any hereafter issued bonds
ranking on a parity therewith; provided. A "Reserve Fund Credit Facility" is hereby defined as a
letter of credit, liquidity facility, insurance policy or comparable instrument furnished by a bank,
insurance company, financial institution or other entity pursuant to a reimbursement agreement or
similar instrument between such entity and the City, for the purpose of satisfying in whole or in
part the City's obligation to maintain the Reserve Requirement.
SECTION 15. Improvement Fund. After meeting the requirements of the Operation
and Maintenance Fund and the Sinking Fund, any excess revenues may be transferred from the
Revenue Fund and credited to the special utility fund, to be expended in making good depreciation
in the works and new construction, hereby continued and designated as the "Improvement Fund"
(the "Improvement Fund"). Said Fund shall be used for replacements, improvements, extensions
and additions to the works. Moneys in the Improvement Fund shall be transferred to the Sinking
Fund if necessary to prevent a default in the payment of principal of and interest on the then
outstanding bonds of the works, or may be transferred to the Operation and Maintenance Fund to
meet unforeseen contingencies in the operation, repair and maintenance of the works.
SECTION 16. Investment of Funds. The funds and accounts described herein shall be
accounted for separate and apart from each other and from all other funds and accounts of the City.
All moneys deposited in the funds and accounts shall be deposited, held and secured as public
funds in accordance with the public depository laws of the State of Indiana; provided that moneys
therein may be invested in obligations in accordance with the applicable laws, including
particularly Indiana Code 5-13 and 5-1.2, each as amended or supplemented, and in the event of
such investment the income therefrom shall become a part of the funds invested and shall be used
only as provided in this Ordinance.
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The Fiscal Officer is hereby authorized pursuant to Indiana Code 5-1-14-3 to invest moneys
pursuant to the provisions of this Ordinance (subject to applicable requirements of federal law to
ensure such yield is then current market rate) to the extent necessary or advisable to preserve the
exclusion from gross income of interest on the Refunding Bonds under federal law.
The Fiscal Officer shall keep full and accurate records of investment earnings and income
from moneys held in the funds and accounts created or referenced herein. In order to comply with
the provisions of this Ordinance, the Fiscal Officer is hereby authorized and directed to employ
consultants or attorneys from time to time to advise the City as to requirements of federal law to
preserve the tax exclusion. The Fiscal Officer may pay any fees as operation expenses of the utility.
SECTION 17. Financial Records and Accounts. The City shall keep proper records
and books of account, separate from all of its other records and accounts, in which complete and
correct entries shall be made showing all revenues received on account of the operation of the
utility and all disbursements made therefrom and all transactions relating to the utility. The City
shall maintain on file the audited financial statements of the utility prepared by the State Board of
Accounts. There shall be furnished, upon written request, to any owner of the Refunding Bonds,
the most recent copy of the audited financial statements of the utility prepared by the State Board
of Accounts. Copies of all such statements and reports shall be kept on file in the office of the
Fiscal Officer.
SECTION 18. Rate Covenant. The City covenants and agrees that, by ordinance of the
Council, it will establish and maintain just and equitable rates and charges for the use of and the
service rendered by the works, to be paid by the owner of each and every lot, parcel of real estate
or building that is connected with and uses said works by or through any part of the utility, or that
in any way uses or is served by such works; that such rates and charges shall produce revenues at
least sufficient (when determined including user and other charges, fees, income or revenues
available to the City), in each year to (a) pay all the legal and other necessary expenses of operation,
repair, replacements and maintenance of the works if sold to any other purchaser; (b) provide a
sinking fund for the liquidation of bonds or other obligations, including leases; (c) provide a debt
service reserve on bonds or other obligations, including leases, as required by the terms of such
obligations; (d) provide adequate money for working capital; (e) provide adequate money for
making extensions and replacements; (f) provide money for the payment of any taxes that may be
assessed against the works; and (g) to comply with and satisfy all covenants contained in this
Ordinance. Such rates or charges shall, if necessary, be changed and readjusted from time to time
so that the revenues therefrom shall always be sufficient to meet the expenses of operation, repair
and maintenance of the works and the requirements of the Sinking Fund. The rates or charges so
established shall apply to any and all use of such works by and service rendered to the City and all
departments thereof, and shall be paid by the City or the various departments thereof as the charges
accrue.
SECTION 19. Defeasance. If, when the Refunding Bonds or a portion thereof shall
have become due and payable in accordance with their terms or shall have been duly called for
redemption or irrevocable instructions to call the Refunding Bonds or a portion thereof for
redemption shall have been given, and the whole amount of the principal, premium, if any, and the
interest so due and payable upon such Refunding Bonds or any portion thereof then outstanding
shall be paid, or (i) sufficient moneys or (ii) direct obligations of, or obligations the principal of
and interest on which are unconditionally guaranteed by the United States of America, the principal
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of and the interest on which when due will provide sufficient moneys for such purpose, shall be
held in trust for such purpose, and provision shall also be made for paying all fees and expenses
for the redemption, then and in that case the Refunding Bonds issued hereunder or any designated
portion thereof shall no longer be deemed outstanding or entitled to the pledge of the Net Revenues
of the works.
SECTION 20. Additional Obligations. The City reserves the right to authorize and
issue additional bonds payable out of the Net Revenues ranking on a parity with the Refunding
Bonds, the 2017 Bonds, the 2019 Bonds when issued and the 2020 Bonds for the purpose of
financing the cost of future additions, extensions and improvements to the works, or to provide for
a complete or partial refunding of obligations, subject to the following conditions precedent:
(a) The interest on and principal of all bonds payable from the Net
Revenues shall have been paid to date in accordance with the terms thereof,
provided, this condition shall be satisfied if any required amount is to be provided
from the proceeds of such additional bonds or other funds.
(b) The balance in the Junior Debt Service Reserve Account shall be
equal to the amount required herein, provided, this condition shall be satisfied if
any required amount is to be provided from the proceeds of such additional bonds
or other funds.
(c) The Net Revenues in the fiscal year immediately preceding the
issuance of any such bonds ranking on a parity with the Refunding Bonds, the 2017
Bonds, the 2019 Bonds when issued and the 2020 Bonds shall be not less than one
hundred twenty five percent (125%) of the average annual principal and interest
requirements of the then outstanding Refunding Bonds, 2017 Bonds, 2019 Bonds
when issued, 2020 Bonds and any hereafter issued bonds ranking on a parity with
the Refunding Bonds, the 2017 Bonds, the 2019 Bonds when issued and the 2020
Bonds, including the proposed additional bonds to be issued ("Proposed Parity
Bonds") for each respective year during the period commencing as of the issuance
of the Proposed Parity Bonds and ending as the final maturity of the then
outstanding revenue bonds; or, prior to the issuance of the additional Proposed
Parity Bonds, the rates and charges shall be increased sufficiently so that said
increased rates and charges applied to the previous fiscal year's operations would
have produced Net Revenues for said year equal to not less than one hundred twenty
five percent (125%) of the average annual principal and interest requirements for
each respective year during the period commencing as of the issuance of the
Proposed Parity Bonds and ending as the final maturity of the then outstanding
revenue bonds. For purposes of this subsection, the records of the works shall be
analyzed and all showings shall be prepared by a certified public accountant
employed by the City for that purpose.
(d) The principal of the Proposed Parity Bonds shall be payable on May
1 and the interest shall be payable on May 1 and November 1 during the periods
such principal and interest are payable.
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SECTION 21. Further Covenants of the City. For the purpose of further
safeguarding the interests of the owners of the Refunding Bonds, it is hereby specifically provided
as follows:
(a) The City shall at all times maintain the works in good condition, and
operate the same in an efficient manner and at a reasonable cost.
(b) So long as any of the Refunding Bonds are outstanding, the City
shall maintain insurance on the insurable parts of the works, of a kind and in an
amount such as would normally be carried by private entities 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. Insurance
proceeds shall be used in replacing or repairing the property destroyed or damaged,
or if not used for that purpose, shall be treated and applied as Revenues of the
Sinking Fund.
(c) So long as any of the Refunding Bonds are outstanding, the City
shall not mortgage, pledge or otherwise encumber the works, or any part thereof,
and shall not sell, lease or otherwise dispose of any part of the same. The City shall
not sell, lease or otherwise dispose of any part of the works, excepting only such
machinery, equipment or other property as may be replaced, or shall no longer be
necessary for use in connection with said utility.
(d) Except as otherwise specifically provided in Section 19 of this
Ordinance, so long as any of the Refunding Bonds are outstanding, no additional
bonds or other obligations pledging any portion of the revenues of the works shall
be issued by the City, except such as shall be made junior and subordinate in all
respects to the Refunding Bonds, unless all of the Refunding Bonds are defeased,
redeemed or retired coincidentally with the delivery of such additional bonds or
other obligations.
(e) The provisions of this Ordinance shall constitute a contract by and
between the City and the owners of the Refunding Bonds, all the terms of which
shall be enforceable by any such owner by any and all appropriate proceedings in
law or in equity. After the issuance of the Refunding Bonds and so long as any of
the principal thereof or interest or premium, if any, thereon remains unpaid, except
as expressly provided herein, this Ordinance shall not be repealed or amended in
any respect which will adversely affect the rights of such owners, nor shall the
Council or any other body of the City adopt any law, ordinance or resolution which
in any way adversely affects the rights of such owners. Except in the case of
changes described in Section 21(a) through (f) hereof, this Ordinance may be
amended, however, without the consent of bond owners, if the Council determines,
in its sole discretion, that such amendment would not adversely affect the owners
of the Refunding Bonds.
(f) The provisions of this Ordinance shall be construed to create a trust
in the proceeds of the sale of the Refunding Bonds for the uses and purposes herein
set forth, and the owners of the Refunding Bonds shall retain a lien on such proceeds
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until the same are applied in accordance with the provisions of this Ordinance and
the Act. The provisions of this Ordinance shall also be construed to create a trust in
the Net Revenues herein directed to be set apart and paid into the Sinking Fund for
the uses and purposes of that Fund as set forth in this Ordinance. The owners of the
Refunding Bonds shall have all the rights, remedies and privileges set forth in the
Act, including the right to have a receiver appointed to administer the utility in the
event the City shall fail or refuse to fix and collect sufficient rates and charges fo r
those purposes, or shall fail or refuse to operate and maintain said utility and to
apply properly the revenues derived from the operation thereof, or if there be a
default in the payment of the interest on or principal of the Refunding Bonds or any
BANs.
(g) None of the provisions of this Ordinance shall be construed as
requiring the expenditure of any funds of the City derived from any sources other
than the proceeds of the Refunding Bonds and the operation of the utility.
(h) For purpose of this Section 20, the term “lease” shall include any
lease, contract, or other instrument conferring a right upon the City to use property
in exchange for a periodic payments made from the revenues of the works, whether
the City desires to cause such to be, or by its terms (or its intended effects) is to be,
(i) payable as rent, (ii) booked as an expense or an expenditure, or (iii) classified
for accounting or other purposes as a capital lease, financing lease, operating lease,
non-appropriation leases, installment purchase agreement or lease, or otherwise
(including any combination thereof).
SECTION 22. Amendments With Consent of Bondholders. Subject to the terms and
provisions contained in this section and Sections 21 and 23, the owners of not less than sixty-six
and two-thirds percent (66 2/3%) in aggregate principal amount of the Refunding Bonds and then
outstanding shall have the right, from time to time, to consent to and approve the adoption by the
Council of such ordinance or ordinances supplemental hereto, as shall be deemed necessary or
desirable by the City for the purpose of amending in any particular any of the terms or provisions
contained in this Ordinance, or in any supplemental ordinance; provided, however, that nothing
herein contained shall permit or be construed as permitting:
(a) An extension of the maturity of the principal of or interest or
premium, if any, on, or any mandatory sinking fund redemption date for, or an
advancement of the earliest redemption date on, any Refunding Bond, without the
consent of the holder of each Refunding Bond so affected; or
(b) A reduction in the principal amount of any Refunding Bond or the
redemption premium or the rate of interest thereon, or a change in the monetary
medium in which such amounts are payable, without the consent of the holder of
each Refunding Bond so affected; or
(c) The creation of a lien upon or a pledge of the Net Revenues ranking
prior to the pledge thereof created by this Ordinance, without the consent of the
holders of all Refunding Bonds then outstanding; or
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(d) A preference or priority of any Refunding Bond over any other
Refunding Bond, without the consent of the holders of all Refunding Bonds then
outstanding; or
(e) A reduction in the aggregate principal amount of the Refunding
Bonds required for consent to such supplemental ordinance, without the consent of
the holders of all Refunding Bonds then outstanding; or
(f) A reduction in the Reserve Requirement.
If the City shall desire to obtain any such consent, it shall cause the Registrar to mail a
notice, postage prepaid, to the addresses appearing on the Registration Record. Such notice shall
briefly set forth the nature of the proposed supplemental ordinance and shall state that a copy
thereof is on file at the office of the Registrar for inspection by all owners of the Refunding Bonds.
The Registrar shall not, however, be subject to any liability to any owners of the Refunding Bonds
by reason of its failure to mail such notice, and any such failure shall not affect the validity of such
supplemental ordinance when consented to and approved as herein provided.
Whenever at any time within one year after the date of the mailing of such notice, the City
shall receive any instrument or instruments purporting to be executed by the owners of the
Refunding Bonds of not less than sixty-six and two-thirds per cent (66-2/3%) in aggregate
principal amount of the Refunding Bonds then outstanding, which instrument or instruments shall
refer to the proposed supplemental ordinance described in such notice, and shall specifically
consent to and approve the adoption thereof in substantially the form of the copy thereof referred
to in such notice as on file with the Registrar, thereupon, but not otherwise, the City may adopt
such supplemental ordinance in substantially such form, without liability or responsibility to any
owners of the Refunding Bonds, whether or not such owners shall have consented thereto.
No owner of any Refunding Bond shall have any right to object to the adoption of such
supplemental ordinance or to object to any of the terms and provisions contained therein or the
operation thereof, or in any manner to question the propriety of the adoption thereof, or to enjoin
or restrain the Council from adopting the same, or from taking any action pursuant to the provisions
thereof. Upon the adoption of any supplemental ordinance pursuant to the provisions of this
section, this Ordinance shall be, and shall be deemed, modified and amended in accordance
therewith, and the respective rights, duties and obligations under this Ordinance of the City and all
owners of the Refunding Bonds then outstanding shall thereafter be determined, exercised and
enforced in accordance with this Ordinance, subject in all respects to such modifications and
amendments.
Notwithstanding anything contained in the foregoing provisions of this Ordinance, the
rights and obligations of the City and of the owners of the Refunding Bonds, and the terms and
provisions of the Refunding Bonds and this Ordinance, or any supplemental ordinance, may be
modified or amended in any respect with the consent of the City and the consent of the owners of
all the Refunding Bonds then outstanding.
SECTION 23. Amendments Without Consent of Bondholders. The Council may,
from time to time and at any time, and without notice to or consent of the owners of the Refunding
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Bonds, adopt such ordinances supplemental hereto as shall not be inconsistent with the terms and
provisions hereof (which supplemental ordinances shall thereafter form a part hereof):
(a) To cure any ambiguity or formal defect or omission in this
Ordinance or in any supplemental ordinance;
(b) To grant to or confer upon the owners of the Refunding Bonds any
additional rights, remedies, powers, authority or security that may lawfully be
granted to or conferred upon the owners of the Refunding Bonds;
(c) To procure a rating on the Refunding Bonds from a nationally
recognized securities rating agency designated in such supplemental ordinance, if
such supplemental ordinance will not adversely affect the owners of the Refunding
Bonds;
(d) To obtain or maintain bond insurance with respect to the Refunding
Bonds;
(e) To provide for the refunding or advance refunding of the Refunding
Bonds;
(f) To provide for the issuance of additional bonds or bond anticipation
notes as provided in Section 19 hereof; or
(g) To make any other change which, in the determination of the
Council in its sole discretion, does not in any way adversely affect the rights of such
owners of the Refunding Bonds.
SECTION 24. Tax Matters. The City will not take, or cause or permit to be taken by it
or by any party under its control, or fail to take or cause or permit to fail to be taken by it or by any
party under its control, any action with respect to the Refunding Bonds that would result in the
loss of the exclusion from gross income for federal income tax purposes of interest on the 2008
Bonds, 2017 Bonds, 2019 Bonds when issued or 2020 Bonds pursuant to Section 103 of the Code.
SECTION 25. Additional Authority. (a) The Executive or Fiscal Officer, and either of
them, is hereby authorized and directed to do and perform all acts and execute in the name of the
City all such instruments, documents, papers or certificates which are necessary, desirable or
appropriate to carry out the transactions contemplated by this Ordinance in such forms as the
Executive or Fiscal Officer executing the same shall deem proper, to be conclusively evidenced
by the execution thereof. Any provision of this Ordinance authorizing the Executive or Fiscal
Officer to act shall mean either of them, individually rather than collectively, is so authorized and
any action taken and agreement or undertaking executed in the name of the City by them in further
of the same shall be deemed a proper use of such authority and will be conclusively evidenced by
their execution of any agreement or undertaking, or by their taking of any such authorized action.
(b) In the event the Executive or Fiscal Officer with the advice of the municipal advisor
to the City certifies to the City that it would be economically advantageous for the City to obtain
a municipal bond insurance policy for any of the Refunding Bonds issued hereunder, the City
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hereby authorizes the purchase of such an insurance policy. The acquisition of a municipal bond
insurance policy is hereby deemed economically advantageous in the event the difference between
the present value cost of (a) the total debt service on the Refunding Bonds if issued without
municipal bond insurance and (b) the total debt service on the Refunding Bonds if issued with
municipal bond insurance, is greater than the cost of the premium on the municipal bond insurance
policy. The City also authorizes the purchase of a debt service reserve surety bond based upon the
advice of the City's municipal advisor for the Refunding Bonds or the 2008 Bonds, or both. If such
an insurance policy or surety bond is purchased, the Executive or Fiscal Officer are hereby
authorized to execute and deliver all agreements with the provider of the policy or surety bond, as
the case may be, to the extent necessary to comply with the terms of such insurance policy, surety
bond and the commitments to issue such policy or surety bond, as the case may be.
SECTION 26. Non-Business Days. If the date of making any payment or the last date
for performance of any act or the exercising of any right, as provided in this Ordinance, shall be a
legal holiday or a day on which banking institutions in the City or th e jurisdiction in which the
Registrar or Paying Agent is located are typically closed, such payment may be made or act
performed or right exercised on the next succeeding day not a legal holiday or a day on which such
banking institutions are typically closed, with the same force and effect as if done on the nominal
date provided in this Ordinance, and no interest shall accrue for the period after such nominal date.
SECTION 27. No Conflict. The Council hereby finds and determines that the adoption
of this Ordinance and the issuance of the Refunding Bonds is in compliance with the 2008
Ordinance, the 2017 Ordinance, the 2019 Ordinance and the 2020 Ordinance and such ordinances
shall remain in full force and effect. None of the provisions of this Ordinance shall be construed
to adversely affect the rights of the owners of the 2008 Bonds , the 2017 Bonds, the 2019 Bonds
when issued or the 2020 Bonds.
SECTION 28. Severabilitv. If any section, paragraph or provision of this Ordinance
shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of
such section, paragraph or provision shall not affect any of the remaining provisions of this
Ordinance.
SECTION 29. Headings. The headings or titles of the several sections shall be solely
for convenience of reference and shall not affect the meaning, construction or effect of this
Ordinance.
SECTION 30. Interpretation. Unless the context or laws clearly require otherwise,
references herein to statutes or other laws include the same as modified, supplemented or
superseded from time to time. The headings or titles of the several sections shall be solely for
convenience of reference and shall not affect the meaning, construction or effect of this Ordinance.
SECTION 31. Estimates of Rates and Charges. The rates and charges of the utility
are set forth in Ordinance D-2268-16 (the “Rate Ordinance”) adopted by the Council on January
4, 2016, which Rate Ordinance is incorporated herein by reference.
SECTION 32. Effectiveness. This Ordinance shall be in full force and effect from and
after its passage and signing by the Executive.
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PASSED by the Common Council of the City of Carmel, Indiana this ___ day of
______________, 2020, by a vote of ______ ayes and ______ nays.
COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA
___________________________________
Laura D. Campbell, President Sue Finkam, Vice-President
___________________________________ ____________________________________
H. Bruce Kimball Kevin D. Rider
___________________________________ ____________________________________
Anthony Green Jeff Worrell
___________________________________ ___________________________________
Tim Hannon Miles Nelson
___________________________________
Adam Aasen
ATTEST:
__________________________________
Sue Wolfgang, Clerk
Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of
_________________________ 2020, at _______ __.M.
____________________________________
Sue Wolfgang, Clerk
Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of
________________________ 2020, at _______ __.M.
____________________________________
James Brainard, Mayor
ATTEST:
___________________________________
Sue Wolfgang, Clerk
Prepared by: Bruce D. Donaldson
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
DMS 18273920.2
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November 10:00
Not Present
November
5th
5th
A
11:00
8
5th
November 0
A