HomeMy WebLinkAboutS-39 Fed & State Grant/Sewers ORDINANCE NO. S-39
An Ordinance concerning the construction of additionS, extensions
and improvements to the sewage works owned and operated by the City
of Carmel, Indiana, the issuance of additional revenue bonds to
provide the cost thereof, the collection, segregation and distribution
of the revenues of said works, the safeguarding of the interests of
the holders of said bonds, and other matters connected therewith.
WHEREAS, the Common Council of the City of Carmel now finds that the City
has heretofore established and constructed, and now owns and operates ~ewage
works for the collection, treatment and disposal of sewage and wastes in a sanitary
manner; that said sewaqe works is in need of additions, extensions and improvements;
that plans, specifications and estimates have been prepared and filed by the
engineers employed by the City for the necessary additions, extensions and improve-
ments to the sewage works, which plans and specifications have been approved
by all governmental authorities having jurisdiction, particularly the Stream
Pollution Control Board of the State of Indiana, and the Indiana State Board
of Health; and
WHEREAS, the Council further finds that bids have heretofore been advertised
for and received for the construction of said additions, extensions and improvements
to the sewage works, and on the basis of said bids the cost of said works, as
defined in IC 19-2-5, will be in the amount of Six Million Four Hundred Thirty-
One Thousand Three Hundred Thirty-Five Dollars ($6,431,3~5~00); that a federal
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grant has been made to the City for application on~saq~project in the amount
of Four Million Three Hundred Ninety-Five Thousand Two Hundred Ninety-Six Dollars
($4,395,296.00) and a state grant made in the amount of Five Hundred Eighty-
Six Thousand Thirty-Nine Dollars ($586,039.00), leavin~ a balance of One Million
Four Hundred Fifty Thousand Dollars ($1,450,000.00) to be financed by the City
from the issuance of sewage works revenue bonds in the amount of One Million
Four Hundred Fifty Thousand Dollars ($1,450,000.00); and
WHEREAS, the Council finds that the cost of said works, over and above
the amounts available from said federal and state grants and funds on hand,
should be financed by the issuance of revenue bonds under the provisions
of IC 19-2-5, and
WHEREAS, pursuant to Ordinance No. S-1 adopted on December 9, 1959,
the City now has outstanding revenue bonds payable from the revenues of
the sewage works in the amount of One Hundred Sixty Three Thousand Dollars
($163,000.00) bearing interest at a rate of 4-3/4% per annum and m~turing
serially on January i in the years 1982 through 1995 inclusive; and pursuant
to Ordinance No. S-ll approved January 30, 1968, the City now has outstanding
revenue bonds payable from the revenues of the sewage works in the amount
of Two Hundred Thirty-Four Thousand Dollars ($234,000.00) bearing interest
at the rates of 5-1/2% and 5-1/4% per annum and maturing serially on January 1
in the years 1982 through 1998 inclusive~ and pursuant to Ordinance No.
S-22 approved March 26, 1974, the City now has outstanding revenue bonds
payable from the revenues of the sewage works in the amount of Nine Hundred
Twenty Thousand Dollars ($920,000.00) bearing interest at the rates of 6-1/4%
and 6-3/8% per annum and maturing serially on January I in the years 1982
through 1998~inclusive; and
WHEREAS, Ordinances Numbered S-1, S-ll and S-22 authorized the issuance
of additional revenue bonds ranking on a parity with all said now out-
standing bonds, provided certain conditions are met, and a certified public
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accountant employed by the City for that purpose only has analyzed the records
of the sewage works and such analysis demonstrates compliance with the conditions
for the issuance of additional parity bonds; and
WHEREAS, the Council now finds that all conditions precedent to the adoption
of an ordinance authorizing the issuance of additional parity revenue bonds in
the amount of One Mi~ll~on Four Hundred Fifty Thousand Dollars ($1,450,000.00)
to provide the necessary funds to pay the balance of the cost of such works have
been complied with in accordance with the provisions of the governing statute;
now therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA:
Section I. That the Board of Public Works and Safety and the other proper
officers of the City be and they are hereby authorized and directed to proceed
with the construction of additions, extensions, and improvements to the sewage
works of the City including the construction of approximately seven miles of
interceptor sewer and a 1.39 million gallon wastewater equalization tank with
support system as hereinafter described, under and pursuant to IC 19-2-5
(hereinafter sometimes referred to as the "Act" or "governing statute"). The
terms "sewage works", "sewage treatment works", "works", and other like terms
where used in this ordinance shall be construed to mean and include all existing
structures and property useful and convenient for the collection, treatment,
purification and disposal in a sanitary manner of the sewaqe and industrial wastes
of said City, including the additions, extensions and improvements herein authorized,
and any further additions, extensions and improvements hereafter constructed.
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Section 2. Said additions, extensions and improvements, consisting of lands,
rights-of-way, easements, main sewers, design engineering for proposed construction
and future improvements of the total sewage system, and other necessary connecting
pipes and structures, equipment and appurtenances, together with improvements
and additions to the sewage treatment plant consistina of the construction of
a 1.39 milliQn gallon equalization tank with support systems, pumping equipment,
and other miscellaneous equipment and appurtenances shall be acquired and constructed
in accordance with the plans, specifications and estimates heretofore prepared
by Howard Needles Tammen & Bergendoff, Consultinq Enqineers of Indianapolis,
Indiana, which are now on file in the office of the Clerk-Treasurer and are hereby
adopted and approved, and by reference made a part of this ordinance as fully
as if the same were attached hereto or incorporated herein; that the actions
of th6 officers of the City in and about the construction and financing of said
sewage works be and the same are hereby approved, ratified and confirmed. The
cost of construction of said sewage works project shall not exceed the sum of
Six Million Four Hundred Thirty-One Thousand Three Hundred Thirty-Five Dollars
($6,431,335.00), said sum being the cost as estimated by the consultina engineers
employed by the City. Said additions, extensions and improvements shall be constructed
and the bonds herein authorized shall be issued pursuant to and in accordance
with the provisions of said Act.
Section 3. The City of Carmel shall issue its sewage works revenue bonds
in the amount of One Million Four Hundred Fifty Thousand Dollars ($1,450,000.00)
for the purposes of procuring funds to be applied on the cost of said works,
as defined in said Act.
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Said bonds shall be designated "Sewage Works Revenue Bonds of 1981", shall
be issued in the demonination of Five Thousand Dollars ($5,000.00), numbered
consecutively from I upwards, dated as of the first day of the month in which
said bonds are sold, and shall bear interest at a rate or rates not exceeding
thirteen percent (13%) per annum, payable on the first days of January and July
in each year, beginning on January 1, 1982. Such interest shall be evidenced
by coupons attached to said bonds. Both bonds and interest coupons shall be
payable in lawful money of the United States of America at The Fidelity Bank
of Indiana, or at the option of the holder, at the principal office of The
Indiana National Bank, in the City of Indianapolis, Indiana, and such bonds
shall mature serially in numerical order on January 1 in the years and amounts
as follows:
Year Amount Year Amount
1983 ~-25,000 1992 $ 75,000
1984 30,000 1993 85,000
1985 30,000 1994 95,000
1986 35,000 1995 105,000
1987 40,000 1996 120,000
1988 45,000 1997 135,000
1989 50,000 1998 155,000
1990 60,000 1999 300,000
1991 65,000
The bonds of this issue maturing on January 1, 1992, and thereafter, sha~l
be redeemable prior to maturity at the option of the City, in whole or in part,
on July 1, 1991, or any interest payment date thereafter, in inverse order of
maturity and by lot within a maturity, at face value, together with a premium
of four percent (4%) if redeemed on July 1, 1991 or thereafter on or before
January 1, 1996 and two percent (2%) if redeemed on July 1, 1997 or thereafter
prior to maturity; plus in each case accrued interest to the date fixed for
redemption. Notice of such redemption shall be published at least one time
in a newspaper of general circulation in the City of Carmel~ Indiana and a
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newspaper or financial journal of general circulation published in the City
of Indianapolis, Indiana, not less than thirty (30) days prior to the date
fixed for redemption. If any of the bonds so to be redeemed are registered,
such notice shall be mailed to the address of the registered holder as shown
on the registration records of the City. The notice shall specify the date
and place of redemption, and the serial numbers of the bonds called for redemption.
The place of redemption may be as 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 when said bonds shall
be presented for redemption.
Section 4. Said bonds shall be signed in the name of the City of Carmel
by the facsimile or manual signature of the Mayor, and attested by the facsimile
or manual signature of the Clerk-Treasurer, who shall affix the seal of the
City to each of said bonds, provided one such signature shall be manual.
The interest coupons attached to said bonds shall be executed by placing thereon
the facsimile signatures of the Mayor and Clerk-Treasurer, and said officials,
by signing of said bonds, shall adopt as and for their own proper signatures
their facsimile signatures appearing on said coupons. Said bonds shall have
all of the qualities and incidents of negotiable instruments under the laws
of the State of Indiana.
Said bonds shall be negotiable by delivery unless registered. Upon presentation
of any 6f'~the'bonds-at the office of the Clerk~Treasurer in the City of Carmel,
said Clerk-Treasurer shall register said bonds as to principal without charge
or expense to the holder. Such registry shall be noted on each bond so presented,
after which no transfer thereof shall be valid unless made by the registered
owner in person or by his attorney duly authorized and similarly noted on such
bond, but bonds so registered may be discharged from registry by being in like
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Both principal and interest of this bond are payable in lawful money
of the United States of America at The Fidelity Bank of Indiana, in the
City of Carmel, Indiana, or at the option of the holder, at The Indiana
National Bank, Indianapolis, Indiana.
This bond is one of an authorized issue of two hundred ninety (290)
bonds of the City of Carmel, of like date, tenor and effect, except as to
numbering, interest rates and dates of maturity, in the total amount of One
Million Four Hundred Fifty Thousand Dollars ($1,450,000.00), numbered from
I to 290 inclusive, issued for the purpose of providing funds to pay the
cost of additions, extensions and improvements to the sewage works owned
and operated by the City, as authorized by an ordinance adopted by the
Common Council of the City of Carmel on the day of July, 1981, entitled
"An Ordinance concerning the construction of additions, extensions and
improvements to the sewage works owned and operated by the City of Carmel,
Indiana, the issuance of additional revenue bonds to provide the cost thereof,
the collection, segregation and distribution of the revenues of said works,
the safeguarding of the interests of the holders of said bonds, and other
matters connected therewith", and in strict compliance with the provisions
of The Indiana Code, Title 19, Article 2, Chapter 5,
Pursuant to the provisions of said Act and said ordinance, the principal
and interest of this bond and all other boqds of said issue, certain now
outstanding bonds issued pursuant to Ordinance No. S-1 adopted on December
9, 1959 in the amount of One Hundred Sixty-Three Thousand Dollars ($163,000.00)
bearing interest at the rate of Four and Three Fourths Percent (4-3/4%)
per annum and maturing serially on January i in the years 1982 through 1995
inclusive; certain now outstanding bonds issued pursuant to Ordinance No. S-11
approved January 30, 1968 in the amount of Two Hundred Thirty Four Thousand
Dollars ($234,000.00) bearing interest at the rates of Five and One Half
Percent (5-1/2%) per annum and Five and One Quarter Percent (5-1/4%) per
annum depending on the maturities, and maturing serially on January 1 in
the years of 1982 through 1998 inclusive; and certain now outstanding bonds
in the amount of Nine Hundred Twenty Thousand Dollars ($920,000.00) issued
pursuant to Ordinance No. S-22 approved March 26, 1974 bearing interest
at the rates of Six and One Quarter Percent (6/1/4%) per annum and Six
an'd Three Eights Percent (6-3/8%) per annum and maturing serially on January 1
in the years 1982 through 1998 inclusive, ranking on a parity therewith,
and any bonds hereafter issued on a parity therewith are payable solely
from the Sewaae Works Sinking Fund (heretofore created by Ordinance No. S-1
adopted December 9, I959), to be provided from the net revenues (herein
defined as gross revenues after deduction only for the payment of the reasonable
expenses of operation, repair and maintenance) of the sewage works of the
City of Carmel, including the existing sewage works and the additions,
extensions and improvements constructed or acquired by the use of the proceeds
of this bond and the issue of which it is a part, and all additions and
improvements thereto and replacements thereof subsequently constructed
or acquired. This bond shall not constitute an indebtedness of the City
of Carmel within the meaning of the provisions and limitations of the consti-
tution of the State of Indiana, and the City shall not b~ obligated to
pay this bond or the interest thereon except from said special fund provided
from said net revenues.
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1997, or thereafter prior to maturity, plus in each case accrued interest
to the date fixed for redemption. Notice of such redemption shall be published
one time at least thirty (30) days prior to the date fixed for redemption
in a newspaper of general circulation in the City of Carmel, Indiana, and
a newspaper or financial journal or general circulation published in the
City of Indianapolis, Indiana. A like notice shall be sent by mail to the
holders of such bonds as are then registered. Interest on bonds so called
for redemption shall cease on the redemption date fixed in said notice,
if funds are available at the place of redemption to pay the redemption
price on the date so named and when presented for payment.
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 du~ form as provided
by law.
IN WITNESS WHEREOF, the City of Carmel, in Hamilton County, State of
Indiana, has caused this bond to be executed in its corporate name by its
Mayor, its corporate seal to be hereunto affixed and attested by its Clerk-
Treasurer, and the interest coupons hereto attached to be executed by placing
thereon the facsimile signatures of the Mayor and Clerk-Treasurer, as of
the first day of , 1981.
CITY OF CARMEL
BY
Mayor
Attest:
Clerk-Treasurer
(Form of Interest Coupon)
Coupon No. $
On 1, 1981 (unless the bond herein mentioned shall be
subject to and shall have been called for previous redemption), the City
of Carmel, Indiana will pay to bearer at The Fidelity Bank of Indiana in
Carmel, Indiana and The Indiana National Bank of Indianapolis, Indiana,out
of its Sewage Works Sinking Fund, the amount shown hereon in lawful money
of the United States of America, being the interest then due on its Sewage
Works Revenue Bond of 1981, dated 1, 1981, No.
CITY OF CARMEL
BY (facsimile)
Mayor
(facsimile)
Clerk-Treasurer
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REGISTRATION ENDORSEMENT
This bond can be registered only at the office of the Clerk-Treasurer
in the City of Carmel, Indiana. No writing hereon except by the Clerk-
Treasurer.
Date of Registry
In Whose Name
Registered
Clerk-Treasurer
Section 6. The Clerk-Treasurer is hereby authorized and directed to have
said bonds and coupons prepared, and the Mayor and Clerk-Treasurer are hereby
authorized and directed to execute said bonds and the interest coupons to be
attached thereto, in the form and manner herein provided. The Clerk-Treasurer
is hereby authorized and directed to deliver said bonds to the purchaser thereof
after sale made in accordance with the provisions of this ordinance, provided
that at the time of said delivery the Clerk-Treasurer shall collect the full
amount which the purchaser has agreed to pay therefor, which shall not be less
than the face value of said bonds, plus accrued interest from the date thereof
to the date of delivery. The bonds herein authorized, when fully paid for and
delivered to the purchaser, shall be the binding special revenue obligations
of the City, payable out of the revenues of the City's sewage works to be set
aside into the Sewage Works Sinking Fund as herein provided, and the proceeds
derived from the sale of said bonds shall be and are hereby set aside for application
on the cost of acquisition, construction and installation of said additions,
extensions and improvements to the sewage works hereinbefore referred to, and
the expenses necessarily incurred in connection therewith. The proper officers
of the City are hereby directed to draw all proper and necessary warrants, and
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to do whatever acts and things which may be necessary to carry out the provisions
of this ordinance.
Section 7. Prior to the sale of said bonds the Clerk-Treasurer shall cause
to be published a notice of such sale once each week for two (2) weeks in the
Noblesville Daily Ledger and in The Noblesville Times and one time in the Indiana-
polis Commercial, the last publication to be at least seven (7) days prior to
the date fixed for said sale. The bond sale notice shall state the time and
place of sale, the character and amount of the bonds, the maximum rate of interest
thereon, the terms and conditions upon which bids will be received and the sale
made, and such other information as the Clerk-Treasurer and the attorneys employed
by the City shall deem advisable. Said notice shall provide, among other things,
that each bid shall be accompanied by a certified or cashier's check in the
amount of Fourteen Thousand Dollars ($14,000.00) to guarantee performance on
the part of the bidder, and that in the event the successful bidder shall fail
or refuse to accept delivery of the bonds and pay for the same as soon as the
bonds are ready for delivery, or at the time fixed in the notice of sale, then
said check and tho proceeds thereof shall be the property of the City and shall
be considered as its liquidated damages on account of such default.
All bids for said bonds shall be sealed and shall be presented to the Clerk-
Treasurer at her office. Bidders for said bonds shall be required to name the
rate or rates of interest which the bonds are to bear, not exceeding the maximum
rate hereinbefore fixed. Such interest rate or rates shall be in multiples
of one-eighth (1/8) or one twentieth (1/20) of one percent (t%) payable on the first
days of January and July and not more than four (4) different interest rates
shall be named by each bidder. Bids specifying more than one interest rate shall
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also specify the amount and maturities of the bonds bearing each rate, but all
bonds maturing on the same date shall bear the same single rate of interest.
The interest due on any bond on any interest payment date shall be represented
by a single interest coupon. The bonds shall be awarded by the Clerk-Treasurer
to the highest qualified bidder who has submitted his bid in accordance with
the terms of this ordinance and the notice of sale. The highest bi~dder shall
be the one who offers the lowest net interest cost to the City, to be determined
by computing the total interest on all of the bonds to their maturities and deducting
therefrom the premium bid, if any. The right to reject any and all bids shall
be reserved. In the event an acceptable bid is not received on the date fixed
in the notice, the Clerk-Treasurer shall be authorized to continue the sale from
day to day for a period of not to exceed thirty (30) days, but during such continuation
no bid shall be accepted which is lower than the hiqhest bid offered at the advertised
sale.
Prior to the delivery of said bonds the Clerk-Treasurer shall obtain a legal
opinion as to the validity of the bonds from Ice Miller Donadio & Ryan, acting
as bond counsel for the City, and such opinion shall be furnished to the purchasers
of the bonds at the expense of the City. The fee of such bond counsel shall
be considered as a part of the cost of the project on account of which said bonds
are issued and shall be paid out of the proceeds of said bonds.
Section 8. The accrued interest and premium received at the time of the
delivery of the bonds, if any, shall be deposited in the Sewage Works Sinking
Fund hereinafter referred to. The remaining proceeds from the sale of said bonds
shall be deposited in a bank or banks which are legally designated as depositories
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level, and additional amounts of net revenues shall be deposited in said fund
to the extent necessary to maintain such level.
In no event shall any part of the Sewage Works Sinking Fund be used in calling
bonds for redemption prior to maturity except to the extent that the amount then
in said Sinking Fund exceeds the amount required to pay the bonds which will
mature within a period of twelve (12) calendar months next following the date
of such redemption, together with all interest on the bonds payable in said period.
Any such excess of funds above said required level may also be used in purchasing
outstanding bonds at a price less than the then applicable redemption price,
if first approved by the Common Council. Moneys in said Sinking Fund shall not
be used for any other purpose whatsoever except as provided in this ordinance.
Section 10. In the event all required payments into the Sewage Works Sinking
Fund have been met to date and there has been accumulated as a debt reserve in
said fund over and above said payments an amount equal to the sum of the principal
and interest on the then outstanding bonds which will be payable during the then
next succeeding twelve (12) calendar months, and funds in an amount sufficient
for operation, repair, maintenance and depreciation for a like period have been
accumulated and reserved for that purpose, then any excess net revenues may be
transferred into a fund for extensions, betterments and additions to the works,
to be designated as "Sewage Works Improvement Fund". No such transfer shall
be made, however, which will interfere with the requirements of the Sewage Works
Sinking Fund, the accumulation of the required reserve therein, or with the requirements
as to reserving funds for the operation, maintenance and repair of the works
and depreciation. All or any portion of the funds accumulated and reserved for
operation, repair and maintenance for the then next succeeding twelve (12) calendar
months shall be transferred to the Sewage Works Sinking Fund if necessary to
prevent a default in the payment of principal of or interest on the bonds payable
from said Sinking Fund.
Section 11. All revenues received on account of the sewage works shall
be segregated and kept in a special fund separate and apart from all other funds
of the City. Out of this fund the proper and reasonable expenses of operation,
repair and maintenance of the works shall be paid and the requirements of the
Sewage Works Sinking Fund shall be met. The City shall keep proper books of
records and accounts, separate from all of its other records and accounts, in
which complete and correct entries shall be made ~howing all revenues collected
from said works and deposited in said fund, and all disbursements made therefrom
on account of the operation of the works, or to meet the requirements of the
Sewage Works Sinking Fund, also all transactions relating to said works. There
shall be prepared and furnished to the original purchasers of the bonds and,
upon written request, to any subsequent holder of the bonds, not more than ninety
(90) days after thec~ose of each fiscal year, complete operating and income statements
of the works, covering the preceding fiscal year, and a statement showing the
balances in each of the funds as of the close of the fiscal year, which annual
statements shall be certified by the Clerk-Treasurer, or be prepared by an indepen-
dent certified public accountant retained for the purpose of preparin~ such statements.
Copies of all such statements and reports shall be kept on file in the office
of the Clerk-Treasurer. Any holder or holders of the bonds then outstanding
shall have the right at all reasonable times to inspect the works and all records,
accounts and data of the City relating thereto. Such insoectons may be made
by representatives duly authorized by written instrument.
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Section 12. The City shall, by ordinance of the Common Council, establish
just and equitable rates or charges for the use of and the services rendered
by said works, to be paid by the owner of each and every lot, parcel of real
estate or buildinq that is connected with and uses said sewage works by or through
any part of the sewerage system of the City, or that in any way uses or is served
by such works. Such rates or charqes shall be sufficient in each year for the
payment of the proper and reasonable expenses of operation, repair and maintenance
of the works and depreciationn, and for the payment of the sums required to
be paid into the Sewage Works Sinking Fund by said governing Act. 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 requirements
hereof. The rates or charqes so established shall apply to any and all use
of such works by and service rendered to the City and all departments thereo~,
and shall be paid by the City or the various departments thereof as the charges
accrue.
Section 13. The City reserves the right to authorize and issue additional
bonds, payable out of the revenues of its sewage works, ranking on a parity
with the bonds authorized by this ordinance, for the purpose of financinq the
cost of future additions, extensions and improvements to the sewage works or
refunding bonds, subject to the following conditions:
(a) The interest on and principal of all bonds payable from the revenues
of the sewage works shall ha~e been paid to date in accordance with the terms
thereof.
(b) The net operating revenues of the sewage works in the fiscal year immediately
preceding the issuance of any such bonds ranking on a parity with the bond authorized
by this ordinance shall be not less than one hundred twenty-five percent (125%)
of the maximum annual interest and principal requirements of the then outstanding
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bonds and the additional parity bonds proposed to be issued; or, prior to the
issuance of said parity bonds, the sewage 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 operating revenues for said
year equal to not less than one hundred twetny-five percent (125%) of the maximum
annual interest and principal requirements of the then outstanding bonds and
the additional parity bonds proposed to be issued. For purposes of this subsection,
the records of the sewage works shall be analyzed and all showings shall be prepared
by an independent certified public accountant retained by the City for that purpose.
(c) The interest on said additional bonds shall be payable semi-annually
on January 1 and July 1, and the principal thereof shall be payable annually
on January 1, in the years in which principal and interest are payable.
Section 14. For the propose of further safeguarding the interests of the
holders of the bonds herein authorized, it is specifically provided as follows:
(a) All contracts let by the City in connection with the construction of
said 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 liabili~ty i'nsurance as~are required'under the laws'~f'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) The works shall be constructed under the supervision and subject to
the approval of Howard Needles Tammen & Bergendoff, Consulting Engineers of Indiana-
polis, Indiana, or such other competent enaineer as shall be designated by the
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(g) The City shall take all action or proceedings necessary and proper
to require connection of all property where liquid and solid waste, sewage, niQht
soil or industrial waste is produced, with available sanitary sewers. The City
shall, insofar as ~ossible, cause all such sanitary sewers to be connected with
said sewage works.
(h) The provisions of this ordinance shall constitute a contract by and
between the City of Carmel and the holders of the sewage works revenue bonds
herein authorized, and after the issuance of said bonds this ordinance shall
not be repealed or amended in any respect which will adversely affect the rights
of the holders of said bonds, nor shall the Common Council adopt any law, ordinance
or resolution which in any way adversely affects the rights of such holders so
long as any of said bonds or the interest thereon remain unpaid.
(i) The provisions of this ordinance shall be construed to create a trust
in the proceeds of the sale of the bonds herein authorized for the uses and purposes
herein set forth, and the holders of the bonds shall retain a lien on such proceeds
until the same are applied in accordance with the ?provisions of this ordinance
and of said governing Act. The provisions of this ordinance shall also be construed
to create a trust in the portion of the net revenues herein directed to be set
apart and paid into the Sewage Works Sinking Fund for the uses and~purposesn6f
said fund as in this ordinance set forth. The holders of said bonds shall have
all of the rights, remedies and privileges set forth in the provisions of the
governing Act hereinbefore referred to, including the right to have a receiver
appointed to administer said sewage works, in the event of default in the oayment
of the principal of or interest on any of the bonds herein authorized or in the
event of default in respect to any of the provisions of this ordinance or the
governing Act.
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Section ~. If, when the bonds issued hereunder 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 bonds for redemption shall have been given, and the
whole amount of the principal and the interest and the premium~
if any, so due and payable upon all of the bonds and coupons
then outstanding shall be paid; or (i) sufficient moneys, or (ii)
direct obligations of~ or obligations the principal of and inter-
est on which are unconditionally guaranteed by, the United States
of America~ the principal of and the interest on which when due
will provide sufficient moneys, or (iii) time certificates of
deposit fully secured as to both principal and interest by obli-
gations of the kind described in (ii) above of a bank or banks
the principal of and interest on which when due will provide suf-
ficient moneys, shall be held in trust for such purpose~ and pro-
vision shall also be made for paying all fees and expenses for
the redemption~ then and in that case the bonds issued hereunder
shall no longer be deemed outstanding or entitled to the pledge
of the revenues of the City's sewage works.
Section 15. The estimate of the rates and charges are those set forth
in proposed Ordinance No. S-40.
Section ~ This ordinance shall be in full force and effect from and
after its passage and signing by the Mayor.
Passed and adopted by the Common Council of the City of Carmel on the
day of July, 1981.
d . l~cer
Attest: ~
Clerk_Treasu~F~ r ~
Presented by me to the Mayor ofxt~he City of Carmel on the ~ day of
July, 1981, at the hour of ~'~S~ ~T~/.M.
~1 erk-Trea~r~
This ordinance approved and signed by me on the
at the hour of ~'.'~',l~ p .M.
day of July, 1981,
-22-
;"own H~I
C~r~l, I;vJi~a 46032
Ci~0445