HomeMy WebLinkAboutS-21 Refund Revenue Bond ORDINANCE NO.
An Ordinance authorizing the issuance of refund-
ing revenue bond to exchange for the Town of
Carmel's outstanding Sewage Works Refunding
Revenue Bond of 1973, the safeguarding of the
interests of the holders of said bond, and other
matters connected therewith
WHEREAS,
available to pay
funds on hand on
interest on said
WHEREAS,
WHEREAS, the Town of Carmel has previously authorized
and issued its Sewage Works Refunding Revenue Bonds of 1973,
pursuant to Ordinance No. 13-28 adopted February 13, 1973; and
WHEREAS, said bond, in the total principal amount of
$560,000, bearing interest at the rate of four per cent (4%)
per annum, is due and payable January 1, 1974; and
the town sewage works utility has $200,000
on said debt, but will not have sufficient
such date to pay the entire principal ands
bond; and
the town will be issuing additional sewage
works revenue bonds for improvement purposes at a later date
in 1974; and
WHEREAS, it will be to the town's benefit to have a
single general market bond issue for the improvement purposes
and for reasonably scheduling an amortized retirement of the
balance of the 1973 obligation; and
WHEREAS, refunding of the unpaid balance is authorized
by Chapter 206 of the Acts of 1937; now therefore,
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF
CARMEL, INDIANA:
Sec. 1. The Town shall issue its
bond in the amount of ~hree Hundred Sixty
sewage works revenue
_~usand Dollars
($360,000) for the purpose of refunding the balance of the
Sewage Works Refund±ng Bond of 1973.
Said bond shall be designated "Sewage Works Refunding
Revenue Bond of 1974", issued in the denomination of $360,000,
dated as of the date of delivery and shall bear interest at a
rate not to exceed five and one-half per cent (5-1/2%) per
annum, payable on the first day of each month after issuance
until the principal shall be fully paid. Said bond shall be
issued as a fully registered bond as to principal and interest
in the name of the purchaser. Both principal and interest
shall be payable in lawful money of the United States of
America. Principal and interest shall be payable to the regis-
tered owner by check or draft mailed or delivered to said owner
at his address as it appears on the registration records of
the Town. The bond shall mature on June 1, 1974. Said bond
shall be junior and subordinate in all respects to the Town's
Sewage Works Revenue Bonds dated January 1, 1960, and to the
Town's Sewage Works Revenue Bonds of 1968, dated February 1,
1968.
Sec. 2. The bond may, at the option of the Town, be re-
deemed on any date upon ten days' written notice to the owner.
The place of redemption may be determined by the Town. Inter-
est on the bond so called for redemption, shall cease on the
redemption date fixed in such notice, if sufficient funds
available at the place of redemption to
accrued interest, on the date so named.
sented at the place of redemption,
pay the principal,
The bond shall
for redemption.
are
plus
be pre-
Sec. 3. The form and tenor of said fully registered bond
UNITED STATES OF
State of Indiana
BO0~' ~'~' PAGE
AME RI CA
County of Hamilton
$
TOWN OF CARMEL
SEWAGE WORKS
REFUNDING REVENUE BOND OF 1974
The Town of Carmel, in Hamilton County, State
of Indiana, for value received, hereby promises to
pay to ,
or registered assigns, solely out of the special
revenue fund hereinafter referred to, or from the
proceeds of refunding bonds on the first day of
June, 1974, the principal amount of
and to pay interest thereon from the date of deliv-
ery hereof until the principal is paid, at the rate
of per cent ( %) per annum, payable on the
first day of each ~onth, beginning as of the first
day of the month next succeeding the delivery of
this bond.
Both principal and interest of this bond are
payable in lawful money of the United States of
America. Principal and interest shall be payable
to the registered owner by check or draft mailed or
delivered to said owner at his address as it ap-
pears on the registration records of the Town.
This bond is the only one of an authorized
issue of the Town of Carmel in the aggreqate prin-
cipal amount of Three Hundred Sixty Thousand Dollars
($360,000), issued to exchange for and refund the
Town's Sewage Works Refunding Revenue Bonds of 1973.
This bond is authorized by an ordinance adopted by
the Board of Trustees of the Town of Carmel on the
day of , 1973, entitled "An Or-
ln~e authorizing the issuance of refunding reve-
nue bond to exchange for the Town of Carmel's out-
standing Sewage Works Refunding Revenue Bonds of
1973, the safeguarding of the interests of the
holders of said bond, and other matters connected
therewith," and in strict compliance with the pro-
visions of Chapter 206 of the Acts of the Indiana
General Assembly for the year 1937.
Pursuant to the provisions of said Act and
said ordinance, the principal and interest of this
bond are payable solely from refunding bonds or
from the 1974 Sewage Works Sinking Fund created by
[he ordinance authorizing the issuance of the bond,
to be provided from the net revenues (herein de-
fined as gross revenues after deduction only for
the payment of the reasonable expenses of operation,
repair and maintenance) of the sewage works of the
Town of Carmel, and all improvements and extensions
thereto and replacements thereof subsequently con-
structed or acquired, subject, however, to the pri-
or servicing of certain now outstanding bonds in
the total amoun5 of Four Hundred Ninety-three
Thousand Dollars ($493,000), and to the terms of
Ordinances No. S-1 and No. S-11 authorizing the is-
suance of the now outstanding bonds. This bond
shall not constitute an indebtedness of the Town of
Carmel within the meaning of the provisions and lim-
itations of the Constitution of the State of Indiana,
and the Town shall not be obligated to pay this bond
or the interest thereon except from refunding pro-
ceeds or said special fund provided from said net
revenues.
The Town of Carmel irrevocably pledges the en-
tire net revenues of said sewage works to the prompt
payment of the principal and interest of the bond
and the now outstanding bonds, to the extent neces-
sary for that purpose, and covenants that it will
cause to be fixed, maintained and collected such
rates and charges for service rendered by said works
as are sufficient in each year for the payment of ~he
proper and reasonable expenses of operation, repair
and maintenance of said works, and for the payment
of the sums required to be paid into the Sinking
Funds and under the provisions of said Act. In
the event the Town, or the proper officers thereof,
shall fail or refuse to so fix, maintain and col-
lect such rates or charges, or if there be a default
in the payment of the interest on or principal of
this bond, the holder of this bond shall have all of
the rights and remedies provided for in said Chapter
206, Acts of 1937.
The Town of Carmel further covenants that it
will set aside and pay into its 1974 Sewage Works
Sinking Fund a sufficient amount of the net revenues
of said works to meet (a) the interest on this bond
as such interest shall fall due, (b) the necessary
fiscal agency charges for paying the bond and inter-
est, and (c) the principal of this bond as such
principal shall fall due. Such.required payments
shall constitute a first charge upon all the net rev-
enues of said works.
This bond may be assigned upon proper execution
of the assignment hereinafter set forth and presen-
tation of the bond and executed assignment to the
Clerk-Treasurer of the Town for notation of the same
upon the registration record kept for that purpose.
The principal of this bond may, at the option
In%~re~-- on the principal of the )~d so call.~
for prepayment shall cease on the F£epayment date
fixed in such notice, if sufficient funds are
available at the place of prepayment to pay the
prepayment price, plus accrued interest, on the
date so named. The bond shall be presented at
the place of prepayment.
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.
IN WITNESS WHEREOF, the Town of Carmel, in
Hamilton County, State of Indiana, has caused this
bond to be executed in its corporate name by the
President of its Board of Trustees and its cor-
porate seal to be hereunto affixed and attested by
its Clerk-Treasurer, as of the first day of
, 1973.
TOWN OF CARMEL
Attest:
By
President, Board of Trustees
Clerk-Treasurer
~SSIGNMENT
FOR VALUE RECEIVED the undersigned sells,
assigns and transfers unto
the within Sewage Works Revenue Bond of 1974 ~f the
Town of Carmel, Indiana, and hereby authorizes said
Town to transfer this Bond on its books.
Dated , 1'9
In the Presence of:
Sec. 4. Sa~d bond shall be signed in the name of the
attested by the Clerk-Treasurer who shall
said Town to said bonds.
Said bond, as to both principal and
payable from and secured by an irrevocable
affix the seal of
interest, shall be
pledge of and shall
constitute a charge upon all 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 town, subject, however, to the prior
servicing of certain now outstanding bonds in the total amount
of Four Hundred Ninety-three Thousand Dollars ($493,000), and
to the terms of Ordinance No. S-1 and No. s-ll authorizing the
issuance of the now outstanding bonds. The Town shall not be
obligated to pay said bonds or the interest thereon except from
the net revenues of said works, or refunding proceeds, and said
bonds shall not constitute an
the meaning of the provisions
tion of the State of Indiana.
indebtedness of the Town within
and limitations of the Constitu-
and directed
vided herein.
bidder
to execute said bond
Said bond shall be
Sec. 5. The Clerk-Treasurer is hereby authorized and
directed to have said bond prepared, and the President of the
Board of Trustees and Clerk-Treasurer are hereby authorized
in the form and manner pro-
delivered to the successful
after the sale.
Sec. 6. There is hereby created a special
fund desig-
nated "197~ Sewage Works Sinking Fund" and constituted the sink-
ing fund for the payment of the interest on and principal of
the revenue bond herein issued. There shall be set aside and
paid into said 1974 Sewage Works Sinking Fund monthly, as avail-
able, and after meeting the monthly deposits in the Sewage
Works Sinking Fund created by ordinance No. S-l, adopted Decem-
sewage works, as hereinbefore defined, for the payment of (a)
the interest on the Sewage Works Refunding Revenue Bond of
1974 as such interest shall fall due, (b) the necessary fiscal
agency charges for paying said bond and the interest thereon,
and (c) the principal of said bond as such principal falls due,
and said deposits shall continue until such time as said fund
shall contain an amount sufficient to pay all of the Sewage
Works Refunding Revenue bond of 1974 then outstanding, togeth-
er with the interest thereon to the date of maturity.
Moneys in said 1974 Sewage Works Sinking Fund shall not
be used for any purpose whatsoever e~cept as stated above; pro-
vided that with the written consent of the registered holder,
of the outstanding Sewage Works Revenue Bond of 1974, the Board
of Trustees may transfer funds from the 1974 Sewage Works
Sinking Fund into a fund for extensions, betterments and addi-
tions to the works, subject to the limitations in Ordinances
No. S-1 and S-11 as to the creation and maintenance of reserves
before transfers to a fund for extensionsr betterments and addi-
tions.
Sec. 7. The Town covenants with the holder of the bond
herein authorized to c'omply with all of the terms, conditions
and covenants pertaining to its Sewage Works which are set forth
in Ordinances No. S-1 and No. S-ll.
Sec. 8. This ordinance shall be in full force and effect
from and after its passage and signing by a majority of the
Board of Trustees.
Approved and adopted by the Board of Trustees of the Town
of Carmel, Indiana, on the ~7~ day of ~ , 1973.
Board of Trustees
This Instrument
Attest! ~/- JUNE M. HEDGES RECORDE~AMtLTON
~ - r ~lerk'-Treas~T~er
COUNTY. IND.
RECEIVED FOR P,L'CORD
JAN 3 1974
OK PAGE ,.