HomeMy WebLinkAboutA-1 Waterworks Constr,Ext, & Add
WHEREAS, the Town of Carmel is the owner of and operates an unencum-
beredwaterworks system furnishing the public water supply to said Town
and its inhabitants; and .
WHEREAS, the Board of Trustees of the T own of Carmel, having the man-
agement of said waterworks, has determined that said waterworks is in need
of certain extensions, additions a.nd improvements in order to furnish ade-
quate water supply of desirable quality to the inhabitants of the Town;
and that said extensions, additions and improvements are required in order'
to protect properly the health, well~being and property of the Town and
its inhabitants; and .
. WHEREAS, the Board of Trustees of the Town of Carinel has employed
Clyde E. ,Wl,lliams and Associates, consulting engineers of South Bend and
Indianapolis, Indiana, to determine t~ extensions, additions and im-
provements required and the cost thereof and to prepare plans, specifi-
cations and estimates therefor and has found from the report of said en-
gineers that the existing unsatisfactory conditions can be remedied by
the drilling of an additional well and the installation of a pump; the
construction of an iron removal and softening plant consisting of an
aerator, two pressure type sand filters, two pressure type zeolite soft-
eners, a 50 ton capacity salt storage basin, piping, valves, fluoridation
and miscellaneous equ:Dlpment, together with a new building for housing the
equipment; apd' additions to the water distribution system which will rein-
force ..the system and replace small sized pipes; that the cost of 'said ex-
tensions, additions and improvements will be in the approximate amount of
One Hundred Sixteen Thousand Dollars ($116,000.00) including all inci-
dental' expenses necessary to be incurred in connection therewith and in
connection with the issuance of bonds on account thereof;' and
WHEREAS, the Board of Trustees of the Town ofCa.rmel finds that funds
required for said project should be provided by the issuance and sale of
revenue bonds payable solely out of the revenues of said waterworks and
not. constituting a general oblie;ation of the Town; .now therefore,
BE IT ORDAINED BY THE BOARD OF TRUSTEES' OF THE TOWN OF CARJ'l1EL:
Section 1. That the Town .of Carmel, being the owner of and engaged
in opera'ting an unencumbered waterworks system supplying the Town and its
inbaqitants with water .forsanitary purposes, now prOVides for certain
need.ed extensions, additions and improvements to such waterworks and the
. ,pll.ymentl fer such extensions, !additions and improvements from the revenues
I and receipts ofeuch waterworks pursuant to and in the manner prescribed
in Chapter 155 of the. Acts of 1929, as amended by Chapter 254 of the Acts
of 1933 , and all acts amendatory thereof or supplemental thereto (some-
times hereina.fter referred to as the ItAct"). The terms' "waterworks,"
'water system," !;\systems" and"waterworks system," where used in this
ordinance shall.be construed to mean and include the existing waterworks
system owned by the Town of Carmel and all extensions, additions and im-
provements thereto. and replacements thereof now or subsequently construct-
ed . or. acquired. .
. .'Secti'on 2. Said extensions, additions and improvements shall be
constructed and installed in accordance with the plans, specifications
and.~st~mates prepared by Clyde E. Williams and Associates, consulting
engineers of South Band and Indianapolis, Indiana, which plans, specifi-
cations a.nd estimates a.re hereby approved. The extensions, additions and
.:.::...., i.' il,1lpt'ovememts .shall include the following;. the drilling of an additi onal
well Cand'the installa.tion .of a pump; the construction of a.n iron removal
and softening plant consisting of an,a.erator, two pressure type sand
filters, two pressure type zeolite sOfteners, a 50 ton capacity salt
storage basin,.piping, valves, fluoridation a.nd miscella.neous equipment,
together,.with a ne.w building for housing the eqUipment; and additions to
the water distribution system which will reinforce the system and replace
small sized pipes. .
Section 3, The BO.9rd of Trustees shall proceed with the construction
and installation of said extensions, additions. and improvements, and
shall.enter into all contr'acts necessary fOr such purpose in conformity
with the provisions of this ordinance and of said Act, sUbject,however,
to thefollowiw: conditions: '. .' . .....
(a) The approval of the Public Service Commission for the
making of said extensions, additions and improvements,
and the issuance of the required amount of revenuebonds';~:"::
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ORDINANCE NO. 11.-1
"Exhibit 1"
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An Ordinance concerning the construction of
extensions, additions and improvemeRts to the
municipal waterworks of the Town of Carmel
. ,
authorizing the issuance of revenue bonds to
provide, for the cost thereof, and matters
connected therewith.
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(b Y~"at the principal and interest of the bond; ,ssued on
aOcount of such extensions, additions and improvements
shall be paid solely and exclusively from the revenue
of said waterworks system and shall not constitute a
general obligation of the Town.
Section 4. The income and revenues of the existing waterworks, to-
gether with the income and revenue of all extensions, additions, improve-
ments thereto and replacements thereof made pursuant to this ordinance, or
sUb"equently, shall be set aside into a separate and special fund to be
used and applied in the maintenance and operation thereof, in establi/;!hing
a depreciation account, and payment of the bonds authorized by this ordi-
nance and the interest thereon. From and after the .date on which the new
schedule of water rates.to be adopted becomes effective, the proportion of
the gross revenues of said waterworks that shall be Paid into the several
accounts of said special fund, as provided by said Act, is hereby fixed andl
determined as follows': . :
(11) eration and Maintenance Account. Forty and five-tenths
per cent (40.5 of the gross revenues of said waterworks shall be paid
into the "Operation and Maintenance Account," and shall be used to pay the
necessary cost of the reasonable and proper opera.tion and maintenance of
the waterworks, including any taxes required to be paid.. The sum to set
aside for operation and maintenance shall be applied exclusively to that
purpOse unt,il, a, surplus shall have been accumulated in the Operation and
Maintenance Account which shall be i3qual~ to the cost of maintaining and
operating 'the waterworks during the remainder of the calendar, operating
or fiscal year then current and the.cost or maintaining and operating
the waterworks during the calendar, operating or fiscal year then next
ensuing. Any excess Over such surplus may be transferred by the Board of
Trustees to either the Depreciation Account or the Bond and Interest Re-
demption Account.
. (b) Depreciation Account. Fourteen per cent (14%) of the gross
revenues of said waterworks shall be paid into the "Depreciation Account",
and shall' be expended' in making good depreciation in the waterworkljl, or in
new construction, extensions or additions to the property of the water-
works, Any aCcumulation in such Depreciation Account not required for
immediate use may be invested indirect obligations of the United States
Government,and if so invested the income from the investment shall ac-
crue to the Depreciation Accouht. Said Account shall not be used. for
any purpose other than as herein provided.
(c) Bond and Interest Redem tion Account. Forty-five and five-
tenths per cent (45.50 of the gross revenues of the waterworks shall, as
such revenues are received, be set apart and paid into a special account
to be identified as the "Bond and ,Interest Redemption Acc ount II . The funds
in said account shall be used SOlely for the purpOse of paying the interest
on and principal of the bonds issued pursuant to the provisions of this
ordinance, to the extent recuired for that purpose. If and when a surplus
shall be created in said Bond and Interest Redemption Account which shall
be in exce,ss, of the interest oni,andprincipal of th~ bonds, plus ten per
C~Tht'(lO%', which are payable during the then current calendar, operating
or fiscal year, :t.ogether with the amount of interest on and principal of.
the bonds whiUhwill become due and, payable during the calendar, Operating
or fisc'al year then next ensuing, then the Board of Trustees may transfer
any excess over such surplus to either the Operation and Maintenanoe,or to
the Derlreciation Account. The Board of Trustees may also direct that any
such excess over such surplus shall be used in the purChase or redemption
of outstanding bonds at a price not exceeding the redemption prices here-
inafter set out. No further payments need be made into the Bond and In-
cterestR~dempt:i.on Account when the funds therein equal or exeeed the a-
mount of the principal of the bonds then Ouistanding and interest thereon
to the maturity date thereof. .
.. All'of the funds of said several accoUnts shall be deposited in law-
ful depositories of the Town, and shall be continuously held and secured
as prov~ded by the laws of Indiana relating to the depositing, securing
J~d h~l~ing 'b~ptiblic funds. In no event shall any of the revenues of
said waterworks be transferlO'ed or used for any purpose not authorized by
this ordinance so long as any of the borids issued pursuant to the pro-
visions of this ordinance shall be outstanding. The funds heretofore de-
rived from the operation of the waterworks, on hand on the effective date
of this ordinance, may be used in paying the operating expenses of the
waterworks to the extent recuired for that puroose and in paying the cost
of the additions, extensions and improvements to the waterworks in the
e1!ent such cost shall exceed the cOst as now estimated. Any balance re-
maining after the completillb.g of the extensions, additions and improve-
ments shall then be allocated to the three above named accounts on the
percentage basis hereinabOve set out in this section.
Section 5. For the purpose of procuning funds with which to pay the
cost of construction and installation of the extensions, additions, and
improvements to its water~orks, the Town of Carmel shall ~ssue its revenue
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. bonds' under a. pursuant to the provisions of this ordinat-.: and said 'Act, .8
which bonds sha.Ll be payable only out of the specialBond~and Interest Re-
demptionAccount herein provided for, and shall be designated as "'!iaterworks
Revenue Bonds of 1955". SAid bonds shall be in a principal amount .not ex-
ceeding One Hundred Sixteen Thousand Dollars ($116,000.00), in the denomi-
nation of One Thousand Dollars ($1,000.00), numbered consecutively from 1
up, 'dated as of the first day of the month in which said bonds are sold and
shall bear interest at a rate not exceeding four per cent (4%,) per annum,
th~ exact rate to be determined by bidding, which interest shall be payable
semi -annually on January 1 and Jb;Ly:.l :,In each year, beginning on Januay 1,
1956, and shall be evidenced by coupons attached to said bonds. Both bonds
and interest coupons shall be payable at the Union State Bank, in the Town
of Carmel, Indiana, in lawful money of the United States of America, and
said bonds shall mature seri;llly in the' amounts and on the dates as follows:
$3000.00 on January 1, 1957 arid annually
thereafter to and including Janua.ry 1, 1961;
$4000.00 on January 1, 1962 and annually
thereafter t.O and including January 1, 1967;
$5000.00 on. January I, 1968 and annually
thereafter to and including Januar;r 1, 1972;
$6000.00 on January I, 1973 and annually
thereafter to and fncluding January 1, 1976;
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$7000.00 on January 1, 1977 and annually
thereafter to and including January 1, 1980.
The bonds of this issue maturing on January 1, 1961 and thereafter
shall.'be .redeemable .at the option of the Town on July 1, 1960, or any
interest payment date thereafter, in their' inverse numerical order, at
face value, tog~~her with the following premiums:
6% if redeemed on July 1, 1960 or thereafter
on or before. January 1, 1965;
~4% if redeemed on July I, 1965 or thereafter
On or before January 1, 1970;
3% if redeemed on July 1, 1970 or thereafter
prior te maturity;
1'-, plus ii'leach case accrued interest to the date fixed for redemption;
I Notice of such redemption shall be pUblished at least thirty (30) days
prior to the date fixed~for. redemption at least one time in a newspaper
of general circulation printed and published in Hamilton County" Indiana,
and'of general circulation in the Town of Carmel, and a newspaper or fi-
nancial journal of general circulation published in the City of Indiana-
polis, Indiana. If any of the bonds so to be redeemed are registered,
such notice shall also be mailed to the address of the registered holder
as shown on the registration records of the Town. The notice shall speci-
i !f:y' the date and place of redemption and the numbers of the bonds called
for redemption; The place of redemption may be the place of payment named
in the bonds, or otherwise as determined by the Town. Interest on the
bonds. so colled for i:edemption shall cease on the redemption date fixed
in said notice, if .funds are available at the pl?ce of redemption to pay
the principal of .and premium and interest .on the bonds so called for re-
deul!)tion; on the date fixed in said notice or thereafter when presented
for payment. Coincidentally with the payment of the redemption price,
the. b,!nds so called for redemption shall be surrendered for cancellati'on,
togetrher with the unmatured interest coupons appurtenant thereto.
Section 6. Said bonds shall be signed in,the name of the Town bf
Carmel by the President .of the BOard of Trustees and shall be attested by
.. the C1erk-Treasurer, who shall affix the seal of the Town to each of said
bonds. The interest coupons attached to said bonds shall be executed by
placing thereon the facsimile signature of the Clerk-ireasurer, and said
-"":o:r:fi-cial"'~' {he signing of said bonds, shall adopt as and for his proper
I. signature his facsimile signature a9pearing on said coupons. In case any
officer whose si3nature appears on the bonds and coupons shall cease to
be such officer before the delivery of such bonds., . his signanure shall
nevertheless be valid and sufficient for all purposes the same as if such
officer had remained in office until such delivery.
Said bonds shall be negotiable by delivery unless registered. Upon
presentation of the bonds at the office of the Clerk-Treasurer in the
Town of Carmel, said Clerk-Treasurer shall register said bonds as to the
principal thereof, without charge or expense to the holder. Such regis-
tery shall be noted on the bonds, after which no transfer thereof will
be valid unless made by the registered owner in person or by his attorney
duly authorized, and similarly noted on the bonds, but said bonds may be
discharged 'from registry by being'in like manner retransferred to bearer,
after which they shall be transferable by delivery, but may again be re-
gistered as before. The registration of any bond shall not effect the
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negotiabili t[ f the interest coupons attached thereto,b"such coupons.
shall continuE1'to pass by delivery merely and shall remain payable to
bearer.
Section 7. The form and tenor of said bonds, the interest coupons to
be attached thereto, and the form of registry endorsement thereon, shall
be sUbstantially as follows, to-wi.t:
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UNITED STATES OF AMERICA
State of Indiana County of
No.
Hamilton
$1000.00
T O'.VN OF CARMEL
WATERWORKS, REVENUE BONDCOF 1955
. .
The Town of Carmel, in Hamilton CRunty, State of
Indiana, for value received, hereby promises to pay to
bearer, or if this bond be registered then to the regis-
tered holder hereof, solely out of the special revenue
fund hereinafter referred to, the principal amount of
ONE THOUSAND DOLLARS
on the first day of , 19 (unless this
bond be called for prior redemption and payment provided
therefor), and to pay interest thereon from the date hereof
~n~il the principal is paid at the rate of
per cent ( %) per annum, payable semi-annually on the
first days of January and Jul,Y' in each year, beginning on
January 1, 1956, upon presentation and surrender of the
annexed coupons as they severally become due.
Both principal and interest of this bond are payable
in lawful money of the United States of America at the
Union State Bank, in the Town of Carmel, Indiana.
. This bond is one of an authorized issue of one hun-
dred and sixteen bonds of the Town of Carmel, of like
date, -denomina.tion, tenor and effect, in the total amount
.of One Hundred Sixteen Thousand Dollars ($116,000.00',
numbered consecutively from 1 to 116 inclusive, issued for
the purpose of providing funds to pay the cost of construc-
tion of extensions, additions and improvements to the muni-
cipally owned waterworks of said Town pursuant to an ordi-
nance passed by the Board of Trustees of said Town on
, 1955, entitled "An Ordinance concerning the construc-
tion of extensions, additions and improvements to the ~uni- .
cipal waterworks of the Town of Carmel, authorizing the
issuance of revenue bonds to provide for the cost thereof,
and matters connected therewith", and in strict compliance
,with the provisions of the governing statutes, particularly
Chapter 155 of the Acts of General Assembly of the State of
Indiana for the year 1929, and all acts amendatory thereof
o~ supplemental thereto.
. The principal and interest of this bond and all ot"-er
bonds of said issue are equally and ratably secured by.' and
constitute a first charge upon forty-five and five-tenths
per cent (45.5%) of the gross income and revenues of said
waterworks as the same now exist or may hereafter be improv-
ed and extended, which percentage of such income and reve-
'nues is to be deposited in a special fund t ci be known as the
."Bond and Interest Redemption Account" which has been duly
created by' said ordinance. The Town shall not be obligated
tapay said bonds or the interest thereon except from said
,special fund, and neither this bond nor the issue of which
it is a part shall in any respect constitute a corporate in-
debtedness of the Town within the provisions and limitations
of the constitution of the State of Indiana.
The bonds of this issue maturing on January 1, 1961 and
trier.safter shall be redeemable at the option of the Town in
whole or in part, on July 1, 1960, or any interest payment
date thereafter, in inverse humerical order, at face value,
together with the following premiums: six per cent (6%) if
redeemed on July 1, 1960 or thereafter on or before January
1, 1965; four per cent (4%) if redeemed an July 1, 1965, or
thereafter on or before January 1, 1970; three per cent (3%)
if redeemed on July 1, 1970 or thereafter prior to maturity;
plus, in each case, accrued interest to the date .fixed for
redemption, prOVided notice of said redemption shall be given
at least thirty (30) days pri or to the redempti on date by one
publication in a newspaper of general circulation printed and
published in Hamilton County, Indiana, and of general circu-
lation in the Town of Carmel, ~.nd in a newspaper or financial
publication published in the City of Indianapolis, Indiana.
Interest on the bonds as called for redemption shall cease
on the redemption date fixed in said notice, if funds are
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ava, ible at the place of redemption to redeem t 'bonds when
pres~rtted. The bonds so redeemed prior tomatu~~y shall
be surrendered for cancellation, tcg'eth'er'~ with unmatured
interest coupons appurtenant thereto.
, The Town covenants that it will, to the fullest extent
permitted by law, fix, maintain and collect an aggregate of
rates and charges for,the services rendered by said water-
works which will oe sufficient to pay all costs of operation
and maintenance of said waterworks, to provide a proper and
adequate depreciation account, and to create and maintain
the sinking fund required for the payment of ' this issue of
bonds,'and that it will in all other respects faithfully com-
ply with all of the provisions of the governing statutes pur-
suantto which this bond is issued. In the event the Town
shall make any defa,ul t in the payment of the principal of or
interest on this bond, the holder hereof shall have all of
the rights and remedies PI'ovided by the governing statutes,
including the right to compelJthE13collection of sufficient
rates and charges to provide' for the payment of this bond
and the interest hereon.
This bond and all other bonds of said issue shall, in
the hands of bona fide holders, have, all of the qualities
,of,. negotiable instruments under the law merchant. This
bond may be registered in the~ name of the owner, in the
manner and with the effect pJ;'ovided in said ordinance,
but unless registered shall pass by delivery. The interest
coupons attached hereto shall at all times pass by delivery.
It is hereby cert if1ed and recited that all acts, c ondi tions
and things required.to be done precedent to and in the exe-
cuti on, issuance and delivery of this bond have been d one and
performed in regular and due form as provided by law.
IN WITNESS WHEREOF the Town of Carmel, in Hamilton
Coynty" Sta,te of Indiana, has caused this bond to be signed
. in its corporate name by its duly elected, qualified and
acting President of the Board of Trustees, its corporate
seal to be hereunto affixed, and attested by its duly ap-
pointed, qualified and acting Clerk-Treasurer, and the in-
terest coupons hereto attached to be executed by placing
thereon the facsimile signature of said Clerk-Treasurer,
all as of the first day of ,1955.
T O'.m OF CARMEL
By
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President, BOard of Trustees
,Attest:
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Clerk-Treasurer:
(Interest Coupon)
$
On 1, 19 ,',the Town
of Carmel, Indiana will pay to bearer (unless the bond to
which this coupon refers is sooner redeemed); at the Union'
'State Bank, in the Town of Carmel, I9diana, out of its
waterworks Bond and Interest Redemption Account
Dollars in'lawful money of the United States of America,
be-lng the interest then ,due on its waterw'orks Revenue Bond
of 1955, dated 1, 1955, No.
Coupon No.
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TOWN OF CARMEL
BY
(Facsimile)
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Clerk-Treasurer
, This bond can be registered only at the office of the
Clerk-Treasurer of the Town 'of Carmel, Indiana. No writing
hereon except by the Clerk-Treasurer.
Date of Registry
In WhOse Name Registered Clerk-Treasurer
Section 8. The Clerk-Treasurer is hereby authorized and directed
to have said bones and coup,ons prepared, and the President of the Board of
Trustees and 'Clerk-Treasurer are hereby authori1,!ed and directed to execute
said bonds and the' couoons to be atta,ched thereto in the form and manner.
hereinbefore provided. The Clerk-Treasurer is hereby autho:hized to sell
said bonds at public sale. Prior to the sale of the bonds, the Clerk-Treas-
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urer shall C~~e to be published a noti~e of sale once ea~,week fo~ two
weeks in the. )lesville. Ledger and Noblesville Morning T'. JS,. two news.-' .
papers of oppus'ite political faith published in Hamilton County, there
. being"no newspaper published in the Town of Carmel; and one time in a news-'
paper published in the City of Indifmapolis. The date fixed for the sale
shall not' be earlier tha.n seven (7) days after the last of said publica-
tions. The bond sale notice shall state the time and place of sale, the
total amount of bonds, the maximum rate of interest thereon,.the matUri-
ties thereof, the purpose for which the bonds are being issued, the terms
and conditions on which bids will be received and the sale made, and shall
set' out such other information as the Clerk-Treasurer, actin5 on the advice
of the Town Attorney and bond counsel, shall deem necessary.
All bids for said bonds shall be sealed and shall be presented to the
Clerk-Treasurer .at his office. Bidders shall be required to name the rate.
of interest which the bonds are to bear, not exceeding four per cent (~%)
per annum. 8uch interest rate shall be in multiples of one-eighth (1/8) r-
of one per cent (1%), and not more than one (1) interest rate shall be
named by each bidder. The Clerk-Treasurer shall award the bonds to the.
highest qualified bidder. The highest bidder shall be the one who offers
the lowest net interest cost to the Town, to be determined by computing
the total interest on all of the bonds to their maturities and deducting
therefrom the premium bid,if any. No bid tor less than the par value of
said bonds, including accrued interest to the date of delivery, shall be
considered., .Tl1e Clerk-Treasurer shall have the right to reject any and
all bids, and in the event no satisfacto;ry bids are received, the Clerk-
Treasurer shall be authorized to contim,le the sale from day to day for a
period of thirty (30) days without readvertisement; provided, however,
that if said sale be continued no bid shall be accepted which is lower
than the highest bid received at the time fixed for such sale in the bond
sale notice.
Prior to the sale o.f said bonds the Clerk-Treasurer shall be author-
ized to' obtain a legal opinion 'as to the validity of the bonds from Ross
McCord Ice & Ii'J.ller, actin" as bond counsel for the Town, a.nd to furnish
such opinion to th~ purchasers of the bonds. The fee of such bond coun-
sel shall be considered as part of the cost of the project on account of
which said bonds are issued and shall be paid out of the proceeds ofaaid
bonds.
Section 9~ In the event it shall be hereafter determined that it is
not necessary tO,issue all of the bonds authorized by this ordinance, Or
the Public Service Commission shall' not approve the issuance of said to"' . [-
tal amount of bonds, the Clerk-Treasurer shall be authorized to sell and
deliver a lesser amount of bortds than hereinauthorized, in which case the
bonds not sold or delivered shall be of the last maturity or maturities.
The bonds herein authorized, when fully paid for and delivered to
the purchaser, shall be the binding and special revenue Obligations of the
Town payabLe out of the income and revenuelll of the waterworks system of
said Town according to their tenor and effect, and the proceeds derived
from the sale of said bonds shall be and are hereby set aside for the
purpose Of, paying the cost of clim8truction and installation of the afore-
s~Xd'extensions, additions and improvements to said waterworks and the
expenses incurred 'in connection wi th the issuance and sale of the bonds,
and for the payment of interest accruing on the bonds during the period
of construction, if required for that purpose. The proper officers of
the Town are hereby directed to draw all proper and necessary warrants, c "C.
and to.do all acts and things which may be necessary to carry out the pro-
visions of this ordinance.
SectionlO. Any accrued interest and any premium received at the time
of the, delivery of the bonds ahall be deposited in the Bond .and Interest '
-Redemption Aceount hereinbefore created. The remaining proceeds from the
sale of the bonds Shall be. deposited in a bank or'banks which are legally
designated and qualified depOSitories for the funds of the Town, in a
.lipecial' tlc'eount or acc ounts to be des ignated as "Town of Carmel, Wa ter-
works,Construction Account". Each of such special accounts shall be de-
pOsited.... secured and held as provided by the laws relating to the deposi-
11ing;,.s.ecuri.n~and holding of' public funds, and may be secured in any ':
other lawful manner agreed upon by the Clerk-Treasurer and the purchAser
of the bonds. The funds in such special" account or accounts shall be ex-
pended Only for the purpose of paying the cost of the extensiohs, additions
and improvements, to said waterworks herein authorized, the incidental ex-
penses incurred in connection therewith and with the issuance of bonds,
and for the payment of interest accruing on the bonds during the period
of construction, if required for that purpOse. Any balance or balances
remaining unexpended in such special account or accounts after the com-
pletion of the work, which are not required to meet unpaid obligations
incurred in connection with the construction of the work, shall be deposi-
ted in the Bond and Interest Redemption Account.
Section 11. The Town 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 showing all revenues collected from
said waterworks and depos i ted in the 'special ace ounts hereinbefore estab-
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~', 11shedand al("'\sbursements madE( therefrom and all transl--~ons relating
to ~aid waterworks. There shall be prepared and furnished to the original
purchaser of the bonds, so long as it holds any of the bondf,O, and, upon
written request, to any holder of the bonds, not more than ninety (90) days
after the close of each annual fiscal period, complete operating and in-
com~ statements of the waterworks, in reasonable detail covering such an-
nual fiscal period, ~hichstatement shall be certified by the Clerk-Treas-
urer_or a competent auditor employed for the purpose of making an audit of
the records of said waterworks. Copies of all such statements and reports
shall at all times be 'kept on file in the office of the Clerk-Treasurer.
Any holder of the bonds shall have the right at all reasonable times to
tnspect the waterworks and the records, accounts and data of the Town re-
lating theret o.
Section 12. The Town shall, to the fullest_ extent permitted by law,
establish, maintain and collect reasonable and just rates and charges for
the services and facilities afforded by said waterworks which will provide
revenuefJ at least sufficient to pay the reasona1ble and proper cost of the
'maintenance and operation of the waterworks, to provide a proper and reas.,-
onable depreciation account, and to pay the principal of and interest on
the bonds as the same become due and prOVide a surplus or margin of ten
percent (10%) of the principal and interest due each year, which ahall be
cumulative. So long as any of the bonds herein authorized are outstanding,
none of the' facilities and service afforded by said waterworks shall be
furnished without a reasonable and just. charge being made 'therefor. The
reasonable value of any facility or service rendered to the Town, or to
any 'department, agency or instrumentality thereof, including, the use of
water for hydrants for fire protection or for any other purpose, shall be
charged against the Town and shall be Paid for as the charges accrue, and
the revenue so received Shall be deemed to be revenue derived, from the
operation of the waterworks and shall be used and, ace ounted for in the,
same manner as other revenues derived from the operation of the waterworks.
The Towp covenants to the fullest extent permitted by law, and subject to
approval by ~he- Public Service Commission, to maintain a minimum of forty-
five (45) fire hydrants, and to_pay an annual rental of Sixty Dollars
($60.00' per hydrant, per year, which the__Board of Trustees now finds is a
reasonable and proper charge therefor. Said minimum number of hydrants
shall be maintained and said rental will be paid by the Town to the var-
ious waterworks revenue accounts in the proportions and percentages as
hereinabove set forth, so 10rig as any of the bonds herein authorized, are,
outstanding. '
Section 13, For the purpose of further safeguarding the interests
of the holders of _the bonds, it is speCifically provided as follOWS;
(a) All construction contracts shall be let to responsible contrac-
tors who shall be required to furnish construction bonds running to the
Town of Carmel, in an amountsequal to one hundred per cent (100%) of the
amount of such contracts, to insure the completion of such contracts in
accordance with their terms, and such contr",ctors shall be required to
9a~ry suph-employer's liability and P,UbliC liability insurance as are re-
'-quired under the laws of the State of Indiana in the case of public con-
tracts.
-,(b) The extensions, additions and improvements shall be contracted
for and constructed to the approval of Clyde E. Williams' and Associates,
consul ting erigineers of South Bend and Indianapolis, Indiana, now employ-
edby, the. Town, or such other consulting engineers as may hereafter be
eniployedby the Town with the approval of the purshaser of the bonds. All
estimates for work done and material furnished shall first be checked by
the-consultirig engineers before being approved by the Town.
e ' . (c) The Town shall, at all times, maintain said waterworks in good
condition and operate the same in an effie-ient ma,nner and at a reasonable
. cost. _ '.
'(d)'$o long as any of the bonds herein authorized are outstanding,
the Town shall maintain insurance on the insurable parts of the waterworks
~,.of"a -kind,a~ ~n an amount such as is usually carried by private companies
___, engllged in: a' similar type of business. All insurance shall be placed Illi th
i responsible insurance companies qualified to do business in: the State of
'! i Indiana, and any insurance proceeds collected shall be used in replacing
the property destroyed or damaged.
(e) So long as any of the ponds herein authorized are outstanding,
the Town.:shall not mortgage, pledge or otherwise encumber its waterworks
,or any part thereof, and Shall not sell, lease or otherwise dispose of any
portion thereof except such equipment which may become worn out or obsolete,'
and shall be replaced; nor shall the Town execute or issue any additiona~
bonds or other obligations pledging any portion of the revenues of said
waterworks unless the same be made subordinate and junior in all respects
to the bonds herein authorized.
(f) The provisions of this ordinance shall be construed to create a
trust in the proceeds derived from the sale of the bonds herein authorized,
for the uses and purposes herej),n directed to' be set apurt and paid into
the Bond, and Interest Redemption Account for the uses and purpose of said
account as in this ordinance set forth. \ \f!},(-
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~, (13' The p~';J.-sions of this ordinance shall constitute;"")~ntract, by and
between the ToV\ .,'of Carmel and the holders of the bonds her,_ .n authorized.;
all of~the terms of which shall be enforceable in law or' in equity, and after
the issuance of the bonds this ordinance shall not be repealed or amended in .
any respect which will adversely affect the ri~hts and interests of the hol-
ders of said bonds, nor shall the BOard of Trustees of the Town adopt any
law, ordinance or resolution in any way adversely affecting the rights of
such holders so long as any of the bonds or the interest thereon remain un-
paid. The holders of the bonds shall have all of the rights, remedies and
privileges, either expressly set forth in'the provisions of Chapter 155 of
the Acts of the Indiana General Assembly for the year 1929, and all acts
amendatory thereof and supplemental thereto, or implied therein, includins>:
the right to compel the collection of sufficient rates and charges to pro'::
vide for the p:aymeht of the bonds issued hereunder and interest thereon.
Section 14. All ordinances and parts of ordinances in conflict here-
with are hereby repealed.
Section 15. This ordinance shall be in full force and effect from
and after its passage.
Passed and adopted by the Board of Trustees of the Town of Carmel on
the 5th day of April ,1955.
Attest:
"
Frank Applep;ate
James W. Thornberry
Herbert F. Zinsmeister
Ollie M. Buckles
Earl K. Hinshaw
Board of Trustees
.
Roy C.Richardson
Clerk -Treasurer
ORDINANCE NO. It-2 "Exhibit 2"
An Ordinance establishing rates and
charges for the use of and services
rendered by the waterworks system of
the Town of Carmel.
WHEREAS, The BOard of Trustees of the Town of Carmel has authorized
the making of extensions and ,additions to the existingwaterwarks system
of said Town for the purpose of providing adequate water supply of de-
sirable quality to the inhabitants of the Town and properly protecting
the health, well-being and property of said Town and its inhabitants; and
, WHEREAS, in order to procure the necessary funds to pay the cost of
c,ontruction and installation of said extensions and additions it is neces-
sary for the Town to issue and sell waterworks revenue bonds payable sole-
l}' ,Orlt, pf !therevenues of said water1irorks system, which revenues under the
existing schedule of rates and charges are insufficient to enable the Town
to finance the needed extensions and additions; and
WHE;REAS, the BOard of Trustees now finds that the existing rates and
charges for the use of and service rene13red by the waterworks of said Town
are too low and are insufficient to enable, the Town to properly operate
its ,waterworks plant, provide for depreciation, and finance said extensions
and additions; that the propsed extensions and additions will improve the
service rendered by said waterworks system and make the same of greater
c value t'?" the :rown and its inhabitants, and that the existing rates and
charges should be increased; new therefore, .
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF CARJlJEL, INDIANA:
. Sac"tipn 1. That there shall be and there are hereby established for the
use of and 'the service rendered by the waterworks system of the Town of
Carmel, the ,'following rates and charges, based on the use of water supplies
r.:J", SIJ.t.C!: !lat~r'i()rks' system.
METERED RATES
",
CONSUMPTION PER MONTH
RATE PER 1000
, "INSIDE
CORPORATE
LIMITS
GALLONS
OUTSIDE
CORPORATE
LIMITS
First 2,500 gallons (Minimum)
First 5,000 gallons
Next 10,00b gallons
Next 10iOOO gallons
Next 25',000 gallons
Next 50,000 p;allons
Allover Ibb;OOO g,allons
, ,-
$0.76 ($1.90)
0.75
0.70
0.60, '
0.50
0.30
0.25
$1.14 ($2.85'
1.10
1.05
0.90
,0.75
0.45
0.375
\'~,
Ther-~ount t~ be paid by the Town of Carmel for1' ;ehYdrant
rental shall be Sixty Dollars ($60.00) per hydr~nt per year.
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All bills shall be due and payable 15 days following the
date of billing.(; Bills unpaid after 15 days from date of
billing shall include a collection charge of 10% on the first
$3.00 of the unpaid billing and 3% on the balance of.unpaid
billing in excess of $3.00.
Water furnished to. temporary users, such as contractors,
circuses, etc., shall be charged on the basis of the above
gallona.ge rates as estimated by the Waterworks Superintendent.
Section 2. All ordinances and parts of ordinances in conflict here-
with are hereby repealed; provided, however, thRt the existing schedule
of water rates and charges sh811 remain in full force and effect until
the schedule of rates and charges fixed by this ordinance shall be ap-
proved by the Indiana Public Service Commission, and until such time as
the order of said Commission approving said new rates and charges shall
direct.
Section 3. This ordinance shall be in full force and effect from and
after its passa.ge; provided, however, that the schedule of rates and
'charges.herein,set out shall not become effective unless approved by the
Indiana Eublic Service Commission' or until such time as sais Commission
. " ,. . ", .
shall. direct. .
Passed and ad~Ptedby the BOard or Trustees of the Town of Carmel
on the 5th day of April, 1955. '
Attest:
Frank APplep;ate
James W. Thornberry
Herbert F. Zinsmeister
Ollie M. Buckles
Earl K. Hinshaw
Board of Trustees
Roy d. Richardson
Clerk-Tr-easurer
AFFIDAVIT OF CLERK-TREASURER
STATE. OF INDIANA ) ,
-~1 ) S5:
I COUNTY OF HAlI.iILTON )
Roy C. Richardson, beio€: first duly sworn,: upon his oath deposes
and says:
That, he is the duly appointed, qualified and acting Clerk-Treasurer
of the Town of Carmel, in .Hamilton County, Indiana.
Affiant further says that.the copy of the ordinance entitled "An
Ordinanceconcernirig theconsyruction of extensions, additions and im-
,I1rDvel)1ents'to the municipal waterworks of the Town of Carmel, authoriz-
ing the issuance of revenue bonds to provide for the cost thereof, and
matters connected therewith", and the ordinance entitled""An Ordinance
esta.bJ."ishing ra.tes and charges for the use of and services rendered by
the vlatervlorks system of the Town of Carmel", attached to this affida.vit
and made a part of the petition of the Town of Carmel to the PubliC
Servlce Commission of Indiana, are full, true and correct copies of said
ordinances as passed and adopted by the Board of Trustees of the Town of
Carm.el, ahd that said ordinances are now of rec ord in the office of the
affial).t.
c
~oyC. Richardson
'SUbSC~4bQd and sworn to before me this 5th day of April, 1955.
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i My commission expires:
I April 15,1958
Philip R. CDrrell
Notary Public
AFFICAVIT OF lI~ERS OF BOARD OF TRUSTEES
STATE OF INDIANA )
) S8:,.'
eOUNT~ GF HAMILTON )
. Ollie M. Buckles, James \.,. Thornberry, Earl K . Hinshaw , Frank
APplegate. and Herbert F. Zinsmeister, each being first, duly sworn,
upon oath depose and say: .
That they are the duly elected or appointed, qualified and -act-
ing members of the Board of Trustees of the T ovm. of Carmel, in Hamil-
ton County, Indiana..
. J,....o';.~._, -
of the facts, statemel'i a~d allega'-~'
true to the best of their knowledge "
Frank APplep:ate
James W. Thornberry
Herbert F. Zinsmeister
Ollie M. Buckles
Earl, K. Hinshaw
.. Board of Trustees
'day of Apdl, 1955.
1~
I'J" ,
AffiaU "rther say that all
tions set out'n eaid"~,,t,b:ti..on ,are
and o'elief.
,
Subscribed 'and sworn to before me this 5th
My commission expires:
April 15th; 1958
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...:;-
Philip R.Correll
Noilary Public'
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