PIERCETON - SEWAGE WORKS
July 28, 2016 at 4:25 p.m.
By -
Notice is hereby given that the Town Council of the Town of Pierceton, Indiana, on February 9, 2015, adopted Ordinance No. 2015-1-1 entitled "An Ordinance Authorizing the Issuance and Sale of Sewage Works Revenue Bonds in One or More Series to Provide Funds for the Current Refunding of Certain Improvements to the Municipal Sewage Works of the Town and the Collection, Segregation and Distribution of the Revenues of Such Sewage Works and Other Related Matters."
The Ordinance authorizes the Town of Pierceton to acquire and construct improvements and repairs to the sewage works of the Town consisting of cured in place pipe, active service lateral reinstatement point repairs, interior manhole sealing and related repairs and improvements (collectively, the "Project").
The Ordinance further authorizes the current refunding of the Town’s Tax Increment and Sewage Works Revenue and Refunding Revenue Bonds of 2004 currently outstanding in the aggregate principal amount of Nine Hundred Ninety Thousand and 00/100 Dollars ($990,000.00) ("Prior Bonds") (the "Refunding").
The Ordinance further authorizes the issuance of sewage works revenue bonds in an aggregate principal amount not to exceed Three Million Five Hundred Five Thousand and 00/100 Dollars ($3,505,000.00) (the "Bonds"). The proceeds of the Bonds are to be applied to the cost of the Refunding and the Project and related expenses.
The Ordinance provides that the Bonds shall be special revenue obligations of the Town payable on a parity with the Prior Bonds, if not refunded, from and secured by an irrevocable pledge of and constituting a first charge upon all of the net revenues derived from the Town's sewage works. The interest and principal on the Bonds are also payable from the Tax Increment (as defined in the Ordinance) which has been irrevocably pledged by the Commission to the payment of the interest on and principal of the Bonds. Such Bonds shall not constitute an indebtedness of the Town within the meaning of the provisions and limitations of the constitution of the State of Indiana.
The Ordinance sets forth provisions governing the Bonds including, without limitation, the maturity schedule of the Bonds, redemption rights, transfer and exchange privileges, provisions concerning the sale of the Bonds, the collection, segregation and distribution of the revenues of the sewage works, defeasance provisions, provisions concerning the issuance of additional bonds, and covenants of the Town relating to the Bonds.
Forty (40) or more owners of property connected or to be connected to and served by the Town's sewage works may file a written petition objecting to the construction and acquisition of the Project in the manner and within the time provided by law.
TOWN OF PIERCETON, INDIANA
By: Pierceton Clerk-Treasurer
2-13 hspaxlp
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Notice is hereby given that the Town Council of the Town of Pierceton, Indiana, on February 9, 2015, adopted Ordinance No. 2015-1-1 entitled "An Ordinance Authorizing the Issuance and Sale of Sewage Works Revenue Bonds in One or More Series to Provide Funds for the Current Refunding of Certain Improvements to the Municipal Sewage Works of the Town and the Collection, Segregation and Distribution of the Revenues of Such Sewage Works and Other Related Matters."
The Ordinance authorizes the Town of Pierceton to acquire and construct improvements and repairs to the sewage works of the Town consisting of cured in place pipe, active service lateral reinstatement point repairs, interior manhole sealing and related repairs and improvements (collectively, the "Project").
The Ordinance further authorizes the current refunding of the Town’s Tax Increment and Sewage Works Revenue and Refunding Revenue Bonds of 2004 currently outstanding in the aggregate principal amount of Nine Hundred Ninety Thousand and 00/100 Dollars ($990,000.00) ("Prior Bonds") (the "Refunding").
The Ordinance further authorizes the issuance of sewage works revenue bonds in an aggregate principal amount not to exceed Three Million Five Hundred Five Thousand and 00/100 Dollars ($3,505,000.00) (the "Bonds"). The proceeds of the Bonds are to be applied to the cost of the Refunding and the Project and related expenses.
The Ordinance provides that the Bonds shall be special revenue obligations of the Town payable on a parity with the Prior Bonds, if not refunded, from and secured by an irrevocable pledge of and constituting a first charge upon all of the net revenues derived from the Town's sewage works. The interest and principal on the Bonds are also payable from the Tax Increment (as defined in the Ordinance) which has been irrevocably pledged by the Commission to the payment of the interest on and principal of the Bonds. Such Bonds shall not constitute an indebtedness of the Town within the meaning of the provisions and limitations of the constitution of the State of Indiana.
The Ordinance sets forth provisions governing the Bonds including, without limitation, the maturity schedule of the Bonds, redemption rights, transfer and exchange privileges, provisions concerning the sale of the Bonds, the collection, segregation and distribution of the revenues of the sewage works, defeasance provisions, provisions concerning the issuance of additional bonds, and covenants of the Town relating to the Bonds.
Forty (40) or more owners of property connected or to be connected to and served by the Town's sewage works may file a written petition objecting to the construction and acquisition of the Project in the manner and within the time provided by law.
TOWN OF PIERCETON, INDIANA
By: Pierceton Clerk-Treasurer
2-13 hspaxlp
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