(A) The sum of $125,000 is hereby appropriated for construction of the east side interceptor sewer as proposed in the City Master Plan on file in the office of the Clerk-Treasurer. To finance the appropriation, indebtedness shall be incurred by the issuance of revenue bonds in the amount of $125,000 pursuant to the provisions of I.C. 36-7-12 et seq. and all acts amendatory and supplemental thereto. The bonds will be issued in denominations of $1,000 each and serially numbered from one to 125 inclusive, and shall bear interest coupons at the rate of 6% per annum payable quarterly. The bonds shall be issued as of 7-1-1978, and shall mature not later than 12-31-1991; and, at the option of the city, shall be redeemable, in whole or in part, on any interest payment date in their inverse numerical order, at face value, without premium, and upon notice to the holder thereof of not less than 30 days.
(1985 Code, § 6-3-11)
(B) Bonds issued pursuant to division (A) above shall not constitute an indebtedness of the city within the meaning and provisions of the State Constitution, and the city shall not be obligated to pay the bonds, or the interest thereon, except from the special fund provided from the new revenues of the system. There is hereby established a sinking fund to which the net revenues of the system are applied, the net revenues being defined as gross revenues after deduction only for the payment of reasonable expenses of operation, maintenance, and repair of the system, and the city irrevocably pledges the entire net revenues of the system to the payment of the principal and interest of the bonds authorized in division (A) above.
(1985 Code, § 6-3-12)
(Ord. 6-1978, passed 5-31-1978)