(A) There is hereby created a fund known as the I-69 Bond Replacement Allocation Fund. All loan proceeds, tax allocation revenues, and net revenues (as defined herein) shall be deposited in the I-69 Bond Replacement Allocation Fund hereby created. From these revenues, the proper and reasonable expenditures for the local public improvements contemplated herein as provided by law shall be paid. It is acknowledged, however, that repayment of amounts due Huntington County as a result of adjustments relating to incremental tax revenues from the area constitutes a priority and senior repayment obligation of the Commission to be repaid from allowable sources. Should the town advance funds to repay Huntington County from a fund other than the I-69 Bond Replacement Allocation Fund, it is intended that the town be repaid any such advance within five years at 4% interest from the I-69 Bond Replacement Allocation fund as an obligation of the Redevelopment Commission which is junior to all other obligations to be paid from the said Fund.
(B) "Net Revenues" (defined as revenues of the water utility after payment of operating and maintenance expenses and debt service on outstanding revenue bonds of the water utility), as used herein, shall mean net revenues of the water utility generated from connection fees and/or surcharge fees in the Warren Economic Development Area Phase I ("Area") as an economic development area established by the Town Development Commission ("Commission") in Resolution No. WRC-2-1994 adopted on December 29, 1994, which are not needed to service senior obligations of the water utility; tax revenues distributed to the town from the Commission generated from the allocation area established by the Commission in said Resolution No. WRC-2-1994 ("Allocation Area"); and other revenues specifically dedicated to the project.
(C) The town reserves the right to authorize and issue bonds and obligations payable from net revenues from the water utility on parity with outstanding bonds and prior to repayment of the obligations provided for by this subchapter for the purpose of raising funds for future local public improvements without the consent of the electric utility.
(Ord. 1997-21, passed 12-22-97)