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REGULAR MEETING JUNE 13, 2005
<br />no longer needed by the City and is, unfit for the. purpose for which it was intended and
<br />has an estimated fair market value of less than Five Hundred Dollars ($500.00).
<br />BE IT FURTHER RESOLVED that said property be disposed of and removed
<br />from the City inventory.
<br />ADOPTED this 131h day of June 2005.
<br />BOARD OF PUBLIC WORKS
<br />s/Gary A. Gilot, President
<br />s/Carl P. Littrell, Member
<br />s/Donald E. Inks, Member
<br />ATTEST:
<br />s/Angela K. Jacob, Clerk
<br />ADOPT RESOLUTION NO. 45-2005
<br />Upon a motion made by Mr. Gilot, seconded by Mr. Inks and carried, the following
<br />Resolution was adopted by the Board of Public Works:
<br />RESOLUTION NO. 45-2005
<br />A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF
<br />SOUTH BEND, INDIANA, RECOMMENDING CERTAIN UPGRADES,
<br />EXPANSIONS, ADDITIONS, REPLACEMENTS, EXTENSIONS AND
<br />IMPROVEMENTS FOR THE CITY'S WATERWORKS, THE ISSUANCE AND
<br />SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT
<br />THEREOF, AND OTHER MATTERS IN RESPECT THERETO
<br />WHEREAS, the City of South Bend, Indiana (the "City") has heretofore established,
<br />constructed and financed a municipal waterworks (the "Waterworks") and now owns and
<br />operates said works, by and through its Board of Public Works (the "Board"), pursuant to
<br />I.C. 8-1.5, as amended, and other applicable laws.
<br />WHEREAS, the Board has determined and desires to recommend to the Common
<br />Council of the City (the "Common Council") that certain upgrades, expansions,
<br />additions, replacements, extensions and improvements to the Waterworks, as more
<br />particularly described on Exhibit A hereto (collectively, the "Project"), are necessary.
<br />WHEREAS, the Board has determined, based on the preliminary descriptions,
<br />specifications and estimates of the costs of the Project provided to the Board by the
<br />City's Department of Waterworks, that the costs of the Project, including the costs of the
<br />issuance of bonds on account of the financing of all or a portion thereof, will be in the
<br />estimated amount not to exceed Four Million Seven Hundred Ten Thousand Dollars
<br />($4,710,000).
<br />WHEREAS, the Board has determined that to provide funds necessary to pay for the
<br />costs of the Project, it will be necessary for the City to issue Waterworks revenue bonds
<br />in a principal amount not to exceed Four Million Seven Hundred Ten Thousand Dollars
<br />($4,710,000).
<br />WHEREAS, the City has previously issued and there are now outstanding bonds issued
<br />on account of the Waterworks and payable out of the revenues therefrom designated as
<br />the "Waterworks Revenue Bonds of 2002" dated June 1, 2002 (the "2002 Bonds")
<br />originally issued in the amount of $5,580,000 authorized by Ordinance No. 9247-01
<br />adopted by the Common Council on August 27, 2001 (the "2002 Ordinance"), now
<br />outstanding in the amount of $5,780,000.
<br />WHEREAS, the City has previously issued and there are now outstanding bonds issued
<br />on account of the Waterworks and payable out of the revenues therefrom designated as
<br />the "Waterworks Revenue Bonds of 2000" dated June 12, 2000 (the "2000 Bonds")
<br />originally issued in the amount of $2,600,000 authorized by Ordinance No. 9095-00
<br />adopted by the Common Council on February 28, 2000 (the "2000 Ordinance"), now
<br />outstanding in the amount of $2,254,014.
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