09/24/01 Board of Public Works Minutes

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r,, REGULAR MEETING SEPTEMBER 24 2001 WHEREAS, the 1993 Bonds maturing on or after December 1, 2002 are redeemable prior to maturity at the option of the City on or after December 1, 2001, and the City has the power and is authorized by I.C. 5-1-6 to refinance the 1993 Bonds by the issuance of refunding bonds. WHEREAS, the Board of Public Works of the City (the "Board") deems it advisable for the City to issue current refunding bonds to refund the 1993 Bonds, and desires to recommend to the Common Council the issuance of current refunding bonds, in an original amount not to exceed Six Million Three Hundred Thousand Dollars ($6,300,000) (the "2001 Bonds"), for the purpose of providing together with certain other funds on hand relating to the 1993 Bonds, for the payment of (i) the principal amount of the 1993 Bonds, (ii) the interest payable on the 1993 Bonds, (iii) the costs of refunding the 1993 Bonds, and (iv) the costs of issuing the 2001 Bonds (the "Refunding"). WHEREAS, the Board finds, based upon information provided to the City by its financial advisors and by Banc One Capital Markets, Inc., that the Refunding will provide a savings to the City. WHEREAS, the Board has reviewed the form of a bond ordinance to be adopted by the Common Council authorizing the City to issue and sell the 2001 Bonds for the purpose of financing the Refunding (the "2001 Bond Ordinance"), a copy of which is attached hereto as Exhibit A, and the Board has found the 2001 Bond Ordinance to be satisfactory. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. The Board hereby approves the Refunding and the issuance of the City of South Bend, Indiana Sewage Works Refunding Revenue Bonds of 2001, in an original amount not to exceed Six Million Three Hundred Thousand Dollars ($6,300,000), for the purpose of providing, together with certain other funds on hand relating to the 1993 Bonds, for the Refunding. Section 2. The Board hereby approves the substantially final form of the 2001 Bond Ordinance presented to this meeting and recommends to the Common Council the adoption of such 2001 Bond Ordinance which sets forth the terms and conditions of the 2001 Bonds to be issued thereunder. Section 3. The Board hereby ratifies the actions taken to file the 2001 Bond Ordinance with the Clerk of the City ("City Clerk") for presentation to the Common Council, and the Clerk of the Board is hereby directed to present a copy of this Resolution to the City Clerk for presentation to the Common Council for its consideration, as soon as may be done, thereby requesting the issuance of the 2001 Bonds. Section 4. This Resolution shall be in full force and effect from and after its adoption by the Board. Adopted at a meeting of the Board of Public Works of the City of South Bend, Indiana, on this 19th day of September, 2001. BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA s/Gary A. Gilot, President ATTEST: s/Donald E. Inks, Member s/Angela Jacob, Clerk ADOPT RESOLUTION NO. 57-2001 - RESOLUTION OF THE BOARD OF PUBLIC WORKS RESCINDING NEW ENERGY INC.'S OPERATING PERMIT EFFECTIVE SEPTEMBER 10 2001 AND REINSTATING IN FULL FORCE AND EFFECT NEW ENERGY INC.' S PREVIOUS OPERATING PERMIT FOR A PERIOD OF THIRTY-EIGHT (38) DAYS Upon a motion made by Mr. Gilot, seconded by Mr. Inks and carried, the following Resolution was