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RESOLUTION NO.53-2016 <br />A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY <br />OF SOUTH BEND, INDIANA, RECOMMENDING THE REFUNDING OF <br />THE CITY'S OUTSTANDING WATERWORKS REVENUE BONDS OF <br />2000 AND WATERWORKS REVENUE BONDS OF 2006, THE ISSUANCE <br />AND SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE <br />PAYMENT THEREOF, AND OTHER MATTERS IN RESPECT <br />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 I.C. 8- <br />1.5, as amended, and other applicable laws (together, the "Act"). <br />WHEREAS, the Board has determined and desires to recommend to the Common <br />Council of the City (the "Common Council") that it is beneficial to refund the City's outstanding <br />Waterworks Revenue Bonds of 2000 (the "2000 Bonds") and the City's outstanding Waterworks <br />Revenue Bonds of 2006 (the "2006 Bonds"), as more particularly described herein, to obtain a <br />reduction in interest payments and effect a savings to the City (collectively, the "Refunding"). <br />WHEREAS, the Board has determined, based on estimates of the costs of the Refunding <br />provided to the Board by the Waterworks and the City's financial advisor, H.J. Umbaugh & <br />Associates (the "Financial Advisor"), that the costs of the Refunding, including the costs of the <br />issuance of bonds on account of the financing of all or a portion thereof, will be in the estimated <br />amount not to exceed Three Million Seven Hundred Twenty Thousand Dollars ($3,720,000). <br />WHEREAS, the Board has determined that to provide funds necessary to pay for the <br />costs of the Refunding, it will be necessary for the City to issue Waterworks revenue bonds in a <br />principal amount not to exceed Three Million Seven Hundred Twenty Thousand Dollars <br />($3,720,000). <br />WHEREAS, the City has previously issued bonds (the "Prior Bonds") payable from the <br />net revenues of the Waterworks, all as described in the form of the 2016 Bond Ordinance (as <br />defined below), pursuant to the Prior Ordinances (as defined in the 2016 Bond Ordinance). <br />WHEREAS, the Board deems it advisable and recommends to the Common Council that <br />the City issue revenue bonds payable from the revenues of the Waterworks in an original <br />principal amount not to exceed Three Million Seven Hundred Twenty Thousand Dollars <br />($3,720,000) (the "2016 Bonds"), for the purpose of providing for the payment of (i) the <br />Refunding, and (ii) the costs of issuing such 2016 Bonds. <br />WHEREAS, the Prior Ordinances permit the issuance of additional bonds payable from <br />the revenues of the Waterworks and ranking on a parity with the Prior Bonds for the purpose of <br />financing the complete or partial refunding of any of the Prior Bonds, including the 2000 Bonds <br />and 2006 Bonds, provided certain conditions can be met, and the Board has determined, based <br />upon information provided to the Board by the Financial Advisor, that the finances of the <br />