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120ON COUNTY -CITY BUILDING <br />227 W. JEFFERSON BLVD. <br />SOUTH BEND, INDIANA 46601-1830 <br />S6u'fit <br />W PYACP ' � <br />M x , <br />IB65 , <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />OCT 1 � 2p16 <br />KAREEMAI-I FOWLER <br />YCLERK, SOUTH BEND, IN <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />October 19, 2016 <br />Mr. Tim Scott <br />President, South Bend Common Council <br />46' Floor, County -City Building <br />South Bend, IN 46601 <br />Re: 2016 Waterworks Bond Refunding <br />Dear President Scott: <br />Attached please find an ordinance authorizing the refunding of outstanding Waterworks Revenue <br />Bonds of 2000 and Waterworks Revenue Bonds of 2006. The principle amount outstanding on the <br />bonds is currently $3,788,431. It is anticipated that the refunding will reduce the interest rates paid <br />on the bonds and will result in annual debt service savings to the Water Utility of approximately <br />$35,000 per year or a net present value savings of approximately $250,000 over the remaining life <br />of the bonds. <br />Bond Counsel Phil Faccenda and I will present this bill.to the Common Council at the appropriate <br />committee and council meetings. It is requested that this bill be filed for I51 reading on October 24, <br />2016 and 2nd reading, public hearing and 3`d reading scheduled for November 14, 2016, <br />If you have any f4r(her questions or need additional information, please let me know. <br />Thank you for your consideration. <br />Sincerely, <br />Jo H. Murphy <br />City Controller, <br />