67-16 Waterworks Bond Refunding - Laserfiche WebLink

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ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONCERNING THE CURRENT REFUNDING OF OUTSTANDING WATERWORKS REVENUE BONDS OF 2000 AND 2006, EACH ISSUED TO FINANCE CONSTRUCTION OF IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA; AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR SUCH PURPOSE IN THE PRINCIPAL AMOUNT NOT TO EXCEED THREE MILLION SEVEN HUNDRED TWENTY THOUSAND ($3,720,000); ADDRESSING OTHER MATTERS CONNECTED THEREWITH, INCLUDING THE ISSUANCE OF NOTES IN ANTICIPATION OF BONDS; AND REPEALING ORDINANCES INCONSISTENT HEREWITH STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "City ") has heretofore established, constructed and financed a municipal waterworks and now owns and operates said works pursuant to I.C. 8 -1.5, as amended, and other applicable laws (together, the "Act "). The City's Municipal Waterworks Utility is subject to the authority and regulation of the Indiana Utility Regulatory Commission ( "IURC ") and has not withdrawn from the IURC's authority and regulation. The Common Council of the City (the "Council ") previously found in its Ordinance No. 9095 -00 adopted by the Council on February 28, 2000 (the "2000 Ordinance ") and in its Ordinance No. 9603 -05 adopted by the Council on July 25, 2005 (the "2005 Ordinance "), that certain improvements to said works were necessary; and that plans, specifications and estimates had been prepared and filed by the engineers employed by the City for the acquisition and construction of said improvements (as described more fully on the respective Exhibit A to both the 2000 Ordinance and 2005 Ordinance) (collectively, the "Project"), which plans and specifications or other pertinent information were in a timely fashion submitted to all government authorities having jurisdiction thereover, particularly the Indiana Department of Environmental Management ( "IDEM "), and were approved by the aforesaid government authorities. Pursuant to the 2002 Ordinance, the City issued its "Waterworks Revenue Bonds of 2000" dated June 12, 2000 (the "2000 Bonds ") originally issued in the amount of $2,600,000, now outstanding in the amount of $698,431, with a final maturity of January 1, 2020. Pursuant to the 2005 Ordinance, the City issued its "Waterworks Revenue Bonds of 2006" dated June 1, 2006 (the "2006 Bonds ") originally issued in the amount of $4,710,000, now outstanding in the amount of $3,090,000, with a final maturity of January 1, 2027.