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The Council has determined, after being duly advised, (i) that the 2000 Bonds and the
<br />2006 Bonds should be currently refunded to obtain a reduction in interest payments and effect a
<br />savings to the City (the "Refunding "); (ii) that the Refunding of the 2000 Bonds and 2006 Bonds,
<br />together with accrued interest thereon and including all costs related to the Refunding, cannot be
<br />provided for out of funds of the waterworks now on hand, and (iii) that the Refunding should be
<br />accomplished by the issuance of waterworks revenue bonds of the City.
<br />The Council has determined, after being duly advised, that it is beneficial to currently
<br />refund the 2002 Bonds and 2006 Bonds to enable the City to obtain a reduction in interest
<br />payments and effect a savings to the City and hereby authorizes the same by issuance of the 2016
<br />Bonds (described herein) under the provisions of the Act.
<br />The Council finds that there are also now outstanding bonds issued on account of the
<br />works and payable out of the revenues therefrom designated as the "Waterworks Refunding
<br />Revenue Bonds of 201213" dated November 29, 2012 (the "2012B Bonds "), originally issued in
<br />the amount of $3,785,000 authorized by Ordinance No. 10190 -12 adopted by the Council on
<br />October 8, 2012 (the "2012B Ordinance "), now outstanding in the amount of $2,745,000.
<br />The Council finds that there are also now outstanding bonds issued on account of the
<br />works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds
<br />of 2012" dated June 21, 2012 (the "2012A Bonds "), originally issued in the amount of
<br />$8,300,000 authorized by Ordinance No. 10134 -11 adopted by the Council on November 28,
<br />2011 (the "2012A Ordinance "), now outstanding in the amount of $7,275,000.
<br />The Council finds that there are now outstanding bonds issued on account of the works
<br />and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br />2009, Series B" dated November 19, 2009 (the "200913 Bonds ") originally issued in the amount
<br />of $5,380,000 authorized by Ordinance No. 9937 -09 adopted by the Council on June 8, 2009 (the
<br />"2009 Ordinance ") (the 2012B Ordinance, 2012A Ordinance and 2009 Ordinance, collectively,
<br />the "Prior Ordinances "), now outstanding in the amount of $4,555,000.
<br />The Council finds that there are now outstanding bonds issued on account of the works
<br />and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br />2009, Series A" dated September 1, 2009 (the "2009A Bonds ") (the 2012B, 2012A Bonds, the
<br />2009B Bonds, and the 2009A Bonds, together, the "Prior Bonds ") originally issued in the amount
<br />of $429,000 authorized by the 2009 Ordinance, now outstanding in the amount of $352,795.
<br />The Prior Bonds constitute a first charge upon the Net Revenues (as hereinafter defined).
<br />The Prior Ordinances provide that the City may authorize and issue additional bonds
<br />payable out of the Net Revenues ranking on parity with the Parity Bonds (as hereinafter defined)
<br />for the purpose of financing the cost of future additions, extensions and improvements to the
<br />works, or to provide for a complete or partial refunding of bonds subject to the provisions of the
<br />Prior Ordinances. The conditions precedent to the issuance of additional parity bonds set forth in
<br />the Prior Ordinances, as described above, have been satisfied, subject to approval by the State of
<br />Indiana (the "State ").
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