67-16 Waterworks Bond Refunding - Laserfiche WebLink

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The City desires to authorize the issuance of a bond anticipation note or notes hereunder, if necessary, payable from the proceeds of the revenue bonds authorized herein (the `BANS "), and to authorize the refunding of said BANs, if issued. The Council now finds that all conditions precedent to the adoption of an ordinance authorizing the issuance of revenue bonds and BANs have been complied with in accordance with the applicable provisions of the Act. NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION 1. Refunding the 2002 Bonds and 2006 Bonds. The Council hereby determines, after being duly advised, that it is beneficial to currently refund the 2002 Bonds and 2006 Bonds (together, the "Refunded Bonds ") to enable the City to obtain a reduction in interest payments and effect a savings to the City. The City may proceed with the current refunding of the Refunded Bonds the costs of which are not expected to exceed $3,720,000, without further authorization from the Council. The terms "works" and "utility" and other like terms where used in this Ordinance shall be construed to mean and include all structures and property of the City's waterworks utility. The Project has been constructed in accordance with the plans and specifications heretofore mentioned, which plans and specifications have previously been approved. All or a portion of the cost of the Refunding will be paid with the proceeds of the 2016 Bonds to be issued pursuant to the provisions of this Ordinance and the Act. The City may also use other legally available funds on hand to pay for the remainder of the cost of the Refunding the Refunded Bonds. SECTION 2. Authorization of Obligations. The City shall issue its "Waterworks Refunding Revenue Bonds of 2016" or such other designation as the Executive (as defined below) or the Fiscal Officer (as defined below) shall determine at the time of issuance of any series of bonds (the "2016 Bonds "), in one or more series (as designated by the City, a "Series "), in an original principal amount not to exceed Three Million Seven Hundred Twenty Thousand Dollars ($3,720,000) (the "Authorized Amount "), as negotiable, fully registered bonds, for the purpose of procuring funds to be applied to the costs of the Refunding, and all incidental expenses incurred in connection therewith (all of which are deemed to be a part of the Refunding), and the costs of selling and issuing the 2016 Bonds and funding a debt service reserve 'as described herein. The City reasonably expects to reimburse expenditures for the Refunding with the proceeds of the 2016 Bonds and this constitutes a declaration of official intent to reimburse expenditures under Treas. Reg. 1.150 -2(e) and Indiana Code 5- 1- 14 -6(c). The 2016 Bonds shall rank on parity for all purposes with the Prior Bonds. The 2016 Bonds shall be issued in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, or if issued as a private placement in denominations of $100,000 with integral multiples of $1,000 thereafter, numbered consecutively from 1 upward, and dated the date of delivery. The 2016 Bonds shall bear interest at a rate or rates not exceeding four percent (4 %) per annum, and interest shall be payable semiannually on January 1 and July 1 in each year, beginning not earlier than July 1, 2017, with the beginning date of interest payments being finally determined by the Mayor as the executive of the City (the "Executive ") and the Controller as the fiscal officer of the City (the "Fiscal Officer "), with the advice of the City's