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Waterworks will enable the City to ^meet the conditions for the issuance of additional parity <br />bonds and that, accordingly, the 2016 Bonds shall rank on a parity with the Prior Bonds. <br />WHEREAS, the Board has reviewed the .form of a bond ordinance to be adopted by the <br />Common Council authorizing the City to issue and sell the 2016 Bonds for the purpose of <br />financing the Refunding (the "2016 Bond Ordinance "), a copy of which is attached hereto as <br />Exhibit A., and the Board has found the 2016 Bond Ordinance to be satisfactory. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF <br />THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />Section 1. The Board hereby recommends to the Common Council that the Refunding be <br />undertaken by the City and the Waterworks. <br />Section 2. To provide funds necessary to pay for or reimburse the City for the costs of <br />the Refunding, together with expenses incidental thereto, including expenses in connection with <br />the issuance of the 2016 Bonds, the Board hereby approves and recommends to the Common <br />Council the issuance by the City of Waterworks Revenue Bonds in a principal amount not to <br />exceed Three Million Seven Hundred Twenty Thousand Dollars ($3,720,000). <br />Section 3. The Board hereby approves the substantially final form of the 2016 Bond <br />Ordinance presented to this meeting and recommends to the Common Council the adoption of <br />such 2016 Bond Ordinance which sets forth the terms and conditions of the 2016 Bonds to be <br />issued thereunder. <br />Section 4. The Board hereby ratifies the actions taken to file the 2016 Bond Ordinance <br />with the Clerk of the City ( "City Clerk ") for presentation to the Common Council, and the Clerk <br />of the Board is hereby directed to present a copy of this Resolution to the City Clerk for <br />presentation to the Common Council for its consideration, as soon as may be done, thereby <br />requesting the issuance of the 2016 Bonds. <br />Section 5. This Resolution shall be in full force and effect from and after its adoption by <br />the Board. <br />2 <br />