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REGULAR MEETING NOVEMBER 8, 2016 354 <br />ADOPTED at a meeting of the Board of Public Works of the City of South Bend, <br />Indiana, held on November 8, 2016, at 1308 County -City Building, 227 West Jefferson <br />Boulevard, South Bend, Indiana 46601. <br />CITY OF SOUTH BEND <br />BOARD OF PUBLIC WORKS <br />s/ Gary A. Gilot <br />sl Suzanna M. Fritzberg <br />sl Elizabeth A. Maradik <br />s/ Therese J..Doran <br />ATTEST: <br />s/Linda M. Martin, Clerk <br />ADOPT RESOLUTION NO. 53-2016 — A RESOLUTION OF THE BOARD OF PUBLIC <br />WORKS OF THE CITY QF SOUTH BEND INDIANA, RECOMMENDING THE <br />REFUNDING OF THE CITY'S OUTSTANDING WATERWORKS REVENUE BONDS OF <br />2000 AND WATERWORKS REVENUE BONDS —OF2006, THE ISSUANCE AND SALE OF <br />REVENUE BONES IO PROVIDE FUNDS FOR THE PAYMENT THEREOF, AND OTHER <br />MATTERS IN RESPECT THERETO <br />Upon a motion made by Ms. Maradik, seconded by Ms. Doran and carried, the following <br />Resolution was adopted by the Board of Public Works: <br />RESOLUTION NO. 53-2016 <br />A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY <br />OF SOUTH BEND, INDIANA, RECOMMENDING THE REFUNDING OF <br />THE CITY'S OUTSTANDING WATERWORKS REVENUE BONDS OF <br />2000 AND WATERWORKS REVENUE BONDS OF 2006, THE ISSUANCE <br />AND SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE <br />PAYMENT THEREOF, AND OTHER MATTERS IN RESPECT — <br />THERETO <br />WHEREAS, the City of South Bend, Indiana (the "City") has heretofore established, <br />constructed and financed a municipal waterworks (the "Waterworks") and now owns and <br />operates said works, by and through its Board of Public Works (the `Board."), pursuant to I.C. 8- <br />1.5, as amended, and other applicable laws (together, the "Act"). <br />WHEREAS, the Board has determined and desires to recommend to the Common <br />Council of the City (the "Common Council") that it is beneficial to refund the City's outstanding <br />Waterworks Revenue Bonds of 2000 (the "2000 Bonds") and the City's outstanding Waterworks <br />Revenue Bonds of 2006 (the "2006 Bonds"), as more particularly described herein, to obtain a <br />reduction in interest payments and effect a savings to the City (collectively, the "Refunding"). <br />WHEREAS, the Board has determined, based on estimates of the costs of the Refunding <br />Provided to the Board by the Waterworks and the City's financial advisor, H.J. Umbaugh & <br />Associates (the "Financial Advisor"), that the costs of the Refunding, including the costs of the <br />issuance of bonds on account of the financing of all or a portion thereof, will be in the estimated <br />amount not to exceed Three Million Seven Hundred Twenty Thousand Dollars ($3,720,000). <br />WHEREAS, the Board has determined that to provide funds necessary to pay for the <br />costs of the Refunding, it will be necessary for the City to issue Waterworks revenue bonds in a <br />principal amount not to exceed Three Million Seven Hundred Twenty Thousand Dollars — <br />($3,720,000). <br />WIIEREAS, the City has previously issued bonds (the "Prior Bonds") payable from the <br />net revenues of the Waterworks, all as described in the form of the 2016 Bond Ordinance (as <br />defined below), pursuant to the Prior Ordinances (as defined in the 2016 Bond Ordinance). <br />WHEREAS, the Board deems it advisable and recommends to the Common Council that <br />the City issue revenue bonds payable from the revenues of the Waterworks in an original <br />principal amount not to exceed Three Million Seven Hundred Twenty Thousand Dollars <br />