Concerning the Current Refunding of Outstanding Waterworks Revenue Bonds of 2000 and 2006,; Authorizing the Issuance of Revenue Bonds for such Purpose in the Principal Amount not to Exceed Three Million Seven Hudnred Twenty Thousand ($3,720,000)

Home Browse Search

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