9972-09 Amending ordinance 9672-06 entitled Authorizing the acquistions and installation of certain improvements

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ORDINANCE NO. ~ ~ 2= ~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, FURTHER AMENDING ORDINANCE N0.9672-06 ENTITLED "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ACQUISITION AND INSTALLATION OF CERTAIN IMPROVEMENTS TO THE CITY'S SEWAGE WORKS, THE ISSUANCE AND SALE OF ADDITIONAL REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF, AND THE COLLECTION, SEGREGATION AND DISTRICT OF THE REVENUES OF SUCH SEWAGE WORKS AND OTHER RELATED MATTERS" The Common Council (the "Common Council") of the City of South Bend, Indiana (the "City"), has previously adopted Ordinance No. 9672-06 on April 10, 2006 (the "Original Ordinance"), authorizing the issuance of multiple series of sewage works revenue bonds by the City in an aggregate principal amount not to exceed Fifty-six Million Three Hundred Eighty Thousand and 00/100 Dollars ($56,380,000.00), which Original Ordinance was amended by the Common Council with the adoption of Ordinance No. 9767-07 on June 25, 2007 (the "Amending Ordinance" and with the Original Ordinance, the "Bond Ordinance"). The City has previously issued pursuant to the Bond Ordinance its (i) Sewage Works Revenue Bonds of 2006 on June 6, 2006, in the aggregate principal amount of Seven Million Six Hundred Thirty Thousand and 00/100 Dollars ($7,630,000.00); (ii) Sewage Works Revenue Bonds of 2007 on June 20, 2007, in the aggregate principal amount of Sixteen Million Six Hundred Thousand and 00/100 Dollars ($16,600,000.00); and (iii) Sewage Works Revenue Bonds of 2007 B on December 27, 2007, in the aggregate principal amount of Sixteen Million Five Hundred Fifteen Thousand and 001100 Dollars ($16,515,000.00). The City expects to sell one (1) additional series of sewage works revenue bonds pursuant to the Bond Ordinance in an aggregate principal amount not to exceed Fifteen Million Six Hundred Thirty-five Thousand and 00/100 Dollars ($15,635,000.00). In order to provide for an alternative sale method to achieve greater interest savings on such series of bonds, the Common Council desires to amend the Bond Ordinance to include certain additional provisions to authorize the sale of such series of sewage works revenue bonds to the Indiana Bond Bank (the "Bond Bank"), pursuant to the provisions of Indiana Code 5-1.5, or the Indiana Finance Authority (the "Authority"), pursuant to the provisions of Indiana Code 4-4-11 and Indiana Code 13-18-13. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: BDDB01 5863495v1