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

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Section 1. The section of the Bond Ordinance labeled Section III. The Bonds is hereby amended to read as follows: Section III. The Bonds. In accordance with the Act and for the purpose of providing funds with which to pay the costs of the Project, together with all authorized costs relating thereto including the costs of issuance of the Bonds, as hereinafter defined, on account thereof, the City shall issue and sell its sewage works revenue bonds in the aggregate principal amount not to exceed Fifty-six Million Three Hundred Eighty Thousand and 00/100 Dollars ($56,380,000.00). The principal of, redemption premium, if any, and interest on the Bonds shall be payable, on a parity basis with the Prior Bonds, solely out of the Sewage Works Sinking Fund referred to below. The Bonds shall be issued in one (1) or more series designated as the "City of South Bend, Indiana, Sewage Works Revenue Bonds of 200_" (with the blank to be filled in with the year in which each series of bonds are issued, with a letter designation in the event two (2) series of bonds are issued in the same calendar year) (the "Bonds"). The Bonds shall be issued as fully registered bonds in denomination or denominations of Five Thousand Dollars ($5,000) and any integral multiples thereof not exceeding the aggregate principal amount of such Bonds maturing in any one (1) year, or in the event that the Bonds are sold to the Indiana Bond Bank (the "Bond Bank") or to the Indiana Finance Authority (the "Authority") pursuant to Section VIII of this Ordinance, shall be in multiples of One Dollar ($1). The Bonds shall be numbered consecutively from 200 R-1 (with the blank to be filled in with the year in which each series of bonds are issued, with a letter designation in the event two (2) series of bonds are issued in the same calendar year) upward and shall bear interest at a rate not exceeding eight percent (8.0%) per annum (or at the rate provided in the Purchase Agreement (as hereinafter defined) with respect to any series of the Bonds that are sold to the Bank, or as provided in the Financial Assistance Agreement with respect to any series of the Bonds that are sold to the Authority), the exact rate or rates to be determined by bidding or by negotiation with the Bond Bank or the Authority. If determined by public bidding, said interest rate or rates shall be in multiples ofone-eighth (1/8) or one-twentieth (1/20) of one percent (1%); otherwise, said interest rate or rates shall be in multiples of one- hundredth (1/100) of one percent (1%). All Bonds of a series maturing on the same date shall bear the same rate of interest, and the interest rate on Bonds of a series of a given maturity must be at least as great as the interest rate on Bonds of any earlier maturity. Interest on each series of the Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred and sixty (360)-day year and shall be payable semiannually on December 1 and June 1 in each year (each an "Interest Payment Date"), commencing on the first December 1 or June 1, following the original date of the Bonds as determined by the Controller, with the advice of the City's financial advisor and as set forth in the Issuer's Certificate (defined herein) and in the notice of intent to sell bonds for each series of the Bonds until principal is fully paid, or as set forth in the Financial Assistance Agreement to be entered into between -2- BDDBQI 5863495v1