9672-06 Authorizing the Acquistion and Installation of Improvements to the City's Sewage Works

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ORDINANCE NO. C{ (o~Z-Q~ 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 DISTRIBUTION OF THE REVENUES OF SUCH SEWAGE WORKS AND OTHER RELATED MATTERS STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "City"), presently owns and operates a sewage works by and through its Board of Public Works (the "Board") for the collection and treatment of sewage and other wastes (the "Sewage Works"), pursuant to the provisions of Indiana Code 36-9-23, as amended (the "Act"). The Board has determined and recommended to the Common Council of the City (the "Common Council") that certain improvements and extensions to the Sewage Works, as described herein, are necessary. The Board has employed consulting engineers (the "Consulting Engineers"), to prepare and file plans, specifications, and detailed descriptions and estimates of the costs of the necessary improvements and extensions to the Sewage Works, which plans, specifications, descriptions and estimates, to the extent required by law, have been duly submitted to and approved or will be approved by all governmental authorities having jurisdiction thereover (the improvements and extensions to the Sewage Works as described in the Consulting Engineers' plans and specifications and below are referred to herein as the "Project"), including, without limitation, the Indiana Department of Environmental Management (the "Department"). The Common Council finds that the estimates prepared and delivered by the Consulting Engineers with respect to the costs (as defined in Indiana Code 36-9-23-11) of acquisition and installation of such improvements and extensions to the Sewage Works (as defined in Indiana Code 36-9-1-8, as amended, and in the Act), and including all authorized costs relating thereto, including the costs of issuance of bonds on account of the financing of all or a portion thereof, will be in the estimated amount not to exceed Fifty-six Million Three Hundred Eighty Thousand and 00/100 Dollars ($56,380,000.00). The Common Council finds that to provide funds necessary to pay for the costs of the Project, it will be necessary for the City to issue sewage works revenue bonds in an amount not to exceed Fifty-six Million Three Hundred Eighty Thousand and 00/100 Dollars ($56,380,000.00). Pursuant to Ordinance No. 8919-98, adopted by the Common Council on June 22, 1998 (the "1998 Bond Ordinance"), the City has heretofore issued revenue bonds payable from the net revenues of the Sewage Works, designated "Sewage Works Revenue Bonds of 1998" (the BDDBOI 4347413v2