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

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"1998 Bonds"), outstanding after December 5, 2005, in the amount of $18,590,000, bearing interest at various rates and maturing in various amounts annually on December 1 in the years 2006 to and including December 1, 2018. Pursuant to Ordinance No. 9270-01 adopted by the Common Council on September 1, 2001 (the "2001 Bond Ordinance"), the City has heretofore issued revenue bonds payable from the net revenues of the Sewage Works, designated as "Sewage Works Refunding Revenue Bonds of 2001" (the "2001 Bonds"), outstanding after December 1, 2005, in the amount of $2,440,000, bearing interest at various rates and maturing in various amounts annually on December 1 in the years 2006 to and including 2008. The City, pursuant to Ordinance No. 9523-04 adopted by the Common Council on August 10, 2004 (the "2004 Bond Ordinance", and with the 2001 Bond Ordinance and the 1998 Bond Ordinance, the "Prior Ordinances"), the Ciry has heretofore issued revenue bonds payable from the net revenues of the Sewage Works, designated as "Sewage Works Junior Revenue Bonds of 2004" (the "2004 Bonds" and with the 2001 Bonds and the 1998 Bonds, the "Prior Bonds"), outstanding in the amount of $11,035,000, bearing interest at various rates and maturing in various amounts annually on December 1 in the years 2006 to and including 2024. The Prior Ordinances permit the issuance of additional bonds payable from revenues of the Sewage Works ranking on a parity basis with the Prior Bonds for the purpose of financing the costs of future additions, extensions and improvements to the Sewage Works, so long as certain conditions are met. Crowe Chizek and Company LLC, Financial Advisor to the City (the "Financial Advisor"), has been employed by the Board for the purpose of analyzing the records and finances of the Sewage Works, and has submitted preliminary evidence and findings demonstrating compliance with the conditions set forth in the Prior Ordinances for the issuance of additional revenue bonds payable out of the revenues of the Sewage Works and ranking on a parity with the Prior Bonds. The Common Council now finds that all conditions precedent to the adoption of an ordinance authorizing the issuance of revenue bonds on a parity basis with the Prior Bonds to provide the necessary funds to be applied to the costs of the Project and all authorized costs relating thereto, have been complied with in accordance with the provisions of the Act. Subject to the provisions of the immediately preceding paragraph, this Council now finds that all conditions precedent to the adoption of an ordinance, authorizing the issuance of additional bonds ranking on a parity with the Prior Bonds for the purpose of financing the cost of the Project and the authorized costs relating thereto, have been complied with in accordance with the provisions of the Prior Ordinances and the Act. The Common Council consequently seeks to authorize the issuance of revenue bonds in multiple series to finance the acquisition and installation of the Project pursuant to the Act and the sale of multiple series of such revenue bonds at public sale pursuant to the provisions of Indiana Code 5-1-11, subject to and dependent upon the terms and conditions hereinafter set forth. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section I. Acquisition, Construction and Installation of the Project. The City, acting by and through the Board and as the owner and operator of the Sewage Works for the BDDBOI 4347413v2 - 2 -