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

Home Browse Search

collection and treatment of sewage and other wastes, hereby orders, authorizes and directs the Board to proceed with the acquisition and installation of improvements and extensions to the Sewage Works, pursuant to the Act and in accordance with the plans, specifications and cost estimates prepared and filed with the Board by the Consulting Engineers, which plans, specifications and cost estimates are hereby adopted and approved and, by reference, incorporated fully into this Ordinance, and two copies of which are now on file in the office of the Board and are open for public inspection. The actions of the Board in connection with the acquisition, installation, and financing of such improvements to the Sewage Works are hereby authorized, approved, ratified and confirmed. Where used in this Ordinance, the term "City" shall be construed also to include any department, board, commission or officer or officers of the City or of any City department, board or commission. The terms "Sewage Works," "sewage works," "works" and similar terms used in this Ordinance shall be construed to mean and include the existing structures and property of the Sewage Works and all enlargements, improvements, extensions and additions thereto, and replacements thereof, now or subsequently constructed or acquired, from the proceeds of the bonds authorized herein or otherwise. Such improvements and extensions shall be constructed and the bonds herein authorized shall be issued pursuant to the provisions of this Ordinance and the Act. Section II. Description of the Project. The Project consists of the improvements described in Appendix A attached hereto and incorporated herein. The City, acting by and through the Board, shall proceed with the acquisition, construction and installation of the Project and shall enter into all contracts necessary or appropriate for such purpose, in conformity with and subject to the requirements and conditions set forth in this Ordinance and in the Act and in accordance with the plans and specifications previously prepared for and on behalf of the City. 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. 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 BDDBOI 4347413v2 - 3 -