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Works Refunding Revenue Bonds of 1998" (the "1998 Bonds"), outstanding after December 1,
<br />2009, in the amount of $13,590,000, and maturing on December 1, 2018.
<br />Pursuant to Ordinance No. 9523-04 adopted by the Common Council on August 10, 2004
<br />(the "2004 Ordinance"), the City has heretofore issued sewage works bonds payable from the
<br />Net Revenues of the Sewage Works, designated as "Sewage Works Revenue Bonds of 2004''
<br />(the "2004 Bonds"), outstanding after December 1, 2009, in the amount of $9,380,000, and
<br />maturing on December 1, 2024
<br />Pursuant to Ordinance No. 9672-06 adopted by the Common Council on April 11, 2006,
<br />as amended by Ordinance No. 9767-07 adopted by the Common Council on June 25, 2007
<br />(collectively, the "2006 Ordinance"), the City has heretofore issued revenue bonds payable from
<br />the Net Revenues of the Sewage Works, such bonds being designated as (i) "Sewage Works
<br />Revenue Bonds of 2006" (the "2006 Bonds"), outstanding after December 1, 2009, in the
<br />amount of $7,345,000, and maturing on December 1, 2026; (ii) "Sewage Works Revenue Bonds
<br />of 2007" (the "2007 Bonds"), outstanding after December 1, 2009, in the amount of
<br />$15,500,000, and maturing on December 1, 2027; and (iii) "Sewage Works Revenue Bonds of
<br />2007 B" (the " 2007B Bonds"), outstanding after December 1, 2009, in the amount of
<br />$15,425,000, and maturing on December 1, 2027.
<br />Pursuant to Ordinance No. 9951-09 adopted by the Common Council on August 10,
<br />2009, as amended by Ordinance No. 9971-09 adopted by the Common Council on October 26,
<br />2009 (collectively, the "2009 Ordinance" and with the 1998 Ordinance, the 2004 Ordinance and
<br />the 2006 Ordinance, the "Prior Ordinances"), the City has heretofore issued revenue bonds
<br />payable from the Net Revenues of the Sewage Works, designated as "Sewage Works Revenue
<br />Bonds of 2009" (the "2009 Bonds" and with the 1998 Bonds, 2004 Bonds, 2006 Bonds, 2007
<br />Bonds, 2007B Bonds and 2009 Bonds, the "Prior Bonds"), outstanding after December 1, 2009,
<br />in the amount of $3,297,000, and maturing on December 1, 2028.
<br />The Prior Ordinances permit the issuance of additional revenue bonds ranking on a
<br />parity basis with the Prior Bonds for the purpose of financing the costs of future additions,
<br />extensions and improvements to the Sewage Works, so long as certain conditions are met.
<br />Crowe Horwath LLP, Financial Advisor to the City (the "Financial Advisor"), has been
<br />employed by the Board for the purpose of analyzing the records and finances of the Sewage
<br />Works, and has submitted preliminary evidence and findings demonstrating compliance with
<br />the conditions set forth in the Prior Ordinances for the issuance of additional revenue bonds
<br />payable out of the revenues of the Sewage Works and ranking on a parity with the Prior Bonds.
<br />Subject to the provisions of the immediately preceding paragraph, this Council now finds
<br />that all conditions precedent to the adoption of an ordinance, authorizing the issuance of
<br />additional bonds ranking on a parity with the Prior Bonds for the purpose of financing the cost of
<br />the Project and the authorized costs relating thereto, have been complied with in accordance with
<br />the provisions of the Prior Ordinances and the Act. The Common Council consequently seeks to
<br />authorize the issuance of revenue bonds to finance the acquisition, construction and installation
<br />of the Project pursuant to the Act and the sale of such revenue bonds at public sale pursuant to
<br />the provisions of Indiana Code 5-1-11, subject to and dependent upon the terms and conditions
<br />hereinafter set forth.
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