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Revenues (as defined below) of the Sewage Works, such bonds being designated as "Sewage
<br /> Works Refunding Revenue Bonds of 1998" (the "1998 Bonds"), outstanding after December 1,
<br /> 2010, in the amount of$12,245,000, 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, 2010, in the amount of $8,930,000, 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 l, 2010, in the
<br /> amount of$7,OSO,OOO, and maturing on December 1, 2026; (ii) "Sewage Works Revenue Bonds
<br /> of 2007" (the "2007 Bonds"), outstanding after December 1, 2010, in the amount of
<br /> $14,915,000, and maturing on December l, 2027; and (iii) "Sewage Works Revenue Bonds of
<br /> 2007 B" (the "2007B Bonds"), outstanding after December 1, 2010, in the amount of
<br /> $14,845,000, 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"), the City has heretofore issued revenue bonds payable
<br /> from the Net Revenues of the Sewage Works, designated as "Sewage Works Revenue Bonds of
<br /> 2009" (the "2009 Bonds"), outstanding after December 1, 2010, in the amount of$3,166,795;
<br /> and maturing on December 1, 2028.
<br /> Pursuant to Ordinance No. 10052-10 adopted by the Common Council on November 8,
<br /> 2010 (the "2010 Ordinance" and with the 1998 Ordinance, the 2004 Ordinance, the 2006
<br /> Ordinance and the 2009 Ordinance, the "Prior Ordinances"), the City has heretofore issued
<br /> revenue bonds payable from the Net Revenues of the Sewage Works, designated as "Sewage
<br /> Works Revenue Bonds of 2010" (the "2010 Bonds" and with the 1998 Bonds, 2004 Bonds, 2006
<br /> Bonds, 2007 Bonds, 2007B Bonds and 2009 Bonds, the "Prior Bonds"), currently outstanding in
<br /> the amount of$9,345,000, and maturing on December 1, 2030.
<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 witli
<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
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