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10118-11 Authorizing Sewage Works Revenue Bonds
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10118-11 Authorizing Sewage Works Revenue Bonds
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10/7/2011 5:58:42 PM
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10/7/2011 5:58:38 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/12/2011
Ord-Res Number
10118-11
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additional bonds ranking on a parity with the Prior Bonds far 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. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> SECTION 1. Acquisition Construction and Installation of the Proiect. The City, <br /> acting by and through the Board and as the owner and operator of the Sewage Works for the <br /> callection and treatment of sewage and other wastes, hereby orders, authorizes and directs the <br /> Board to proceed with the acquisition, construction and installation of additions, extensions and <br /> improvements to the Sewage Works, pursuant to the Act and in accordance with the plans; <br /> specifications and cost estimates prepared and filed with the Board by the Engineers, which <br /> plans, specifications and cost estimates are hereby adopted and approved and, by reference, <br /> incorporated fully into this Ordinance, and two copies of which are now on file in the office <br /> of the Board and are open for public inspection. The actions of the Board in connection with <br /> the acquisition, installation, and financing of such improvements to the Sewage Works are. <br /> hereby authorized, approved, ratified and confirmed. <br /> Where used in this Ordinance, the term "City" shall be construed also to include any <br /> department, board, commission or officer or officers of the City or of any City department, board <br /> or commission. The terms "Sewage Works," "sewage works," "works" and similar terms used in <br /> this Ordinance shall be construed to mean and include the existing structures and property of the <br /> Sewage Works and all enlargements, improvements, extensions and additions thereto, and <br /> replacements thereof, now or subsequently constructed or acquired, from the proceeds of the <br /> bonds authorized herein or otherwise. Such additions, extensions and improvements shall be <br /> constructed and the bonds herein authorized shall be issued pursuant to the provisions of this <br /> Ordinance and the Act. <br /> SECTION 2. Description of the Project. The Project consists of the improvements <br /> described in Appendix A attached hereto and incorporated herein. <br /> The City, acting by and through the Board, shall proceed with the acquisition; <br /> construction and installation of the Project and shall enter into all contracts necessary or <br /> appropriate for such purpose, in conformity with and subject to the requirements and conditions <br /> set forth in this Ordinance and in the Act and in accordance with the plans and specifications <br /> previously prepared for and on behalf of the City. <br /> SECTION 3. Authorization for Bonds. In accordance with the Act and for the purpose <br /> of providing funds with which to pay the costs of the Project, together with all authorized costs <br /> relating thereto including the costs of the issuance of the 2011 Bonds (defined below) on account <br /> thereof, the City shall issue and sell its sewage works revenue bonds, in one or more series, in an <br /> amount not to exceed Twenty-Two Million Dollars ($22,000,000.00), to be clesignated "Sewage <br /> - 3 - <br />
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