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Waterworks Revenue Bonds of 2012, in an aggregate principal amount not to exceed
<br /> $8,300,000, subject to approval and proper action by this Common Council, (iii) recommended
<br /> to the Council that such bonds be issued, and that the proceeds of such bonds (together with any
<br /> investment earnings thereon) be applied to the payment of the costs of the Project, together with
<br /> expenses incidental thereto, including expenses in connection with the issuance of such bonds;
<br /> and (iv) approved the substantially final form of this ordinance and recommended to the Council
<br /> the adoption of this ordinance, which sets forth the terms and conditions of the bonds to be
<br /> issued hereunder.
<br /> The Council finds that there are not available sufficient funds of the works to construct
<br /> the Project, and that revenue bonds shall be issued to pay for costs of the Project, including
<br /> incidental expenses.
<br /> The Council finds that there are now outstanding bonds issued on account of the works
<br /> and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br /> 2009, Series B" dated November 19, 2009 (the "2009B Bonds") originally issued in the amount
<br /> of$5,380,000 authorized by Ordinance No. 9937-09 adopted by the Council on June 8, 2009 (the
<br /> "2009 Ordinance"), now outstanding in the amount of$5,380,000.
<br /> The Council finds that there are now outstanding bonds issued on account of the works
<br /> and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br /> 2009, Series A" dated September 1, 2009 (the "2009A Bonds") originally issued in the amount
<br /> of$429,000 authorized by the 2009 Ordinance, now outstanding in the amount of$429,000.
<br /> The Council finds that there are now outstanding bonds issued on account of the works
<br /> and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br /> 2006" dated June 1, 2006 (the "2006 Bonds") originally issued in the amount of $4,710,000
<br /> authorized by Ordinance No. 9603-05 adopted by the Council on July 25, 2005 (the "2005
<br /> Ordinance"), now outstanding in the amount of$4,065,000.
<br /> The Council also finds that there are now outstanding bonds issued on account of the
<br /> works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds
<br /> of 2002" dated June 1, 2002 (the "2002 Bonds") originally issued in the amount of $5,580,000
<br /> authorized by Ordinance No. 9247-01 adopted by the Council on August 27, 2001 (the "2002
<br /> Ordinance"), now outstanding in the amount of$4,210,000.
<br /> The Council finds that there are now outstanding bonds issued on account of the works
<br /> and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br /> 2000" dated June 12, 2000 (the "2000 Bonds") originally issued in the amount of $2,600,000
<br /> authorized by Ordinance No. 9095-00 adopted by the Council on February 28, 2000 (the "2000
<br /> Ordinance"), now outstanding in the amount of$1,466,320.
<br /> The Council finds that there are also now outstanding bonds issued on account of the
<br /> works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds
<br /> of 1997" dated December 1, 1997 (the "1997 Bonds") (the 2009B Bonds, the 2009A Bonds,
<br /> 2006 Bonds, the 2002 Bonds, the 2000 Bonds and the 1997 Bonds together, the "Prior Bonds"),
<br /> originally issued in the amount of$22,500,000 authorized by Ordinance No. 8801-97 adopted by
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