10134-11 Waterworks Revenue Bonds $8,300,000

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NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FbLLO�VS: SECTION 1. Proiect. The City shall proceed with the Project in accordance with the cost estimates, and the plans and specifications heretofore prepared and filed by the consulting engineers employed by the City, which cost estimates, plans and specifications are hereby approved and are hereby incorporated by reference as if set forth in full at this place, two copies of which are on file and available for public inspection in the office of the City Clerk pursuant to I.C. §36-1-5-4. The actions of the Board taken in connection with the Project are hereby approved, ratified, and confirmed. The Project shall be constructed and the bonds herein authorized shall be issued pursuant to and in accordance with the Act. The terms "works" and "utility" and other like terms where used in this Ordinance shall be construed to mean and include all structures and property of the City's waterworks utility. SECTION 2. Authorization of Obligations. (a) The City shall issue its "Waterworks Revenue Bonds of 2012" or such other designation as the Executive (as defined below) or the Fiscal Officer (as defined below) shall determine at the time of issuance of any series of bonds (the "2012 Bonds"), in one or more series (as designated by the City, a"Series"), in an original principal amount not to exceed Eight Million Three Hundred Thousand Dollars ($8,300,000) (the "Authorized Amount"), as negotiable, fully registered bonds, for the purpose of procuring funds to be applied to the costs of the Project, including without limitation reimbursement of preliminary expenses related thereto and all incidental expenses incurred in connection therewith(all of which are deemed to be a part of the Project), and the costs of selling and issuing the 2012 Bonds and funding a debt service reserve as described herein. The City reasonably expects to reimburse expenditures for the Project with the proceeds of the 2012 Bonds and this constitutes a declaration of official intent to reimburse expenditures under Treas. Reg. 1.150-2(e) and Indiana Code 5-1-14-6(c). The 2012 Bonds shall rank on parity for all purposes with the Prior Bonds. The 2012 Bonds shall be issued in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, numbered consecutively from 1 upward, and dated the date of delivery. The 2012 Bonds shall bear interest at a rate or rates not exceeding eight percent (8%)per annum, and interest shall be payable semiannually on January 1 and July 1 in each year, with the beginning date of interest payments being finally determined by the Mayor as the executive of the City (the "Executive") and the Controller as the fiscal officer of the City, or any acting, assistant or deputy controller of the City (the "Fiscal Officer"), with the advice of the City's financial advisor, as evidenced by delivery of the executed initial issue of the 2012 Bonds to the Registrar for authentication. The 2012 Bonds shall be sold pursuant to I.C. 5-1-11, as amended. Interest on the BANs and the 2012 Bonds shall be calculated according to a 360-day calendar year containing twelve 30-day months. The 2012 Bonds shall mature on January 1 of each year beginning in the year and in such amounts as is deemed appropriate by the Executive and the Fiscal Officer, with the advice of the City's financial advisor, as evidenced by delivery of the executed initial issue of the 2012 Bonds to the Registrar for authentication, and over a period ending not later than 20 years after substantial completion of the Project. - 4 -