11/21/12 Board of Public Works Minutes

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REGULAR MEETING NOVEMBER 21, 2011 377 ADOPT RESOLUTION NO. 74-2011 —RECOMMENDING CERTAIN UPGRADES EXPANSIONS ADDITIONS REPLACEMENTS EXTENSIONS AND IMPROVEMENTS FOR THE CITY'S WATER WORKS THE ISSUANCE AND SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT THEREOF AND OTHER MATTERS IN RESPECT THERETO Mr. Gilot noted that this Resolution creates an escalation in operations and maintenance expense, but is not a rate increase. Water Works is upping the amount without increasing rates. Ms. Greene stated it is more like a refinance. Therefore, upon a motion made by Mr. Gilot, seconded by Mr. Littrell and carried, the following Resolution was adopted by the Board of Public Works: , RESOLUTION NO. 74-2011 A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, RECOMMENDING CERTAIN UPGRADES, EXPANSIONS, ADDITIONS, REPLACEMENTS, EXTENSIONS AND IMPROVEMENTS FOR THE CITY'S WATERWORKS, THE ISSUANCE AND SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT THEREOF, AND OTHER MATTERS IN RESPECT THERETO WHEREAS, the City of South Bend, Indiana(the "City") has heretofore established, constructed and financed a municipal waterworks (the"Watenvorks") and now owns and operates said works, by and through its Board of Public Works (the "Board"), pursuant to I.C. 8-1.5, as amended, and other applicable laws. WHEREAS, the Boazd has determined and desires to recommend to the Common Council of the City(the "Common CounciP')that certain upgrades, expansions, additions, replacements, extensions and improvements to the Watenvorks, as more particularly described on Exhibit A hereto (collectively, the "ProjecY'), are necessary and will be of general benefit to the City and its citizens. WHEREAS, the Board has determined, based on the preliminazy descriptions, specifications and estimates of the costs of the Project provided to the Boazd by the City's ' Department of Waterworks, that the costs of the Project, including the costs of the issuance of bonds on account of the financing of all or a portion thereof,will be in the estimated amount not to exceed Eight Million Three Hundred Thousand Dollazs ($8,300,000). WHEREAS, the Boazd has determined that to provide funds necessary to pay for the Costs of the Project, it will be necessary for the City to issue Watenvorks revenue bonds in a principal amount not to exceed Eight Million Three Hundred Thousand Dollars ($8,300,000). WHEREAS, the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2009, Series B"dated November 19, 2009 (the"2009B Bonds") originally issued in the amount of$5,380,000 authorized by Ordinance No. 9937-09 adopted by the Common Council on June 8, 2009 (the"2009 Ordinance"), now outstanding in the amount of $5,380,000. WHEREAS,the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2009, Series A" dated September 1, 2009 (the "2009A Bonds") originally issued in the amount of$429,000 authorized by the 2009 Ordinance, now outstanding in the amount of$429,000. WHEREAS, the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2006" dated June 1, 2006 (the"2006 Bonds") originally issued , in the amount of Four Million Seven Hundred Ten Thousand Dollazs ($4,710,000) authorized by Ordinance No. 9603-OS adopted by the Common Council on July 25, 2005 (the "2005 Ordinance"), now outstanding in the amount of$4,065,000. WHEREAS,the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Watenvorks Revenue Bonds of 2002"dated June 1, 2002 (the "2002 Bonds") originally issued in the amount of$5,580,000 authorized by Ordinance No. 9247-01 adopted by the Common Council on August 27, 2001 (the "2002 Ordinance"), now outstanding in the amount of $4,210,000.