|
,
<br /> REGULAR MEETING NOVEMBER 21, 2011 378
<br /> WHEREAS,the City has previously issued and there are now outstanding bonds issued
<br /> on account of the Waterworks and payable out of the revenues therefrom designated as the
<br /> "Waterworks Revenue Bonds of 2000"dated June 12, 2000 (the "2000 Bonds")originally issued
<br /> in the amount of$2,600,000 authorized by Ordinance No. 9095-00 adopted by the Common
<br /> Council on February 28, 2000 (the"2000 Ordinance"), now outstanding in the amount of
<br /> $1,466,320.
<br /> WHEREAS, the City has previously issued and there are now outstanding bonds issued
<br /> on account of the Waterworks and payable out of the revenues therefrom designated as the
<br /> "Waterworks Revenue Bonds of 1997" dated December 1, 1997 (the "1997 Bonds") (the 2009B '
<br /> Bonds, the 2009A Bonds, the 2006 Bonds, the 2002 Bonds, the 2000 Bonds and the 1997 Bonds
<br /> together, the "Prior Bonds"), originally issued in the amount of$22,500,000 authorized by
<br /> Ordinance No. 8801-97 adopted by the Common Council on June 23, 1997 (the "1997
<br /> Ordinance" and together with the 2009 Ordinance, the 2005 Ordinance,the 2002 Ordinance and
<br /> the 2000 Ordinance, the "Prior Ordinances"), now outstanding in the amount of$2,140,000.
<br /> WHEREAS, the Boazd deems it advisable and recommends to the Common Council that
<br /> the City issue revenue bonds payable from the revenues of the Waterworks in an original amount
<br /> not to exceed Eight Million Three Hundred Thousand Dollazs($8,30Q000) (the"2012 Bonds"),
<br /> for the purpose of providing for the payment of(i) the Project, and (ii) the costs of issuing such
<br /> 2012 Bonds.
<br /> WHEREAS, the City reasonably expects to reimburse expenditures for the Project with
<br /> the proceeds of the 2012 Bonds and the Board deems appropriate and recommends to the
<br /> Common Council that such reimbursement be made.
<br /> WHEREAS, the Prior Ordinances permit the issuance of additional bonds payable from
<br /> the revenues of the Waterworks and ranking on a pazity with the Prior Bonds for the purpose of
<br /> financing additions, extensions and improvements to the Waterworks provided certain conditions
<br /> can be met, and the Board has determined, based upon information provided to the Boazd by
<br /> Crowe Horwath LLP, the City's financial advisor, that the finances of the Waterworks will
<br /> enable the City to meet the conditions for the issuance of additional parity bonds and that,
<br /> accordingly,the 2012 Bonds shall rank on a parity with the Prior Bonds. '
<br /> WHEREAS, the Board has reviewed the form of a bond ordinance to be adopted by the
<br /> Common Council authorizing the City to issue and sell the 2012 Bonds for the purpose of
<br /> financing the Project(the "2011 Bond Ordinance"), and the Board has found the 2011 Bond
<br /> Ordinance to be satisfactory.
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF
<br /> THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS:
<br /> Section 1. The Boazd hereby recommends to the Common Council that the upgrades,
<br /> expansions, additions, replacements, extensions and improvements to the Waterworks that
<br /> constitute the Project be made to the Waterworks.
<br /> Section 2. To provide funds necessary to pay for or reimburse the City for the costs of
<br /> the Project, together with expenses incidental thereto, including expenses in connection with the
<br /> issuance of the 2012 Bonds, the Board hereby approves and recommends to the Common
<br /> Council the issuance by the City of Waterworks Revenue Bonds in a principal amount not to
<br /> exceed Eight Million Three Hundred Thousand Dollars ($8,300,000).
<br /> Section 3. The Boazd hereby approves the substantially final form of the 2011 Bond
<br /> Ordinance presented to this meeting and recommends to the Common Council the adoption of
<br /> such 2011 Bond Ordinance which sets forth the terms and conditions of the 2012 Bonds to be
<br /> issued thereunder. '
<br /> Section 4. The Boazd hereby ratifies the actions taken to file the 2011 Bond Ordinance
<br /> with the Clerk of the City("City Clerk") for presentation to the Common Council, and the Clerk
<br /> of the Boazd is hereby directed to present a copy of this Resolution to the City Clerk for
<br /> presentation to the Common Council for its consideration, as soon as may be done, thereby
<br /> requesting the issuance of the 2012 Bonds.
<br /> Section 5. This Resolution shall be in full force and effect from and after its adoption by
<br /> the Board.
<br />
|