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9603-05 Authorizing the Issuance of Revenue Bonds - Concerning the Construction of Improvements to the Municipal Waterworks - not to exceed $4,710,000
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9603-05 Authorizing the Issuance of Revenue Bonds - Concerning the Construction of Improvements to the Municipal Waterworks - not to exceed $4,710,000
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Last modified
12/13/2010 10:32:41 AM
Creation date
2/12/2008 1:46:10 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/25/2005
Ord-Res Number
9603-05
Bill Number
39-05
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indirectly, or deemed transferred to anon-governmental person in any manner that would in <br />substance constitute a loan of the 2005 Bond proceeds. <br />(c) The City will not take any action or fail to take any action with respect to <br />the 2005 Bonds that would result in the loss of the exclusion from gross income for federal <br />income tax purposes of interest on the 2005 Bonds pursuant to Section 103 of the Internal <br />Revenue Code of 1986, as amended (the "Code"), and the regulations thereunder as applicable to <br />the 2005 Bonds, including, without limitation, the taking of such action as is necessary to rebate <br />or cause to be rebated arbitrage profits on 2005 Bond proceeds or other monies treated as 2005 <br />Bond proceeds to the federal government as provided in Section 148 of the Code, and will set <br />aside such monies, which may be paid from investment income on funds and accounts <br />notwithstanding anything else to the contrary herein, in trust for such purposes. <br />(d) The City will file an information report on Form 8038-G with the Internal <br />Revenue Service as required by Section 149 of the Code. <br />(e) The City will not make any investment or do any other act or thing during <br />the period that any 2005 Bond is outstanding hereunder which would cause any 2005 Bond to be <br />an "arbitrage bond" within the meaning of Section 148 of the Code and the regulations <br />thereunder as applicable to the 2005 Bonds. <br />Notwithstanding any other provisions of this Ordinance, the foregoing covenants and <br />authorizations (the "Tax Sections") which are designed to preserve the exclusion of interest on <br />the 2005 Bonds from gross income under federal law (the "Tax Exemption") need not be <br />complied with to the extent the City receives an opinion of nationally recognized bond counsel <br />that compliance with such Tax Section is unnecessary to preserve the Tax Exemption. <br />SECTION 25. Issuance of BANs: Other Actions. <br />(a) The City, having satisfied all the statutory requirements for the issuance of <br />the 2005 Bonds, has the authority to elect to issue a bond anticipation note or notes, repayable <br />from the proceeds received from the sale of the 2005 Bonds (defined herein as the "BANS"). <br />This Council hereby authorizes the issuance and sale of the BANS pursuant to I.C. §5-1-14-5 in <br />one or more series, ranking on a parity with each other, in original aggregate principal amount <br />not to exceed Four Million Seven Hundred Ten Thousand Dollars ($4,710,000) to provide <br />interim financing until permanent financing becomes available and to pay for costs of issuing the <br />BANS, and the BANS also may fund capitalized interest thereon. The designation of the BANS <br />shall be "City of South Bend, Indiana Waterworks Bond Anticipation Note of 200_". The <br />BANS shall be issued in fully registered form in denominations of Five Thousand Dollars <br />($5,000) or integral multiples thereof, shall be originally dated the date of delivery, shall be <br />numbered consecutively from 1 upward, shall mature not more than two (2) years from the date <br />of issuance, maybe renewed or extended from time to time, over a period not exceeding five (5) <br />years from the date of the original issuance of the BANS, in accord with I.C. §5-1-14-5, shall be <br />prepayable on seven (7) days' notice in whole or in part in any authorized denomination without <br />premium or penalty, shall bear interest at a rate not exceeding six percent (6%) per annum, and <br />shall be sold at a discount not exceeding one percent (1%) of the principal amount thereof. <br />Interest on the BANS shall be payable at maturity. It shall not be necessary for the City to repeat <br />-27- <br />
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