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aggregate principal amount not to exceed $4,710,000, subject to approval and proper action by
<br />this Common Council, (iii) recommended to that such bonds be issued, and that the proceeds of
<br />such bonds (together with any investment earnings thereon) be applied to the payment of the
<br />costs of the Project, together with expenses incidental thereto, including expenses in connection
<br />with the issuance of such bonds; (iv) approved the substantially final form of this ordinance and
<br />recommended to the adoption of this ordinance, which sets forth the terms and conditions of the
<br />bonds to be issued hereunder; and (v) declared its official intent to issue such bonds, and to
<br />reimburse the costs of and expenditures for the Project with the proceeds of such bonds.
<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 />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 $5,780,000.
<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 $2,254,014.
<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") originally issued in the amount of
<br />$22,500,000 authorized by Ordinance No. 8801-97 adopted by the Council on June 23, 1997 (the
<br />"1997 Ordinance"), now outstanding in the amount of $13,035,000.
<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 1993" dated November 1, 1993 (the "1993 Bonds") (the 2002 Bonds, the 2000 Bonds, 1997
<br />Bonds and the 1993 Bonds together, the "Prior Bonds"), originally issued in the amount of
<br />$5,100,000 authorized by Ordinance No. 8318-92 adopted by the Council on November 23,
<br />1992, as amended by Ordinance No. 8419-93 adopted by the Council on September 27, 1993
<br />(the "1993 Ordinance"), now outstanding in the amount of $1,915,000.
<br />The Council finds that on or about May 28, 2002, the Council adopted Ordinance No.
<br />9328-02 (the "2002 Supplemental Ordinance"), which supplemented and amended the 2002
<br />Ordinance, the 2000 Ordinance, the 1997 Ordinance and the 1993 Ordinance to permit the City
<br />to substitute an insurance policy to provide funds for the Debt Service Reserve Account thereby
<br />freeing monies currently held in the Debt Service Reserve Account for use by and improvement
<br />of the waterworks. The 2002 Supplemental Ordinance, together with the 2002 Ordinance, the
<br />2000 Ordinance, the 1997 Ordinance and the 1993 Ordinance are sometimes collectively referred
<br />to herein as the "Prior Ordinances".
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