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ORDINANCE NOM S3`' -04
<br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH
<br />BEND, INDIANA SUPPLEMENTING AND AMENDING ORDINANCE NO.
<br />8919-98, CONCERNING THE ACQUISITION, CONSTRUCTION AND
<br />INSTALLATION OF CERTAIN IMPROVEMENTS AND EXTENSIONS TO
<br />THE SEWAGE WORKS OF THE CITY OF SOUTH BEND, AND THE
<br />ISSUANCE OF REVENUE BONDS TO PROVIDE THE COST THEREOF,
<br />AND THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE
<br />REVENUES OF SUCH SEWAGE WORKS, THE SAFEGUARDING OF THE
<br />INTERESTS OF THE OWNERS OF SAID BONDS, AND OTHER MATTERS
<br />CONNECTED THEREWITH.
<br />STATEMENT OF PURPOSE AND INTENT
<br />The City of South Bend, Indiana (the "City") has established, constructed and financed a
<br />sewage works (the "Sewage Works" or the "Works") and now owns and operates the Sewage Works,
<br />by and through its Board of Public Works, pursuant to IC 36-9-23, as amended, and other applicable
<br />laws.
<br />There are now outstanding bonds issued on account of the Sewage Works and payable out of
<br />the revenues therefrom designated as the "City of South Bend, Indiana Sewage Works Revenue
<br />Bonds of 1998," dated December 30, 1998 (the "1998 Bonds"), issued in the original amount of
<br />$24,095,000, authorized by Ordinance No. 8919-98, passed by the Common Council on June 22,
<br />1998 (the "1998 Bond Ordinance"), now outstanding in the amount of $20,885,000.
<br />There are now outstanding bonds issued on account of the Sewage Works and payable out of
<br />the revenues therefrom designated as the "City of South Bend, Indiana Sewage Works Refunding
<br />Revenue Bonds of 2001," dated October 1, 2001 (the "2001 Bonds"), issued in the original amount
<br />of $5,240,000, authorized by Ordinance No. 9270-01, passed by the Common Council on September
<br />24, 2001 (the "2001 Bond Ordinance"), now outstanding in the amount of $3,905,000.
<br />There are now outstanding bonds issued on account of the Sewage Works and payable out of
<br />the revenues therefrom designated as the "City of South Bend, Indiana Sewage Works Revenue
<br />Bonds of 2004," dated September 1, 2004 (the "2004 Bonds" and collectively with the 1998 Bonds
<br />and the 2001 Bonds, the "Outstanding Bonds"), issued in the original amount of $11,425,000,
<br />authorized byOrdinance No.9523-04, passed by the Common Council on August 9, 2004 (the "2004
<br />Bond Ordinance" and collectively with the 1998 Bond Ordinance and the 2001 Bond Ordinance, the
<br />"Prior Bond Ordinances"), now outstanding in the amount of $11,425,000.
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