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8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks
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8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks
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10/2/2012 3:03:42 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/27/1993
Ord-Res Number
8419-93
Bill Number
81-93
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4 <br /> ORDINANCE NO. 8'St/9-?3 <br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. <br /> 8318-92 ENTITLED "AN ORDINANCE OF THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING <br /> THE ACQUISITION AND CONSTRUCTION OF EXTENSIONS, <br /> ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL <br /> WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA, <br /> AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO PROVIDE <br /> FOR THE COSTS THEREOF, AND AUTHORIZING THE COLLECTION, <br /> SEGREGATION AND DISTRIBUTION OF THE REVENUES <br /> OF SUCH WATERWORKS AND OTHER RELATED MATTERS" <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The City of South Bend, Indiana ("City") , is the owner <br /> of and operates an unencumbered waterworks system (the <br /> "Waterworks") by and through its Board of Waterworks (the "Board") <br /> furnishing the public water supply to the City and its inhabitants <br /> pursuant to the provisions of IC 8-1. 5, as amended (the "Act") . <br /> The Board, at a meeting on November 4, 1992, adopted Resolution No. <br /> 1992-10, by which the Board represented to the Common Council of <br /> the City (the "Common Council") and the Common Council determined <br /> that certain extensions, additions and improvements to the <br /> Waterworks (the "Project") , are necessary in order to serve <br /> adequately and protect and promote the public health, welfare and <br /> property of the inhabitants of the City. The Common Council <br /> subsequently adopted Ordinance No. 8318-92 on November 23, 1992 <br /> (the "Bond Ordinance") which Bond Ordinance authorized the issuance <br /> of waterworks revenue bonds, payable solely out of the net revenues <br /> of the Waterworks as defined therein, in an aggregate principal <br /> amount not to exceed Five Million One Hundred Thousand and 00/100 <br /> Dollars ($5, 100, 000. 00) (the "Bonds") to pay the costs of <br /> construction and completion of the Project, including all <br /> incidental and authorized expenses relating thereto, including the <br /> allocable portion of the costs of issuance such Bonds. On January <br /> 27, 1993, the City received a final order in Cause No. 39554 from <br /> the Indiana Utility Regulatory Commission, authorizing the City to <br /> issue the Bonds in an aggregate principal amount not to exceed Five <br /> Million One Hundred Thousand and 00/100 Dollars ($5, 100, 000.00) and <br /> requiring the City to comply with certain other requirements in <br /> connection with the issuance of the Bonds. <br /> Subsequent to the adoption of the Bond Ordinance, the <br /> engineers employed by the City (the "Engineers") have finalized and <br /> recommended the components of the Project to be completed using <br /> proceeds of the Bonds and have prepared and filed preliminary <br /> descriptions, specifications and estimates of such components with <br /> the Board. Additionally, the Common Council, upon the <br /> recommendation of Municipal Consultants, the financial advisor to <br /> the City with respect to the Bonds (the "Financial Advisor") , has <br />
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