8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks

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f t ( F determined that it is desirable to fund the debt service reserve for the Bonds provided for in the Bond Ordinance from proceeds of the Bonds. The Common Council desires to amend the Bond Ordinance to provide with more specificity the terms of the Bonds and the components of the Project to be financed with proceeds of the Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. Amending Provisions. The Bond Ordinance is amended by replacing the existing Sections 2, 4, 7, 9, 10, 14, 15 and 25 of the Bond Ordinance with the following: Section 2 . Description of the Project. The Project shall be constructed, installed, and equipped in accordance with the plans provided by the Engineers and the Department of Waterworks. The Project shall consist of the following: acquisition and renovation and remodeling of a building to accommodate relocation of the main office of the Waterworks; improvements to the Edison and Pinhook filtration plants, consisting of upgrading the iron removing capabilities of such plants; rehabilitation of existing reservoirs to include roof replacement; repainting of two existing tanks; and the construction and installation of five new wells throughout the City Section 4. The Bonds. In accordance with the Act and for the purpose of providing funds with which to pay the costs of the Project, together with authorized expenses relating thereto, including the costs of issuance of such bonds, the City shall issue and sell its waterworks revenue bonds pursuant to the provisions of the Act and this Ordinance, which bonds shall be payable solely from the Waterworks Sinking Fund created hereinbelow (the "Sinking Fund") to be provided from the Net Revenues (herein defined as the gross revenues of the Waterworks of the City remaining after the payment of the reasonable expenses of operation, repair and maintenance) of the Waterworks of the City. The bonds authorized by this Ordinance shall be designated as "City of South Bend, Indiana, Waterworks Revenue Bonds of 1993" (the "Bonds") , shall be issued in the principal amount not to exceed Five Million One Hundred Thousand and 00/100 Dollars ($5, 100, 000. 00) , shall be issued in the denominations of Five Thousand and 00/100 Dollars ($5, 000. 00) and any integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing in any one year, shall be numbered consecutively from 93R-1 upward, and shall bear interest 2