8364-93 Ordinance Concerning Issurance of Revenue Bonds to Refund Outstanding Sewage Works Bonds

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• ORDINANCE NO. g)36 -93 AN ORDINANCE AMENDING AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ENTITLED "AN ORDINANCE CONCERNING THE ISSUANCE OF REVENUE BONDS TO REFUND OUTSTANDING SEWAGE WORKS BONDS OF THE CITY, THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SAID WORKS, THE SAFEGUARDING OF THE INTEREST OF THE OWNERS OF SAID REVENUE BONDS, AND OTHER MATTERS CONNECTED THEREWITH AND REPEALING ORDINANCES INCONSISTENT THEREWITH" STATEMENT OF PURPOSE AND INTENT: On March 8, 1993, the Common Council of the City of South Bend approved Ordinance No. 8359-93, authorizing the issuance of City of South Bend, Indiana, Sewage Works Refunding Revenue Bonds of 1993 . The Common Council deems it advisable to amend said Ordinance to allow for redemption of the Bonds thereby authorized one year earlier than set forth in said Ordinance . NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows : Section 1 . Amendment Regarding Redemption Terms . The terms of redemption relating to dates at which the 1993 Bonds (as defined in said Ordinance) are redeemable prior to maturity, as set forth in Section 3 and Section 5 of said Ordinance, are hereby amended to read as follows : The 1993 Bonds maturing on or after December 1, 2002, are redeemable prior to maturity at the option of the City on December 1, 2001, or any date thereafter, on thirty (30) days' notice, in whole or in part, in any order of maturities selected by the City and by lot within a maturity, at 100% of face value, but without premium, plus accrued interest to the date fixed for redemption. Section 2 . Effectiveness . This Ordinance shall be in full force and effect from and after its passage and approval by the Mayor. )"'"-(/364471 Presiding Nber