06-08-20 Agenda Packet - Laserfiche WebLink

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IFiled in Clerk's Office BILL NO. 25-20 JUN 0 3 2020 DAWN M.JONES ORDINANCE NO. I CITY CLERK, SOUTH BEND,IN AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AUTHORIZING THE REFUNDING OF CERTAIN OUTSTANDING SEWAGE WORKS REVENUE BONDS, AUTHORIZING THE ISSUANCE OF REVENUE BONDS IN ONE OR MORE SERIES FOR SUCH PURPOSE IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED TWENTY-TWO MILLION DOLLARS ($22,000,000), ESTABLISHING A SEWAGE WORKS REFUNDING FUND, AND ADDRESSING OTHER MATTERS CONNECTED THEREWITH STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana(the"City"),presently owns and operates a sewage works by and through its Board of Public Works(the"Board")for the collection and treatment of sewage and other wastes (the "Sewage Works," "Works" or "works"), pursuant to the provisions of Indiana Code 36-9-23, as amended (the"Act"). The Common Council of the City(the"Common Council"or"Council")hereby finds that certain hereinafter described outstanding bonds of the Sewage Works should be refunded to obtain a reduction in interest payments and effect a savings to the City; that the refunding of those outstanding bonds, together with redemption premium and accrued interest thereon and including all costs related to the refunding cannot be provided for out of funds of the Sewage Works now on hand and the refunding should be accomplished by the issuance of refunding revenue bonds of the Sewage Works. The Council previously adopted Ordinance No. 9951-09 on August 10, 2009, which was amended by Ordinance No. 9971- 09 adopted by the Council on October 26, 2009 (collectively, the "2009 Ordinance"), and pursuant to which the City issued its Sewage Works Revenue Bonds of 2009 (the "2009 Bonds") in the original principal amount of$3,297,000 which 2009 Bonds constitute a first charge on the Net Revenues (as hereinafter defined) of the Sewage Works, are now outstanding in the amount of$1,748,401, and have a final maturity of December 1, 2028. The Council previously adopted Ordinance No. 10052-10 on November 8,2010(the"2010 Ordinance"), and pursuant to which the City issued its Sewage Works Revenue Bonds of 2010 the"2010 Bonds") in the original principal amount of$9,345,000 which 2010 Bonds constitute a first charge on the Net Revenues of the Sewage Works, are now outstanding in the amount of 5,925,000, and have a final maturity of December 31, 2030. The Council previously adopted Ordinance No. 10118-11 on September 12, 2011, (the 2011 Ordinance"), and pursuant to which the City issued its Sewage Works Revenue Bonds of 2011 (the "2011 Bonds") in the original principal amount of $21,500,000 which 2011 Bonds