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constitute a first charge on the Net Revenues of the Sewage Works, are now outstanding in the
<br />amount of$14,535,000, and have a final maturity of December 1, 2031.
<br />The Council previously adopted Ordinance No. 10187-12 on October 8, 2012 (the "2012
<br />Ordinance"), and pursuant to which the City issued its Sewage Works Revenue Bonds of 2012
<br />the"2012 Bonds") in the original principal amount of$25,000,000 which 2012 Bonds constitute
<br />a first charge on the Net Revenues of the Sewage Works, are now outstanding in the amount of
<br />17,660,000, and have a final maturity of December 1, 2032.
<br />The Council previously adopted Ordinance No. 10226-13 adopted by the Council on April
<br />8, 2013 (the "2013A Ordinance"), and pursuant to which the City issued its Sewage Works
<br />Refunding Revenue Bonds of 2013A (the "2013A Bonds") in the original principal amount of
<br />14,765,000 which 2013A Bonds constitute a first charge on the Net Revenues of the Sewage
<br />Works, are now outstanding in the amount of$3,450,000, and have a final maturity of December
<br />1, 2024.
<br />The Council previously adopted Ordinance No. 10406-15 on November 23, 2015 (the
<br />2015 Ordinance" and collectively with the 2009 Ordinance, the 2010 Ordinance, the 2011
<br />Ordinance, the 2012 Ordinance, the 2013A Ordinance, the "Prior Ordinances"), and pursuant to
<br />which the City issued its Sewage Works Refunding Revenue Bonds of 2015 (the "2015 Bonds"
<br />and collectively with the 2009 Bonds, the 2010 Bonds, the 2011 Bonds, the 2012 Bonds, and the
<br />2013A Bonds, the "Prior Bonds") in the original principal amount of$27,440,000 which 2015
<br />Bonds constitute a first charge on the Net Revenues of the Sewage Works, are now outstanding in
<br />the amount of$17,200,000, and have a final maturity of December 1, 2025.
<br />The 2009 Bonds may be redeemed presently but with a redemption premium;however,the
<br />2009 Bonds may be redeemed without a premium on or after December 1, 2021, at the option of
<br />the City, in whole or in part at a redemption price equal to the principal amount to be redeemed,
<br />plus accrued interest to the date of redemption. The 2010 Bonds may be redeemed on or after
<br />December 1, 2020, at the option of the City, in whole or in part at a redemption price equal to the
<br />principal amount to be redeemed, plus accrued interest to the date of redemption and without any
<br />premium. The 2011 Bonds may be redeemed on or after December 1, 2021, at the option of the
<br />City, in whole or in part at a redemption price equal to the principal amount to be redeemed, plus
<br />accrued interest to the date of redemption and without premium.
<br />The Prior Ordinances allow for the issuance of additional bonds payable from the revenues
<br />of the City's Sewage Works and ranking on parity any Prior Bonds that remain outstanding. Baker
<br />Tilly Municipal Advisors, LLC (the "Municipal Advisor"),has been employed by the City for the
<br />purpose of analyzing the records and finances of the Sewage Works, and has submitted
<br />preliminary evidence and findings demonstrating compliance with the conditions set forth in the
<br />Prior Ordinances for the issuance of additional revenue bonds payable out of the revenues of the
<br />Sewage Works and ranking on a parity with the Prior Bonds.
<br />The Council has determined, after being duly advised, that it is beneficial to refund all or
<br />a portion of the outstanding 2009 Bonds, 2010 Bonds and/or 2011 Bonds (the portion determined
<br />to be refunded, the "Refunded Bonds") pursuant to the provisions of Indiana Code 5-1-5 and the
<br />Act to enable the City to obtain a reduction in interest payments and effect a savings to the City
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