25-20 Sewage Works Refunding Bond Ordinance

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Refunding Bonds and this constitutes a declaration of official intent to reimburse expenditures under Treas. Reg. 1.150-2(e) and Indiana Code 5-1-14-6(c). The Refunding Bonds (or each series thereof if sold in multiple series) shall be issued and sold at a price not less than ninety-nine percent (99.00%) of the principal amount thereof. The Bonds shall be sold as provided in Section 10 hereof. The Refunding Bonds shall be issued in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, or as determined by the Mayor of the City (the "Mayor") and the Controller of the City (the "Controller"), with the advice of the Municipal Advisor as evidenced by delivery of a certificate executed in conjunction with the issuance of the Refunding Bonds (the "Closing Certificate"), in denominations of One Hundred Thousand Dollars ($100,000) or any integral multiple of$1,000 in excess thereof, in either case not exceeding the aggregate principal amount of the Refunding Bonds maturing any one (1) year, shall be numbered consecutively from R-1 upward (with the addition of a letter designation if the Refunding Bonds issued in one (1) year are issued in more than one (1) series, and shall bear interest at a rate not to exceed six percent (6.00%) per annum. Interest on the Refunding Bonds shall be payable semiannually on June 1 and December 1 in each year (each an"Interest Payment Date"), with the initial Interest Payment Date for the Refunding Bonds (or each series of the Refunding Bonds if issued in more than one (1) series) being finally determined by Mayor Ma or and the Controller, with the advice of the Municipal Advisor, as evidenced by delivery of the Closing Certificate. Interest on the Refunding Bonds shall be calculated according to a 360-day calendar year containing twelve 30-day months. The Refunding Bonds shall mature on December 1 of each year beginning in the year and in such amounts as is deemed appropriate by the Mayor and the Controller, with the advice of the Municipal Advisor, as evidenced by delivery of the Closing Certificate, and over a period ending not later than December 1, 2031. The Refunding Bonds shall bear an original issue date which shall be the date of delivery and each Refunding Bond shall also bear the date of its authentication. Any Refunding Bond authenticated on or before the fifteenth(15th)day of the month preceding the first Interest Payment Date (the "Record Date"), shall pay interest from its original date. Any Refunding Bond authenticated thereafter shall pay interest from the Interest Payment Date next preceding the date of authentication of such RefundingBond to which interest thereon has beenpaid or dulyprovided the month precedingan for,unless such Refunding Bond is authenticated after the Record Date of Interest Payment Date and on or before such Interest Payment Date, in which case interest thereon shall be paid from such Interest Payment Date. All payments of interest on the Refunding Bonds shall be paid by check mailed one business day prior to the interest payment date to the registered owners thereof as of the Record Date at the addresses as they appear on the registration and transfer books of the City kept for that purpose by the Registrar(the"Registration Record")or at such other address as is provided to the Paying Agent in writing by such registered owner. Each registered owner of$1,000,000 or more in principal amount of Refunding Bonds shall be entitled to receive interest payments by wire transfer by providing written wire instructions to the Paying Agent before the Record Date for any payment. All principal payments and premium payments,if any, on the Refunding Bonds shall be made upon surrender thereof at the principal office of the Paying Agent, in any U.S. coin or currency which on the date of such payment shall be legal tender for the payment of public and private debts, or in the case of a registered owner of$1,000,000 or more in principal amount of - 4 -