09/25/12 Board of Public Works Minutes

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REGULAR MEETING SEPTEMBER 25 2012 311 operates said works, by and through its Board of Public Works (the "Board "), pursuant to I.C. 8 -1.5, as amended, and other applicable laws. WHEREAS, the Board has determined and desires to recommend to the Common Council of the City (the "Common Council ") that it is beneficial to currently refund the City's outstanding 2002 Bonds, as more particularly described herein, to obtain a reduction in interest payments and effect a savings to the City (the "Refunding "). WHEREAS, the Board has determined, based on estimates of the costs of the Refunding provided to the Board by the City's Department of Waterworks, that the costs of the Refunding, including the costs of the issuance of bonds on account of the financing of all or a portion thereof, will be in the estimated amount not to exceed Four Million Two Hundred Thousand Dollars ($4,200,000). WHEREAS, the Board has determined that to provide funds necessary to pay for the costs of the Refunding, it will be necessary for the City to issue Waterworks revenue bonds in a principal amount not to exceed Four Million Two Hundred Thousand Dollars ($4,200,000). WHEREAS, the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues thereof designated as the "Waterworks Revenue Bonds of 2012" dated June 21, 2012 (the "2012A Bonds "), originally issued in an amount $8,300,000 authorized by Ordinance No. 10134 -11 adopted by the Common Council on November 28, 2011 (the "2012A Ordinance "), now outstanding in an amount of $8,300,000. WHEREAS, the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2009, Series B" dated November 19, 2009 (the "2009B Bonds ") originally issued in the amount of $5,380,000 authorized by Ordinance No. 9937 -09 adopted by the Common Council on June 8, 2009 (the "2009 Ordinance "), now outstanding in the amount of $5,380,000. WHEREAS, the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2009, Series A" dated September 1, 2009 (the "2009A Bonds ") originally issued in the amount of $429,000 authorized by the 2009 Ordinance, now outstanding in the amount of $427,332. WHEREAS, the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2006" dated June 1, 2006 (the "2006 Bonds ") originally issued in the amount of Four Million Seven Hundred Ten Thousand Dollars ($4,710,000) authorized by Ordinance No. 9603 -05 adopted by the Common Council on July 25, 2005 (the "2005 Ordinance "), now outstanding in the amount of $3,885,000. WHEREAS, the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2002" dated June 1, 2002 (the "2002 Bonds ") originally issued in the amount of $5,580,000 authorized by Ordinance No. 9247 -01 adopted by the Common Council on August 27, 2001 (the "2002 Ordinance "), now outstanding in the amount of $3,945,000. WHEREAS, the City has previously issued and there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2000" dated June 12, 2000 (the "2000 Bonds" and together with the 2012A Bonds, the 2009B Bonds, the 2009A Bonds, the 2006 Bonds and the 2002 Bonds, the "Prior Bonds "), originally issued in the amount of $2,600,000 authorized by Ordinance No. 9095 -00 adopted by the Common Council on February 28, 2000 (the "2000 Ordinance" and together with the 2012A Ordinance, the 2009 Ordinance, the 2005 Ordinance and the 2002 Ordinance, the "Prior Ordinances "), now outstanding in the amount of $1,321,395. WHEREAS, the Board deems it advisable and recommends to the Common Council that the City issue revenue bonds payable from the revenues of the Waterworks in an original amount