09/25/12 Board of Public Works Minutes

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REGULAR MEETING SEPTEMBER 25.,, 2012 312 not to exceed Four Million Two Hundred Thousand Dollars ($4,200,000) (the "201213 Bonds "), for the purpose of providing for the payment of (i) the Refunding, and (ii) the costs of issuing such 2012B Bonds. WHEREAS, the City reasonably expects to reimburse expenditures for the Refunding with the proceeds of the 2012B Bonds and the Board deems appropriate and recommends to the Common Council that such reimbursement be made. WHEREAS, the Prior Ordinances permit the issuance of additional bonds payable from the revenues of the Waterworks and ranking on a parity with the Prior Bonds for the purpose of financing additions, extensions and improvements to the Waterworks provided certain conditions can be met, and the Board has determined, based upon information provided to the Board by Crowe Horwath LLP, the City's financial advisor, that the finances of the Waterworks will enable the City to meet the conditions for the issuance of additional parity bonds and that, accordingly, the 2012B Bonds shall rank on a parity with the Prior Bonds. WHEREAS, the Board has reviewed the form of a bond ordinance to be adopted by the Common Council authorizing the City to issue and sell the 2012B Bonds for the purpose of financing the Refunding (the "201213 Bond Ordinance "), a copy of which is attached hereto as Exhibit A, and the Board has found the 2012B Bond Ordinance to be satisfactory. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORDS OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. The Board hereby recommends to the Common Council that the Refunding be undertaken by the City and the Waterworks. Section 2. To provide funds necessary to pay for or reimburse the City for the costs of the Refunding, together with expenses incidental thereto, including expenses in connection with the issuance of the 2012B Bonds, the Board hereby approves and recommends to the Common Council the issuance by the City of Waterworks Revenue Bonds in a principal amount not to exceed Four Million Two Hundred Thousand Dollars ($4,20,000). Section 3. The Board hereby approves the substantially final form of the 2012B Bond Ordinance presented to this meeting and recommends to the Common Council the adoption of such 2012B Bond Ordinance which sets forth the terms and conditions of the 2012B Bonds to be issued thereunder, Section 4. The Board hereby ratifies the actions taken to file the 2012B Bond Ordinance with the Clerk of the City ( "City Clerk ") for presentation to the Common Council, and the Clerk of the Board is hereby directed to present a copy of this Resolution to the City Clerk for presentation to the Common Council for its consideration, as soon as may be done, thereby requesting the issuance of the 2012E Bonds. Section 5, This Resolution shall be in full force and effect from and after its adoption by the Board. Adopted at a meeting of the Board of Public Works of the City of South Bend, Indiana, on this 25th day of September, 2012. BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA s /Donald E. Inks s /Kathryn E. Roos s /Michael C. Meeham ATTEST: s /Linda M. Martin, Clerk ADOPT RESOLUTION NO.- 54-2012 — A RESOLUTION OF THE SOUTH BEND BOARD OF PUBLIC WORKS ON DISPOSAL OF UNFIT AND /OR OBSOLETE PROPERTY Upon a motion made by Ms. Roos, seconded by Mr. Mecham and carried, the following Resolution was adopted by the Board of Public Works: