9523-04 Authorizing the Acquistion, COnstuction and, Installation of Certain Additions

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Bonds will be considered. The opinion of Bond Counsel approving the legality of the 2004 Bonds will be furnished to the purchaser at the expense of the City. (e) The 2004 Bonds shall be awarded by the Controller to the best bidder who has submitted its bid in accordance with the terms of this Ordinance, IC 5-1-11, as amended, and the notice. The best bidder will be the one who offers the lowest interest cost to the City, to be determined by computing the total interest on all of the 2004 Bonds to their maturities and deducting the premium bid, if any, or adding thereto the discount bid, if any. The right to reject any and all bids shall be reserved. If an acceptable bid is not received on the date of sale, the sale may be continued from day to day thereafter without further advertisement for a period of thirty (30) days, during which time, no bid which provides a higher net interest cost to the City than the best bid received at the time of the advertised sale will be considered. (f) Upon the consummation of the sale of the 2004 Bonds, the Controller is hereby authorized and directed to (i) to collect from the purchaser the purchase price for the 2004 Bonds; (ii) deliver the 2004 Bonds to the purchaser; and (iii) take the purchaser's receipt for the 2004 Bonds. The amount to be collected from the purchaser shall be the full amount which the purchaser has agreed to pay therefor, which shall be not less than 99°Io of the face value of the 2004 Bonds (exclusive of original issue discount) plus accrued interest to the date of delivery. (g) The 2004 Bonds, when fully paid for and delivered to the purchasers, shall be the binding special revenue obligations of the City, payable out of the Net Revenues of the City's Sewage Works to be set aside into the Sinking Fund as herein provided. SECTION 8. Use of Bond Proceeds. Any accrued interest and premium received at the time of delivery of the 2004 Bonds shall be deposited in the Debt Service Account of the Sinking Fund described below and shall be applied to the payment of interest on the 2004 Bonds on the earliest interest payment dates. The remaining proceeds received from the sale of the 2004 Bonds shall be deposited in a bank or banks which are legally qualified depositories of the funds of the City, in a special account to be designated as the "City of South Bend, Indiana, 2004 Sewage Works Construction Account" (the "Project Frntd'). The proceeds deposited in the Project Fund shall be expended only for the purpose of paying the cost of the Project and the costs of issuance of the 2004 Bonds. Any balance remaining in the Project Fund after the completion of the Project, which is not required to meet unpaid obligations incurred in connection therewith or to pay the costs of issuance of the 2004 Bonds, may be used to pay debt service on the 2004 Bonds or otherwise used as permitted by law. SECTION 9. Official Statement and Continuing_Disclosure Agreement. (a) The distribution of the Preliminary Official Statement related to the 2004 Bonds (the "Preliminary Official Statement") and the final Official Statement related to the 2004 Bonds (the "Official Statement") to be prepared by Crowe Chizek, on behalf of the City, is hereby authorized and approved and the Mayor is authorized and directed to execute the Official Statement on behalf of the City in a form consistent with this Ordinance. The Mayor or the Controller is authorized to deem the Preliminary Official Statement as "final" for purposes of Rule 15c2 12 promulgated by the Securities and Exchange Commission (the "Rule"). -10-