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The Common Council now finds that to provide funds necessary to pay for the costs of the
<br />Project, it will be necessary for the City to issue sewage works revenue bonds in a principal
<br />amount not to exceed Eleven Million Five Hundred Thousand Dollars ($11,500,000).
<br />The City has previously issued its bonds authorized by Ordinance No. 8919-98, passed by
<br />the Common Council on June 22, 1998 (the "1998 Bond Ordinance"), and designated as "City of
<br />South Bend, Indiana Sewage Works Revenue Bonds of 1998," dated December 30, 1998 (the
<br />"1998 Bonds"), issued in the original amount of $24,095,000.
<br />The City has also previously issued its bonds authorized by Ordinance No. 9270-01,
<br />passed by the Common Council on September 24, 2001 (the "2001 Bond Ordinance" and
<br />collectively with the 1998 Bond Ordinance, the "Prior Bond Ordinances"), and designated as
<br />"City of South Bend, Indiana Sewage Works Refunding Revenue Bonds of 2001," dated October
<br />1, 2001 (the "2001 Bonds" and collectively with the 1998 Bonds, the "Prior Bonds"), issued in
<br />the original amount of $5,240,000.
<br />The Common Council deems it advisable to issue the bonds authorized by this Ordinance,
<br />which Bonds are designated as the "City of South Bend, Indiana Sewage Works Revenue Bonds
<br />of 2004" in an original amount not to exceed Eleven Million Five Hundred Thousand Dollars
<br />($11,500,000) (the "2004 Bonds"), for the purpose of providing together with certain other funds
<br />on hand, for the payment of (i) the Project, and (ii) the costs of issuing the 2004 Bonds authorized
<br />hereby.
<br />The Prior Ordinances permit the issuance of additional bonds payable from the revenues
<br />of the Sewage Works and ranking on a parity with the Prior Bonds for the purpose of financing
<br />additions, extensions and improvements to the Sewage Works provided certain conditions can be
<br />met, and the Common Council finds that the finances of the Sewage Works will enable the City to
<br />meet the conditions for the issuance of additional parity bonds and that, accordingly, the 2004
<br />Bonds shall rank on a parity with the Prior Bonds.
<br />The Common Council now finds that all conditions precedent to the adoption of this
<br />Ordinance authorizing the issuance of the 2004 Bonds have been complied with in accordance
<br />with the provisions of the Act.
<br />NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
<br />CITY OF SOUTH BEND, INDIANA THAT:
<br />SECTION 1. Acquisition, Construction, and Installation of the Project. The City, acting
<br />by and through the Board and as the owner and operator of the Sewage Works for the collection
<br />and treatment of sewage and other wastes, hereby orders, authorizes and directs the Board to
<br />acquire any and all necessary property and to proceed with the acquisition, construction, and
<br />installation of additions, extensions and improvements to the Sewage Works, pursuant to the Act
<br />and in accordance with the plans, specifications and cost estimates heretofore prepared and filed
<br />with the Board by the Engineer, which plans, specifications and cost estimates are hereby adopted
<br />and approved and, by reference, incorporated fully into this Ordinance, and two copies of which
<br />are now on file in the office of the Board and are open for public inspection. The actions of the
<br />Board in connection with the acquisition of any and all necessary property and the acquisition,
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