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X fTr , � a <br /> r 3 r.: <br /> x.11.:':�► <br /> �1 ORDINANCE NO. ?3/1- 9 a <br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AUTHORIZING <br /> THE ACQUISITION AND CONSTRUCTION OF EXTENSIONS, <br /> ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL <br /> WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA, <br /> AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO PROVIDE <br /> FOR THE COSTS THEREOF, AND AUTHORIZING THE COLLECTION, <br /> SEGREGATION AND DISTRIBUTION OF THE REVENUES <br /> OF SUCH WATERWORKS AND OTHER RELATED MATTERS <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The City of South Bend, Indiana ("City") , is the owner <br /> of and operates an unencumbered waterworks system (the <br /> "Waterworks") by and through its Board of Waterworks (the "Board") <br /> furnishing the public water supply to the City and its inhabitants <br /> pursuant to the provisions of IC 8-1.5, as amended (the "Act") . <br /> The Board, at a meeting on November 4, 1992, adopted Resolution No. <br /> 1992-10, by which the Board has represented to the Common Council <br /> of the City (the "Common Council") and the Common Council has <br /> determined that certain extensions, additions and improvements to <br /> the Waterworks as described herein, are necessary in order to serve <br /> adequately and protect and promote the public health, welfare and <br /> property of the inhabitants of the City. <br /> Acting on the direction and on the behalf of the Board, <br /> engineers employed by the City (the "Engineers") have recommended <br /> the extensions, additions and improvements to the Waterworks and <br /> have prepared and filed preliminary descriptions, specifications <br /> and estimates of the cost of the necessary additions, improvements <br /> and extensions to the Waterworks (the "Project") . The Common <br /> Council now finds that the Project, as identified in the <br /> aforementioned preliminary descriptions and estimates, is necessary <br /> for the benefit of the Waterworks and the City and that the <br /> estimates prepared and delivered by the Engineers with respect to <br /> the cost of construction of the Project, including all incidental <br /> and other authorized expenses relating thereto, including the <br /> allocable portion of the costs of issuance of bonds on account <br /> thereof, will be in the approximate amount of Five Million One <br /> Hundred Thousand and 00/100 Dollars ($5, 100, 000.00) . The Common <br /> Council further finds that the total cost of the Project cannot be <br /> otherwise provided for out of funds of the Waterworks currently <br /> available or reasonably anticipated to be available prior to the <br /> completion of the Project and that, in order to obtain funds to pay <br /> for a portion of the costs of the Project, it will be necessary to <br /> issue and sell waterworks revenue bonds, payable solely out of the <br /> net revenues of the Waterworks, as hereinafter defined, and not <br /> constituting a general obligation of the City. The Common Council <br /> desires to authorize issuance of waterworks revenue bonds to <br /> finance a portion of the costs of construction of the Project <br />