Municipal Waterworks Revenue Bonds

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t , • T p Garage, rehabilitation of existing water tanks and repairs to the reservoir. Section 3. Project Subject to Certain Conditions. The City, acting by and through the Board, shall proceed with the construction, installation, and equipping of the Project, and the proper officers of the City and the Board are hereby authorized and directed to carry out the purposes of this Ordinance and to enter into all contracts necessary for such purpose in conformity with and subject to the provisions of the Act and this Ordinance, subject, however, to the condition that the principal of and interest on the revenue bonds issued to finance in part the Project shall be paid solely and exclusively from the revenues of the Waterworks pursuant to the Act and this Ordinance, and shall not constitute a general obligation of the City. Section 4. The Bonds. In accordance with the Act and for the purpose of providing funds with which to pay a portion of the costs of the Project, together with authorized expenses relating thereto, including the costs of issuance of such bonds the City shall issue and sell its waterworks revenue bonds pursuant to the provisions of the Act and this Ordinance, which bonds shall be payable solely from the Waterworks Sinking Fund created hereinbelow (the "Sinking Fund") to be provided from the Net Revenues (herein defined as the gross revenues of the Waterworks of the City remaining after the payment of the reasonable expenses of operation, repair and maintenance) of the Waterworks of the City. The bonds authorized by this Ordinance shall be designated as "City of South Bend, Indiana, Waterworks Revenue Bonds of 1993" (the "Bonds") , shall be issued in the principal amount not to exceed Five Million One Hundred Thousand and 00/100 Dollars ($5, 100, 000. 00) , shall be issued in the denominations of Five Thousand and 00/100 Dollars ($5, 000.00) and any integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing in any one year, shall be numbered consecutively from 93R-1 upward, and shall bear interest at a rate or rates not exceeding ten percent (10%) . (The exact rate or rates to be determined by bidding) . Interest on the Bonds shall be payable semi-annually on January 1 and July 1 of each year beginning on July 1, 1993 (each an "Interest Payment Date") , and such interest shall be calculated on the basis of twelve (12) thirty (30) -day months for a three hundred and sixty (360) -day year. The Bonds shall mature serially on January 1, in such years, in any case not later than January 1, 2008, and in such annual principal amounts as may be determined by the Board subject to the approval of the Common Council, with such determination evidenced by a resolution of the Board and such approval evidenced by an ordinance of the Common Council, provided, that the terms and conditions of such approval and determination shall be in all cases governed by and consistent with the provisions of this Ordinance. 3