10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund

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Y appropriate for such purpose, in conformity with and subject to the requirements and conditions set forth in this Ordinance and in the Act and in accordance with the plans and specifications previously prepared for and on behalf of the City. SECTION 3. Authorization for Bonds. In accordance with the Act and for the purpose of providing funds with which to pay the costs of the Project, together with all authorized costs relating thereto including the costs of the issuance of the 2012 Bonds (defined below) on account thereof, the City shall issue and sell its sewage works revenue bonds, in one or more series, in an amount not to exceed Twenty Five Million Dollars ($25,000,000), to be designated "Sewage Works Revenue Bonds of 2012" (the "2012 Bonds"). Such 2012 Bonds shall be signed in the name of the City by the manual or facsimile signatures of the Mayor of the City (the "Mayor") and the Controller of the City (the "Controller") and attested by the Clerk of the City (the "Clerk"), who shall affix the seal of the City to each of the 2012 Bonds manually or shall have the seal imprinted or impressed thereon by facsimile or other means. In case any officer whose signature appears on the 2012 Bonds shall cease to be such officer before the delivery of such 2012 Bonds, such signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until delivery thereof The 2012 Bonds shall also be authenticated by the manual signature of the Registrar (as defined below). Subject to the provisions of this Ordinance regarding the registration of the 2012 Bonds, the 2012 Bonds shall be fully negotiable instruments under the laws of the State of Indiana(the"State"). Any other provisions of this Ordinance to the contrary notwithstanding, the 2012 Bonds shall be issued on a parity with the outstanding Prior Bonds, and none of the provisions of this Ordinance shall be construed to affect the rights of the holders of the outstanding Prior Bonds. The Board shall instruct the Financial Advisor to perform any and all computations necessary to confirm the preliminary evidence and findings demonstrating compliance with the conditions set forth in the Prior Ordinances for issuance of additional revenue bonds on parity with the outstanding Prior Bonds. The City shall not issue the 2012 Bonds without first receiving a certificate from the Financial Advisor in form and substance satisfactory to the Controller regarding compliance with certain conditions set forth in the Prior Ordinances for the issuance of additional revenue bonds on parity with the outstanding Prior Bonds. The 2012 Bonds shall be on a parity with the Prior Bonds, and shall be sold at a price not less than 99% of the par value thereof, shall be issued in fully registered form in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, shall be numbered consecutively from R-1 up, shall be originally dated as of the first day of the month in which the 2012 Bonds are sold or as otherwise determined by the Controller, and shall bear interest at a rate or rates not exceeding eight percent (8.0 %) per annum (the exact rate or rates to be determined pursuant to Section 8 hereof) payable on the first (1st) day of June and December in each year, following the original date of the 2012 Bonds as determined by the Controller, with the advice of the Financial Advisor and as set forth in the notice of intent to sell bonds or notice of bond sale pursuant to in Section 8 herein. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. The 2012 Bonds shall mature annually on December 1 as finally determined by the Mayor and the Controller with the advice of the Financial Advisor and as set forth in the notice of intent to sell referred to herein and as evidenced by delivery of the executed initial issue of the 2012 Bonds to the Registrar for authentication; provided that the -4 -