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10190-12 Refinance Waterworks revenue of 2002
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10190-12 Refinance Waterworks revenue of 2002
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Last modified
10/12/2012 12:35:11 PM
Creation date
10/12/2012 12:35:02 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/2012
Ord-Res Number
10190-12
Bill Number
53-12
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ORDINANCE NO. t° O` <br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br /> INDIANA CONCERNING THE CURRENT REFUNDING OF OUTSTANDING <br /> WATERWORKS REVENUE BONDS OF 2002,ISSUED TO FINANCE <br /> CONSTRUCTION OF IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF <br /> THE CITY OF SOUTH BEND,INDIANA; AUTHORIZING THE ISSUANCE OF <br /> REVENUE BONDS FOR SUCH PURPOSE IN THE PRINCIPAL AMOUNT NOT TO <br /> EXCEED FOUR MILLION TWO HUNDRED THOUSAND ($4,200,000); ADDRESSING <br /> OTHER MATTERS CONNECTED THEREWITH,INCLUDING THE ISSUANCE OF <br /> NOTES IN ANTICIPATION OF BONDS; AND REPEALING ORDINANCES <br /> INCONSISTENT HEREWITH <br /> STATEMENT OF PURPOSE AND INTENT <br /> The City of South Bend, Indiana (the "City") has heretofore established, constructed and <br /> financed a municipal waterworks and now owns and operates said works pursuant to I.C. 8-1.5, <br /> as amended, and other applicable laws (together,the "Act"). <br /> The City's Municipal Waterworks Utility is subject to the authority and regulation of the <br /> Indiana Utility Regulatory Commission ("IURC") and has not withdrawn from the IURC's <br /> authority and regulation. <br /> The Common Council of the City (the "Council") previously found in its Ordinance No. <br /> 9247-01 adopted by the Council on August 27, 2001 (the "2002 Ordinance"), that certain <br /> improvements to said works were necessary; and that plans, specifications and estimates had <br /> been prepared and filed by the engineers employed by the City for the acquisition and <br /> construction of said improvements (as described more fully on Exhibit A to the 2002 Ordinance) <br /> (the "Project"), which plans and specifications or other pertinent information were in a timely <br /> fashion submitted to all government authorities having jurisdiction thereover, particularly the <br /> Indiana Department of Environmental Management ("IDEM"), and were approved by the <br /> aforesaid government authorities. <br /> Pursuant to the 2002 Ordinance, the City issued its "Waterworks Revenue Bonds of <br /> 2002" dated June 1, 2002 (the "2002 Bonds") originally issued in the amount of$5,580,000, now <br /> outstanding in the amount of$3,945,000, with a final maturity of January 1, 2023. <br /> The Council has determined, after being duly advised, (i) that the 2002 Bonds should be <br /> currently refunded to obtain a reduction in interest payments and effect a savings to the City (the <br /> "Refunding"); (ii) that the Refunding of the 2002 Bonds, together with redemption premium and <br /> accrued interest thereon and including all costs related to the refunding, cannot be provided for <br />
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