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out of funds of the waterworks now on hand, and (iii)that the Refunding should be accomplished
<br /> by the issuance of waterworks revenue bonds of the City.
<br /> The Council has determined, after being duly advised, that it is beneficial to currently
<br /> refund the 2002 Bonds to enable the City to obtain a reduction in interest payments and effect a
<br /> savings to the City and hereby authorizes the same by issuance of the 2012B Bonds (described
<br /> herein) under the provisions of the Act.
<br /> The Council finds that there are also now outstanding bonds issued on account of the
<br /> works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds
<br /> of 2012" dated June 21, 2012 (the "2012A Bonds"), originally issued in the amount of
<br /> $8,300,000 authorized by Ordinance No. 10134-11 adopted by the Council on November 28,
<br /> 2011 (the"2012A Ordinance"), now outstanding in the amount of$8,300,000.
<br /> The Council finds that there are now outstanding bonds issued on account of the works
<br /> and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br /> 2009, Series B" dated November 19, 2009 (the "2009B Bonds") originally issued in the amount
<br /> of$5,380,000 authorized by Ordinance No. 9937-09 adopted by Council on June 8, 2009 (the
<br /> "2009 Ordinance"), now outstanding in the amount of$5,380,000.
<br /> The Council finds that there are now outstanding bonds issued on account of the works
<br /> and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br /> 2009, Series A" dated September 1, 2009 (the "2009A Bonds") originally issued in the amount
<br /> of$429,000 authorized by the 2009 Ordinance, now outstanding in the amount of$427,332.
<br /> The Council finds that there are now outstanding bonds issued on account of the works
<br /> and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br /> 2006" dated June 1, 2006 (the "2006 Bonds") originally issued in the amount of $4,710,000
<br /> authorized by Ordinance No. 9603-05 adopted by the Council on July 25, 2005 (the "2005
<br /> Ordinance"), now outstanding in the amount of$3,885,000.
<br /> The Council also finds that there are now outstanding the 2002 Bonds, now outstanding
<br /> in the amount of$3,945,000.
<br /> The Council finds that there are now outstanding bonds issued on account of the works
<br /> and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of
<br /> 2000" dated June 12, 2000 (the "2000 Bonds") (the 2012A Bonds, the 2009B Bonds, the 2009A
<br /> Bonds, 2006 Bonds, the 2002 Bonds and the 2000 Bonds together, the "Prior Bonds")) originally
<br /> issued in the amount of $2,600,000 authorized by Ordinance No. 9095-00 adopted by the
<br /> Council on February 28, 2000 (the "2000 Ordinance"), now outstanding in the amount of
<br /> $1,321,395.
<br /> The Council finds that on or about May 28, 2002, the Council adopted Ordinance No.
<br /> 9328-02 (the "2002 Supplemental Ordinance"), which supplemented and amended the 2002
<br /> Ordinance and the 2000 Ordinance to permit the City to substitute an insurance policy to provide
<br /> funds for the Debt Service Reserve Account thereby freeing monies currently held in the Debt
<br /> Service Reserve Account for use by and improvement of the waterworks. The 2002
<br /> Supplemental Ordinance, together with the 2009 Ordinance, the 2005 Ordinance, the 2002
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