10190-12 Refinance Waterworks revenue of 2002

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ti terms where used in this Ordinance shall be construed to mean and include all structures and property of the City's waterworks utility. The Project has been constructed in accordance with the plans and specifications heretofore mentioned, which plans and specifications have previously been approved. All or a portion of the cost of the Refunding will be paid with the proceeds of the 2012B Bonds to be issued pursuant to the provisions of this Ordinance and the Act. The City may also use other legally available funds on hand to pay for the remainder of the cost of the Refunding the 2002 Bonds. SECTION 2. Authorization of Obligations. (a) The City shall issue its "Waterworks Refunding Revenue Bonds of 2012B" or such other designation as the Executive (as defined below) or the Fiscal Officer (as defined below) shall determine at the time of issuance of any series of bonds (the "2012B Bonds"), in one or more series (as designated by the City, a "Series"), in an original principal amount not to exceed Four Million Two Hundred Thousand Dollars ($4,200,000) (the "Authorized Amount"), as negotiable, fully registered bonds, for the purpose of procuring funds to be applied to the costs of the Refunding, and all incidental expenses incurred in connection therewith (all of which are deemed to be a part of the Refunding), and the costs of selling and issuing the 2012B Bonds and funding a debt service reserve as described herein. The City reasonably expects to reimburse expenditures for the Refunding with the proceeds of the 2012B Bonds and this constitutes a declaration of official intent to reimburse expenditures under Treas. Reg. 1.150-2(e) and Indiana Code 5-1-14-6(c). The 2012B Bonds shall rank on parity for all purposes with the Prior Bonds. The 2012B Bonds shall be issued in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, numbered consecutively from 1 upward, and dated the date of delivery. The 2012B Bonds shall bear interest at a rate or rates not exceeding five percent (5%) per annum, and interest shall be payable semiannually on January 1 and July 1 in each year, with the beginning date of interest payments being finally determined by the Mayor as the executive of the City (the "Executive") and the Controller as the fiscal officer of the City, or any acting, assistant or deputy controller of the City (the "Fiscal'Officer"), with the advice of the City's financial advisor, as evidenced by delivery of the executed initial issue of the 2012B Bonds to the Registrar for authentication. Interest on the BANs and the 2012B Bonds shall be calculated according to a 360-day calendar year containing twelve 30-day months. The 2012B Bonds shall mature on January 1 of each year beginning in the year and in such amounts as is deemed appropriate by the Executive and the Fiscal Officer, with the advice of the City's financial advisor, as evidenced by delivery of the executed initial issue of the 2012B Bonds to the Registrar for authentication, and over a period ending not later than January 1, 2023. All or a portion of the 2012B Bonds may be aggregated into and issued as one or more term bonds. The term bonds will be subject to mandatory sinking fund redemption with sinking fund payments and final maturities corresponding to the serial maturities described above. Sinking fund payments shall be applied to retire a portion of the term bonds as though it were a redemption of serial bonds and, if more than one term bond of any maturity is outstanding, redemption of such maturity shall be made by lot. Sinking fund redemption payments shall be made in a principal amount equal to such serial maturities, plus accrued interest to the redemption date, but without premium or penalty. For all purposes of this - 4 -