Construction of Additions and Improvements to the Sewage Works Bonds

Home Browse Search

WHEREAS , the Common Council now finds that all conditions precedent to the adoption of an ordinance authorizing the issuance of said junior revenue bonds to provide the funds necessary to pay for the cost of acquiring and constructing those portions of the Improvements to the Plant not paid for with the proceeds of the Grants have been complied with in accordance with the provisions of the Act; NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: Section 1. The actions of the Board of Public Works in approving the plans, specifications, and cost estimates and in advertising for the receipt of bids for the construction of the Improvements in accordance with said plans, specifications, and cost estimates are hereby approved, ratified and confirmed and the Board of Public Works is hereby authorized and directed to proceed with the construction of the Improvements in accord with said plans, specifications, and cost estimates which are hereby approved by the Common Council and by reference made a part of this Ordinance as if the same were attached hereto and incorporated herein. The Improvements to the Plant shall be as described above and shall be acquired and constructed and the bonds herein authorized shall be issued pursuant to and in accordance with the provisions of the Act and all acts amendatory thereof and supplemental thereto. The term "sewage works" , "works", and other like terms when used in this Ordinance, shall be construed to mean and include the existing City of South Bend sewage works and all additions, extensions and improvements thereto, and replacements thereof, hereafter constructed or acquired, whether from the proceeds of the bonds herein authorized or otherwise. The term "City" where used in this Ordinance shall be construed to also include any department, board, commission, offices or officers of the City. Section 2 . For the purpose of providing funds necessary to pay a portion of the costs of acquiring and constructing the Improvements, together with expenses incidental thereto, including expenses in connection with the issuance of the bonds and any other related costs as set forth in the Act, the City shall issue and sell sewage works revenue bonds designated "City of South Bend, Indiana Sewage Works Revenue Bonds of 1989" (the "Series 1989 Bonds") in the aggregate principal amount of Nine Million Five Hundred Thousand Dollars ($9,500, 000) . The Series 1989 Bonds shall be payable solely out of the Sinking Fund referred to hereinbelow. Any other provisions of this Ordinance to the contrary notwithstanding, the revenue bonds herein authorized to be issued shall be junior and subordinate in all respects to said now outstanding 1971 Bonds. -3-