Bill No. 49-23 Revenue Bonds Authorizing the Acquisition & Construction of the Municipal Waterworks

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Filed in Clerk's Office BILL NO. 49-23 AUG 0 S h21 ORDINANCE NO. DAWN M.JONES CITY CLERK,SOUTH BEND,IN AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,AUTHORIZING THE ACQUISITION AND CONSTRUCTION OF CERTAIN ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA; AUTHORIZING THE ISSUANCE OF ADDITIONAL REVENUE BONDS FOR SUCH PURPOSE IN THE PRINCIPAL AMOUNT NOT TO EXCEED FORTY-SEVEN MILLION SEVEN HUNDRED NINETY-ONE THOUSAND DOLLARS ($47,791,000) TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF; ADDRESSING OTHER MATTERS CONNECTED THEREWITH, INCLUDING THE ISSUANCE OF NOTES IN ANTICIPATION OF BONDS; AND REPEALING ORDINANCES INCONSISTENT HEREWITH STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "City") has heretofore established, constructed and financed a municipal waterworks(the"Waterworks"or the"System")and now owns and operates said Waterworks pursuant to I.C. 8-1.5, as amended, and other applicable laws (together, the Act"). The City's Municipal Waterworks Utility is subject to the authority and regulation of the Indiana Utility Regulatory Commission ("NRC") and has not withdrawn from the IURC's authority and regulation. The Common Council of the City (the "Common Council") finds that certain additions, improvements and extensions to the Waterworks are necessary; and that plans, specifications and estimates have been prepared and filed by the engineers employed by the City for the construction of said additions, improvements and extensions, as more fully described on Exhibit A attached hereto, and made a part hereof(collectively, the "Project"), which plans and specifications have been or will be approved by the Common Council and by all governmental authorities having jurisdiction, and particularly the Indiana Department of Environmental Management. The City has advertised or will advertise for and receive bids or proposals for the construction of the Project, which bids or proposals will be subject to the City obtaining funds to pay for the Project. On the basis of said engineering estimates, the maximum estimated cost of the Project, including incidental expenses,is in the amount of Forty-Seven Million Seven Hundred Ninety-one Thousand Dollars ($47,791,000). The Common Council has determined that to provide funds necessary to pay for a portion of the costs of the Project, it will be necessary for the City to issue waterworks revenue bonds, in one (1) or more series, in an amount not to exceed Forty-Seven Million Seven Hundred Ninety-one Thousand Dollars ($47,791,000) and, if necessary, bond anticipation notes BANs") in an aggregate amount not to exceed Forty-Seven Million Seven Hundred Ninety-one Thousand Dollars ($47,791,000).