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BANs") in an aggregate amount not to exceed Forty-Seven Million Seven Hundred Ninety-one
<br />Thousand Dollars($47,791,000).
<br />The City previously submitted a petition to the IURC seeking approval for the adjustment
<br />of the rates and charges of the Waterworks and the issuance of long-term indebtedness and the
<br />IURC issued its order(Cause No.45719),dated January 25,2023 (the"Order"),approving,subject
<br />to the requirements set forth in the Order, the issuance of long-term debt in the amount not to
<br />exceed $47,791,000.
<br />The Common Council finds that there are now outstanding bonds issued on account of the
<br />Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue
<br />Bonds of 2009, Series A" dated September 1, 2009 (the"2009A Bonds") originally issued in the
<br />amount of$429,000 authorized by Ordinance No. 9937-09 adopted by the Common Council on
<br />June 8, 2009 (the"Original 2009 Ordinance"), now outstanding in the amount of$196,030.
<br />The Common Council finds that there are also now outstanding bonds issued on account
<br />of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks
<br />Revenue Bonds of 2012" dated June 21, 2012 (the "2012A Bonds"), originally issued in the
<br />amount of$8,300,000 authorized by Ordinance No. 10134-11 adopted by the Common Council
<br />on November 28, 2011 (the"2012A Ordinance"), now outstanding in the amount of$4,685,000.
<br />The Common Council finds that there are also outstanding bonds issued on account of the
<br />Waterworks and payable out of the revenues therefrom designated as the"Waterworks Refunding
<br />Revenue Bonds of 2016" dated December 27, 2016 (the "2016 Bonds"), originally issued in the
<br />amount of$3,300,000 authorized by Ordinance No. 10480-16, adopted by the Common Council
<br />on November 14, 2016 (the"2016 Ordinance"),now outstanding in the amount of$1,220,000.
<br />The Common Council finds that there are also outstanding bonds issued on account of the
<br />Waterworks and payable out of the revenues therefrom designated as the"Amended Waterworks
<br />Revenue Bonds of 2009, Series B"dated November 5, 2019 (the"Amended 2009B Bonds"), (the
<br />2009A, 2012A Bonds, the 2016 Bonds, and the Amended 2009B Bonds, together, the "Prior
<br />Bonds")originally issued and currently outstanding in the amount of$2,814,257 authorized by the
<br />Original 2009 Ordinance as supplemented and amended by Ordinance No. 10659-19 adopted by
<br />the Common Council on July 22, 2019 (the "2019 Amending Ordinance" and with the Original
<br />2009 Ordinance, the "Amended 2009 Ordinance") (the 2012A Ordinance, 2016 Ordinance and
<br />Amended 2009 Ordinance, collectively, the"Prior Ordinances").
<br />The Prior Bonds constitute a first charge upon the Net Revenues (as hereinafter defined).
<br />Other than the Prior Bonds, the City has no outstanding revenue bonds or other pledges of Net
<br />Revenues of the Waterworks.
<br />The Prior Ordinances provide that the City may authorize and issue additional bonds
<br />payable out of the Net Revenues ranking on parity with the Parity Bonds (as hereinafter defined)
<br />for the purpose of financing the cost of future additions, extensions and improvements to the
<br />works, or to provide for a complete or partial refunding of bonds subject to the provisions of the
<br />Prior Ordinances. The conditions precedent to the issuance of additional parity bonds set forth in
<br />the Prior Ordinances, as described above, have been satisfied, subject to approval by the IURC.
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