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The Council previously found in its Ordinance No. 9523-04 adopted by the Council on
<br /> August 10, 2004 (the "2004 Ordinance"), that certain improvements to said works were
<br /> necessary; and that plans, specifications and estimates had been prepared and filed by the
<br /> engineers employed by the City for the acquisition and construction of said improvements (as
<br /> described more fully in the 2004 Ordinance) (the "2004 Project"), which plans and specifications
<br /> or other pertinent information were in a timely fashion submitted to all government authorities
<br /> having jurisdiction thereover, particularly IDEM, and were approved by the aforesaid
<br /> government authorities.
<br /> Pursuant to the 2004 Ordinance, the City issued its "Sewage Works Revenue Bonds of
<br /> 2004" (the "2004 Bonds"), now outstanding in the amount of $7,980,000, and having a final
<br /> maturity of December 1, 2024.
<br /> The Council has determined, after being duly advised, (i) that the 2004 Bonds should be
<br /> refunded to obtain a reduction in interest payments and effect a savings to the City (the "2004
<br /> Refunding" and together with the 1998 Refunding, the "Refunding"); (ii) that the 2004
<br /> Refunding of the 2004 Bonds and accrued interest thereon and including all costs related to such
<br /> refunding, cannot be provided for out of funds of the Sewage Works now on hand, and (iii) that
<br /> the 2004 Refunding should be accomplished by the issuance of Sewage Works revenue bonds of
<br /> the City.
<br /> The Council has determined, after being duly advised, that it is beneficial to refund each
<br /> of the 1998 Bonds and the 2004 Bonds to enable the City to obtain a reduction in interest
<br /> payments and effect a savings to the City and hereby authorizes the same by issuance of the
<br /> 2013A Bonds (described 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 "Sewage Works Revenue
<br /> Bonds of 2006" (the "2006 Bonds"), authorized by Ordinance No. 9672-06 adopted by the
<br /> Council on April 11, 2006, as amended by Ordinance No. 9767-07 adopted by the Council on
<br /> June 25, 2007 (collectively, the "2006 Ordinance"), which are now outstanding in the amount of
<br /> $6,425,000, and mature on December 1, 2026.
<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 (i) "Sewage Works Revenue
<br /> Bonds of 2007" (the "2007 Bonds"), authorized by the 2006 Ordinance, which are now
<br /> outstanding in the amount of $13,670,000, and mature on December 1, 2027; and (ii) Sewage
<br /> Works Revenue Bonds of 2007B" (the "2007B Bonds"), authorized by the 2006 Ordinance,
<br /> which are now outstanding in the amount of$13,615,000, and mature on December 1, 2027.
<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 "Sewage Works Revenue Bonds of
<br /> 2009" (the "2009 Bonds"), authorized by Ordinance No. 9951-09 adopted by the Council on
<br /> August 10, 2009, as amended by Ordinance No. 9971-09 adopted by the Council on October 26,
<br /> 2009 (collectively, the "2009 Ordinance"), which are now outstanding in the amount of
<br /> $2,887,761, and mature on December 1, 2028.
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