04-08-13 Agenda & Packet - Laserfiche WebLink

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a , 0--U ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONCERNING THE REFUNDING OF OUTSTANDING SEWAGE WORKS REVENUE BONDS OF 1998 AND SEWAGE WORKS REVENUE BONDS OF 20049 EACH ISSUED TO FINANCE CONSTRUCTION OF IMPROVEMENTS TO THE MUNICIPAL SEWAGE WORKS OF THE CITY OF SOUTH BEND, INDIANA; AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR SUCH PURPOSE IN THE PRINCIPAL AMOUNT NOT TO EXCEED FIFTEEN MILLION SEVENTY -FIVE THOUSAND DOLLARS ($15,075,000); 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 "), presently owns and operates a sewage works by and through its Board of Public Works (the "Board ") for the collection and treatment of sewage and other wastes (the "Sewage Works," "Works" or "works "), pursuant to the provisions of Indiana Code 36 -9 -23, as amended (the "Act "). The Common Council of the City (the "Common Council" or "Council ") previously found in its Ordinance No. 8919 -98 adopted by the Council on June 22, 1998 (the "1998 Ordinance "), that certain improvements to said works were necessary; and that plans, specifications and estimates had been prepared and filed by the engineers employed by the City for the acquisition and construction of said improvements (as described more fully in the 1998 Ordinance) (the "1998 Project "), which plans and specifications or other pertinent information were in a timely fashion submitted to all government authorities having jurisdiction thereover, particularly the Indiana Department of Environmental Management ( "IDEM "), and were approved by the aforesaid government authorities. Pursuant to the 1998 Ordinance, the City issued its "Sewage Works Refunding Revenue Bonds of 1998" (the "1998 Bonds "), now outstanding in the amount of $9,445,000, and having a final maturity of December 1, 2018. The Council has determined, after being duly advised, (i) that the 1998 Bonds should be refunded to obtain a reduction in interest payments and effect a savings to the City (the "1998 Refunding "); (ii) that the 1998 Refunding of the 1998 Bonds and accrued interest thereon and including all costs related to such refunding, cannot be provided for out of funds of the Sewage Works now on hand, and (iii) that the 1998 Refunding should be accomplished by the issuance of Sewage Works revenue bonds of the City.