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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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