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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 />2010" (the "2010 Bonds "), authorized by Ordinance No. 10052 -10 adopted by the Council on
<br />November 8, 2010 (the "2010 Ordinance "), which are now outstanding in the amount of
<br />$8,630,000, and mature on December 1, 2030.
<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 />2011" (the "2011 Bonds "), authorized by Ordinance No. 10118 -11 adopted by the Council on
<br />September 12, 2011 (the "2011 Ordinance "), which are now outstanding in the amount of
<br />$20,740,000, and mature on December 1, 2031.
<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 />2012" (the "2012 Bonds" and with the 1998 Bonds, 2004 Bonds, 2006 Bonds, 2007 Bonds,
<br />2007B Bonds, 2009 Bonds, 2010 Bonds and the 2011 Bonds, the "Prior Bonds "), authorized by
<br />Ordinance No. 10189 -12 adopted by the Council on October 8, 2012 (the "2012 Ordinance" and
<br />with the 1998 Ordinance, the 2004 Ordinance, the 2006 Ordinance, the 2009 Ordinance, the
<br />2010 Ordinance and the 2011 Ordinance, the "Prior Ordinances "), which are now outstanding in
<br />the amount of $25,000,000, and mature on December 1, 2032.
<br />The Prior Bonds constitute a first charge upon the Net Revenues (as hereinafter defined).
<br />The Prior Ordinances permit the issuance of additional revenue bonds ranking on a
<br />parity basis with the Prior Bonds for the purpose of financing the complete or partial
<br />refunding of any of the Prior Bonds, so long as certain conditions are met. Crowe Horwath
<br />LLP, Financial Advisor to the City (the "Financial Advisor "), has been employed by the Board
<br />for the purpose of analyzing the records and finances of the Sewage Works, and has
<br />submitted preliminary evidence and findings demonstrating compliance with the conditions
<br />set forth in the Prior Ordinances for the issuance of additional revenue bonds payable out of the
<br />revenues of the Sewage Works and ranking on a parity with the Prior Bonds.
<br />The City desires to authorize the issuance of a bond anticipation note or notes hereunder,
<br />if necessary, payable from the proceeds of the revenue bonds authorized herein (the `BANS "),
<br />and to authorize the refunding of said BANs, if issued.
<br />The Council now finds that all conditions precedent to the adoption of an ordinance
<br />authorizing the issuance of revenue bonds and BANs have been complied with in accordance
<br />with the applicable provisions of the Act.
<br />NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
<br />CITY OF SOUTH BEND, INDIANA, AS FOLLOWS:
<br />SECTION 1. Refunding the 1998 Bonds and 2004 Bonds. The Council hereby
<br />determines, after being duly advised, that it is beneficial to refund the 1998 Bonds and the 2004
<br />Bonds to enable the City to obtain a reduction in interest payments and effect a savings to the
<br />City. The City may proceed with the refunding of the 1998 Bonds and the 2004 Bonds, the costs
<br />of which are not expected to exceed $15,075,000, without further authorization from the
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