|
REGULAR MEETING MARCH 26, 2013 92
<br />Sewage Works, by and through its Board of Public Works (the `Board "), pursuant to I.C. 36 -9-
<br />23, as amended, and other applicable laws.
<br />WHEREAS, the Board has determined and desires to recommend to the Common Council of
<br />the City (the "Common Council ") that it is beneficial to refund the City's outstanding Sewage
<br />'forks Revenue Bonds of 1998 (the "1998 Bonds ") and the City's outstanding Sewage Works
<br />Revenue Bonds of 2004 (the "2004 Bonds "), as more particularly described herein, to obtain a
<br />reduction in interest payments and effect a savings to the City (collectively, the "Refunding ").
<br />WHEREAS, the Board has determined, based on estimates of the costs of the Refunding
<br />provided to the Board by the Sewage Works and the City's financial advisor, Crowe Horwath
<br />LLP (the "Financial Advisor "), that the costs of the Refunding, including the costs of the
<br />issuance of bonds on account of the financing of all or a portion thereof, will be in the estimated
<br />amount not to exceed Fifteen Million Seventy -Five Thousand Dollars ($15,075,000).
<br />WHEREAS, the Board has determined that to provide funds necessary to pay for the costs of
<br />the Refunding, it will be necessary for the City to issue Sewage Works revenue bonds in a
<br />principal amount not to exceed Fifteen Million Seventy -Five Thousand Dollars ($15,075,000).
<br />WHEREAS, the City has previously issued bonds (the "Prior Bonds ") payable from the net
<br />revenues of the Sewage Works, all as described in the form of the 2013A Bond Ordinance (as
<br />defined below), pursuant to the Prior Ordinances (as defined in the 2013A Bond Ordinance).
<br />WHEREAS, the Board deems it advisable and recommends to the Common Council that the
<br />City issue revenue bonds payable from the revenues of the Sewage Works in an original amount
<br />not to exceed Fifteen Million Seventy -Five Thousand Dollars ($15,075,000) (the "2013A
<br />Bonds "), for the purpose of providing for the payment of (1) the Refunding, and (ii) the costs of
<br />issuing such 2013A Bonds.
<br />WHEREAS, the Prior Ordinances permit the issuance of additional bonds payable from the
<br />revenues of the Sewage Works and ranking on a parity with the Prior Bonds for the purpose of
<br />financing the complete or partial refunding of any of the Prior Bonds, including the 1998 Bonds
<br />and 2004 Bonds, provided certain conditions can be met, and the Board has determined, based
<br />upon information provided to the Board by the Financial Advisor, that the finances of the
<br />Sewage Works will enable the City to meet the conditions for the issuance of additional parity
<br />bonds and that, accordingly, the 2013A Bonds shall rank on a parity with the Prior Bonds.
<br />WHEREAS, the Board has reviewed the form of a bond ordinance to be adopted by the
<br />Common Council authorizing the City to issue and sell the 2013A Bonds for the purpose of
<br />financing the Refunding (the "2013A Bond Ordinance "), a copy of which is attached hereto as
<br />Exhibit A, and the Board has found the 2013A Bond Ordinance to be satisfactory.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF
<br />THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS:
<br />Section 1. The Board hereby recommends to the Common Council that the Refunding be
<br />undertaken by the City and the Sewage Works.
<br />Section 2. To provide funds necessary to pay for or reimburse the City for the costs of the
<br />Refunding, together with expenses incidental thereto, including expenses in connection with the
<br />issuance of the 2013A Bonds, the Board hereby approves and recommends to the Common
<br />Council the issuance by the City of Sewage Works Revenue Bonds in a principal amount not to
<br />exceed Fifteen Million Seventy -Five Thousand Dollars ($15,075,000).
<br />Section 3. The Board hereby approves the substantially final form of the 2013A Bond
<br />Ordinance presented to this meeting and recommends to the Common Council the adoption of
<br />such 2013A Bond Ordinance which sets forth the terms and conditions of the 2013A Bonds to be
<br />issued thereunder.
<br />Section 4. The Board hereby ratifies the actions taken to file the 2013A Bond Ordinance
<br />with the Clerk of the City ( "City Clerk ") for presentation to the Common Council, and the Clerk
<br />of the Board is hereby directed to present a copy of this Resolution to the City Clerk for
<br />
|