10963-23-Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend

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BILL NO. 49-23 ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,AUTHORIZING THE ACQUISITION AND CONSTRUCTION OF CERTAIN ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA; AUTHORIZING THE ISSUANCE OF ADDITIONAL REVENUE BONDS FOR SUCH PURPOSE IN THE PRINCIPAL AMOUNT NOT TO EXCEED FORTY-SEVEN MILLION SEVEN HUNDRED NINETY-ONE THOUSAND DOLLARS ($47,791,000) TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF; 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") has heretofore established, constructed and financed a municipal waterworks(the"Waterworks"or the"System")and now owns and operates said Waterworks pursuant to I.C. 8-1.5, as amended, and other applicable laws (together, the "Act"). The City's Municipal Waterworks Utility is subject to the authority and regulation of the Indiana Utility Regulatory Commission ("IURC") and has not withdrawn from the IURC's authority and regulation. The Common Council of the City (the "Common Council") finds that certain additions, improvements and extensions to the Waterworks are necessary; and that plans, specifications and estimates have been prepared and filed by the engineers employed by the City for the construction of said additions, improvements and extensions, as more fully described on Exhibit A attached hereto, and made a part hereof(collectively, the "Project"), which plans and specifications have been or will be approved by the Common Council and by all governmental authorities having jurisdiction, and particularly the Indiana Department of Environmental Management. The City has advertised or will advertise for and receive bids or proposals for the construction of the Project, which bids or proposals will be subject to the City obtaining funds to pay for the Project. On the basis of said engineering estimates, the maximum estimated cost of the Project, including incidental expenses,is in the amount of Forty-Seven Million Seven Hundred Ninety-one Thousand Dollars ($47,791,000). The Common Council has determined that to provide funds necessary to pay for a portion of the costs of the Project, it will be necessary for the City to issue waterworks revenue bonds, in one (1) or more series, in an amount not to exceed Forty-Seven Million Seven Hundred Ninety-one Thousand Dollars ($47,791,000) and, if necessary, bond anticipation notes ("BANs") in an aggregate amount not to exceed Forty-Seven Million Seven Hundred Ninety-one Thousand Dollars ($47,791,000). The City previously submitted a petition to the IURC seeking approval for the adjustment of the rates and charges of the Waterworks and the issuance of long-term indebtedness and the IURC issued its order(Cause No.45719),dated January 25,2023 (the"Order"),approving,subject to the requirements set forth in the Order, the issuance of long-term debt in the amount not to exceed $47,791,000. The Common Council finds that there are now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2009, Series A" dated September 1, 2009 (the "2009A Bonds") originally issued in the amount of$429,000 authorized by Ordinance No. 9937-09 adopted by the Common Council on June 8, 2009 (the"Original 2009 Ordinance"), now outstanding in the amount of$196,030. The Common Council finds that there are also now outstanding bonds issued on account of the Waterworks and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2012" dated June 21, 2012 (the "2012A Bonds"), originally issued in the