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filed by the consulting engineers employed by the City, which plans and specifications are by
<br /> reference made a part of this Ordinance as fully as if the same were attached hereto and
<br /> incorporated herein. Two copies of the plans and specifications are now on file or will be
<br /> subsequently placed on file in the office of the Clerk of the City and open for public inspection
<br /> pursuant to IC § 36-1-5-4. The cost of construction of the Project to be financed shall not to exceed
<br /> the sum of$47,791,000,plus investment earnings on the bond and BAN proceeds,without further
<br /> authorization from this Common Council. Where used in this Ordinance,the term "City"shall be
<br /> construed also to include any Department, Board, Commission, or Officer or Officers of the
<br /> City. The terms "Waterworks," "waterworks," "works," "System," "system," and similar terms
<br /> used in this Ordinance shall be construed to mean and include the existing structures and property
<br /> of the Waterworks owned by the City together with all of the real estate, equipment and
<br /> appurtenances thereto used in connection therewith, and all extensions, additions, and
<br /> improvements thereto and replacements thereof, now or subsequently constructed or acquired
<br /> including the works herein acquired and constructed and all additions and improvements thereto
<br /> and replacements thereof subsequently constructed or acquired. If the bonds herein authorized
<br /> will be sold to the IFA Program, such terms shall also be construed to mean the Drinking Water
<br /> System,as defined in the Financial Assistance Agreement to be entered into, in such case,between
<br /> the City and the Authority through the IFA Program. The Project shall be constructed in
<br /> accordance with the plans and specifications heretofore mentioned,which plans and specifications
<br /> are hereby approved. The Project shall be constructed and the bonds and/or BANs herein
<br /> authorized shall be issued pursuant to and in accordance with the Act. The City reasonably expects
<br /> to reimburse expenditures incurred by the City for the Project with proceeds of the BANs or the
<br /> Bonds and this Ordinance constitutes a declaration of Official Intent pursuant to Treasury
<br /> Regulation 1.150-2(e) and the provisions of I.C. 5-1-14-6(c).
<br /> In the event the bonds herein authorized or the BANs are purchased by the Authority as part of the
<br /> IFA Program, on behalf of the City, the Common Council hereby (i) agrees to own, operate and
<br /> maintain the waterworks and the Project for the duration of their useful life and(ii)represents and
<br /> warrants to the Authority that the Common Council has no intent to sell, transfer or lease the
<br /> waterworks or the Project for the duration of their useful life.
<br /> SECTION III. Issuance of BANs and Bonds. (a)The City shall issue,if necessary,
<br /> its BANs for the purpose of procuring interim financing to apply to the cost of the Project and
<br /> capitalized interest, if any. The City shall issue its BANs, in one or more series, in an amount not
<br /> to exceed Forty-Seven Million Seven Hundred Ninety-one Thousand Dollars ($47,791,000) to be
<br /> designated "Waterworks Revenue Bond Anticipation Notes, Series " (to be completed
<br /> with the year in which issued and appropriate series designation, if any). Each series of BANs
<br /> shall be numbered consecutively from_R-1 upward (with such blank to be filled in based on the
<br /> year of issuance of the BANs), shall be sold at a price not less than 99% of their par value, shall
<br /> be in denominations of One Dollar ($1) or integral multiples thereof(or such higher minimum
<br /> denomination as the Controller of the City (the "Controller") shall determine prior to the sale of
<br /> the BANs and as set forth in the Bond Anticipation Note Agreement(as hereinafter defined)), shall
<br /> be dated as of the date of delivery thereof, and shall bear interest at a rate not to exceed 5.00%per
<br /> annum (the exact rate or rates to be determined through bidding or negotiation with the purchaser
<br /> of the BANs) payable upon maturity. The City may receive payment on the BANs in
<br /> installments. Each series of BANs will mature no later than five (5) years after their date of
<br /> delivery. The BANs are subject to renewal or extension at an interest rate or rates not to exceed
<br /> 5.00% per annum (the exact rate or rates to be negotiated with the purchaser of the BANs). The
<br /> term of the BANs and all renewal BANs may not exceed five years from the date of delivery of
<br /> the initial BANs. The BANs shall be registered in the name of the purchasers
<br /> thereof. Notwithstanding anything in this Ordinance to the contrary, any series of BANs issued
<br /> hereunder may bear interest that is taxable and included in the gross income of the owners
<br /> thereof. If any such BANs are issued on a taxable basis, the designated name shall include the
<br /> term"Taxable"as the first word in the designated name.
<br /> The BANs shall be issued pursuant to the provisions of IC § 5-1.2-1 through IC § 5-1.2-4,
<br /> IC § 5-1.2-10, IC § 5-1.2-14 and/or IC § 5-1.2-14.5 if sold to the Authority or pursuant to the
<br /> provisions of I.C. § 5-1-14-5,as amended, and the Act,if sold to a financial institution or any other
<br /> purchaser. The principal of and interest on the BANs shall be payable solely from the issuance of
<br /> revenue bonds pursuant to and in the manner prescribed by the Act (or, with respect solely to
<br /> interest, from a pledge of the Net Revenues). The City may also use other revenues or funds of
<br /> the City legally available therefor, if any, including amounts available to the City out of federal or
<br /> state funds available for application to the Project, for payment of the principal of the BANs;
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