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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Last modified
4/24/2013 2:54:09 PM
Creation date
4/16/2013 11:41:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/8/2013
Ord-Res Number
10226-13
Bill Number
12-13
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ORDINANCE NO. [ ®z2_�. - t J <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA CONCERNING THE REFUNDING OF OUTSTANDING SEWAGE WORKS <br />REVENUE BONDS OF 1998 AND SEWAGE WORKS REVENUE BONDS OF 2004, <br />EACH ISSUED TO FINANCE CONSTRUCTION OF IMPROVEMENTS TO THE <br />MUNICIPAL SEWAGE WORKS OF THE CITY OF SOUTH BEND, INDIANA; <br />AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR SUCH PURPOSE IN <br />THE PRINCIPAL AMOUNT NOT TO EXCEED FIFTEEN MILLION SEVENTY -FIVE <br />THOUSAND DOLLARS ($15,075,000); ADDRESSING OTHER MATTERS <br />CONNECTED THEREWITH, INCLUDING THE ISSUANCE OF NOTES IN <br />ANTICIPATION OF BONDS; AND REPEALING ORDINANCES INCONSISTENT <br />HEREWITH <br />STATEMENT OF PURPOSE AND INTENT <br />The City of South Bend, Indiana (the "City "), presently owns and operates a sewage <br />works by and through its Board of Public Works (the "Board ") for the collection and treatment <br />of sewage and other wastes (the "Sewage Works," "Works" or "works "), pursuant to the <br />provisions of Indiana Code 36 -9 -23, as amended (the "Act "). <br />The Common Council of the City (the "Common Council" or "Council ") previously <br />found in its Ordinance No. 8919 -98 adopted by the Council on June 22, 1998 (the "1998 <br />Ordinance "), that certain improvements to said works were necessary; and that plans, <br />specifications and estimates had been prepared and filed by the engineers employed by the City <br />for the acquisition and construction of said improvements (as described more fully in the 1998 <br />Ordinance) (the "1998 Project "), which plans and specifications or other pertinent information <br />were in a timely fashion submitted to all government authorities having jurisdiction thereover, <br />particularly the Indiana Department of Environmental Management ( "IDEM "), and were <br />approved by the aforesaid government authorities. <br />Pursuant to the 1998 Ordinance, the City issued its "Sewage Works Revenue Bonds of <br />1998" (the "1998 Bonds "), now outstanding in the amount of $9,445,000, and having a final <br />maturity of December 1, 2018. <br />The Council has determined, after being duly advised, (i) that the 1998 Bonds should be <br />refunded to obtain a reduction in interest payments and effect a savings to the City (the "1998 <br />Refunding "); (ii) that the 1998 Refunding of the 1998 Bonds and accrued interest thereon and <br />including all costs related to such refunding, cannot be provided for out of funds of the Sewage <br />Works now on hand, and (iii) that the 1998 Refunding should be accomplished by the issuance <br />of Sewage Works revenue bonds of the City. <br />
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