Authorizing $4,000,000 Soild Waste Disposal Revenue Bonds

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Section 2. Authorization of Solid Waste Disposal Revenue Bonds. In order to pay a portion of the cost of acquiring and constructing the Project, there are hereby authorized to be issued, sold and delivered $4,000,000 aggregate principal amount of Solid Waste Disposal Revenue Bonds, Series 1982 (Waste Management, Inc. Project) of the City (the "Series 1982 Bonds "). Any additional costs of the Project will be paid for by the Company unless paid for with the proceeds of additional parity bonds (the "Additional Bonds ") as identified in the Indenture. Section 3. Terms for the Series 1982 Bonds. The Series 1982 Bonds shall be issuable as coupon bonds registrable as to principal only, in the denominations of $5,000, and as fully registered bonds without coupons in denominations of $5,000 and any authorized multiple thereof, shall bear interest until paid at a rate or rates not exceeding 11% per annum, payable on June 1 and December 1 of each year, commencing on June 1, 1983, and shall mature in such principal amount or amounts at such time or times on December 1 of the years (not later than December 1, 2012), the specific interest rate or rates, maturity date or dates and principal amounts to be determined by the Company and the Underwriter in the Bond Purchase Agreement at the time the Series 1982 Bonds are sold. Each Series 1982 coupon Bond shall be dated as of December 1, 1982. Each Series 1982 fully registered Bond authenticated prior to .June 1, 1983 shall be dated as of December 1, 1982; otherwise, each Series 1982 fully registered Bond shall be dated as of the interest payment date to which interest has been paid next preced- ing the date on which it is authenticated unless it is authenti- cated on an interest payment date, in which case it shall be dated as of such date. Principal and interest and premium, if any, shall be payable in lawful money of the United States of America at the principal office of the Trustee in South Bend, Indiana. Each Series 1982 Bond shall be executed on behalf of the City by the manual or facsimile signature of the Mayor and City Clerk of the City,sealed with the corporate seal of the City, and delivered to the purchasers of the Bonds, all on or before June 1, 1983. The Series 1982 Bonds shall be in such form, shall have such registration privileges and terms of redemption, and shall be subject to such other terms and conditions all as set forth in the Indenture. The Series 1982 Bonds and the interest thereon do not and shall never constitute an indebtedness of or a charge against the general credit or taxing power of the City, but are limited obligationsof the City payable solely from revenues and other amounts derived from the Loan Agreement and shall be secured as provided in the Indenture. Forms of the Loan Agreement and Indenture are before this meeting and are by this reference incorporated in this Bond Ordinance, and the City is hereby directed to insert them into the minutes of the Common Council and to keep them on file. In compliance with Indiana Code 36- 1 -5 -4, two copies of the Bonds, Loan Agreement, and Indenture are on file in the City Clerk's Office for public inspection. Section 4. Indenture. In order to secure the payment of the principal of and interest on the Bonds, the Mayor and the City Clerk shall execute, acknowledge and deliver, in the name and on behalf of the City, an Indenture of Trust in substantially the form submitted to this Common Council, which is hereby approved in all respects.