Construction Additions & Improvements to the Sewage Works

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basis of said bids the cost of said project, as defined in Section 1 of the governing act, will be in the amount of Seven Million Six Hundred Forty One Thousand Two Hundred Seventy Five Dollars ($7, 641, 275). WHEREAS, a federal grant in the amount of Three Million Sixty Thousand Two Hundred Fifty Dollars ($3, 060, 250) and a grant from the State of Indiana in the amount of One Million Three Hundred Ninety One Thousand Twenty Five Dollars ($1, 391, 025) will be made to the City for application on the cost of the project, leaving a balance of Three Million One Hundred Ninety Thousand Dollars ($3, 190, 000) to be financed by the issuance of revenue bonds under the provisions of said Act; and WHEREAS, the Council finds that there are now outstanding bonds payable out of the revenues of the City's sewage works, designated "Sewage Works Revenue Bonds ", dated April 1, 1954, issued pursuant to Ordinance No. 3959, adopted February 8, 1954. Said bonds are presently outstanding in the amount of Five Million One Hundred Eighty Thousand Dollars ($5, 180, 000), maturing semi - annually over a period ending on October 1, 1984, and bearing interest at the rate of 2 -5/8%, 2 -7/8%, or 3%, depending upon the maturities thereof; and WHEREAS, said ordinance does not authorize the issuance of parity bonds, but does authorize the issuance of additional revenue bonds junior and subordinate in all respects to said outstanding bonds in respect to the application of the revenues of said sewage works; and WHEREAS, the Common Council finds that all conditions precedent to the adoption of an ordinance authorizing the issuance of said junior revenue bonds have been complied with in accordance with the pro- visions of the governing statute; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That the actions of the Board of Public Works in - 2 -