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<br />ORDINANCE NO. ~ 21 ~"~,
<br />An Ordinance of the Common Council of the City of South Bend, Indiana
<br />Authorizing the Issuance and Sale of Bonds for the Purpose of Refunding
<br />Outstanding City of South Bend, Indiana Sewage Works Refunding Revenue
<br />Bonds of 1993; and Approving and Authorizing Other Actions in Respect
<br />Thereto
<br />STATEMENT OF PURPOSE AND INTENT
<br />The City of South Bend, Indiana (the "City") has established, constructed and financed a
<br />sewage works and now owns and operates said sewage works pursuant to IC 36-9-23, as amended,
<br />and other applicable laws.
<br />The City has previously issued its bonds authorized by Ordinance No. 7951-88, passed by
<br />the Common Council of the City (the "Common Council") on December 12, 1988, and designated
<br />as "City of South Bend, Indiana Sewage Works Revenue Bonds of 1988" (the "1988 Bonds").
<br />The 1988 Bonds were advance refunded with the proceeds of bonds authorized by Ordinance
<br />No. 8359-93, passed by the Common Council on March 8, 1993, and amended by Ordinance No.
<br />8364-93, passed by the Common Council on March 22, 1993 (collectively, the "1993 Ordinance"),
<br />and designated as "City of South Bend, Indiana Sewage Works Refunding Revenue Bonds of 1993,"
<br />issued in the original amount of $10,080,000, dated April 1, 1993 (the "1993 Bonds"), of which
<br />$5,642,500 is currently outstanding.
<br />The City has also previously issued its bonds authorized by Ordinance No. 8919-98, passed
<br />by the Common Council on June 22,1998 (the "1998 Bond Ordinance"), and designated as "City of
<br />South Bend, Indiana Sewage Works Revenue Bonds of 1998," dated December 30, 1998 (the "1998
<br />Bonds"), issued in the original amount of $24,095,000, outstanding in an amount equal to the draw-
<br />downs to the date of this Ordinance and any additional draw-downs under the Financial Assistance
<br />Agreement, dated December 30, 1998, between the City and the State of Indiana.
<br />The 1993 Bonds maturing on or after December 1, 2002 are redeemable prior to maturity at
<br />the option of the City on or after December 1, 2001.
<br />The City has the power and is authorized by I.C. 5-1-6 (the "Act") to refinance the 1993
<br />Bonds by the issuance of refunding bonds.
<br />The Common Council deems it advisable to issue the current refunding bonds authorized by
<br />this Ordinance, which refunding bonds are designated as the "City of South Bend, Indiana Sewage
<br />Works Refunding Revenue Bonds of 2001" in an original amount not to exceed Six Million Dollars
<br />Three Hundred Thousand ($6,300,000) (the "2001 Bonds"), for the purpose of providing together
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