Authorizing Issuance and Sale of Bonds to refund Outstanding Refunding Revenue Bonds of 1993

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ti with certain other funds on hand relating to the 1993 Bonds, for the payment of (i) the principal amount of the 1993 Bonds, (ii) the interest payable on the 1993 Bonds, (iii) the costs of refunding the 1993 Bonds, and (iv) the costs of issuing the 2001 Bonds authorized hereby (the "Refunding"). The Common Council deems it advisable to escrow certain proceeds of the 2001 Bonds ,and investment income thereon, pursuant to the terms of a refunding escrow agreement (the "Escrow Agreement") to be entered into with Wells Fargo Bank Indiana, N.A., as escrow agent (the "Escrow Agent") to provide for the Refunding of the 1993 Bonds on December 1, 2001. The Common Council finds, based upon information provided to the City by its financial advisors and by Banc One Capital Markets, Inc. (the "Underwriter"), that the Refunding will provide a savings to the City. The Common Council now finds that all conditions precedent to the adoption of this Ordinance. authorizing the issuance of the 2001 Bonds and the Refunding have been complied with in accordance with the provisions of the Act. NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: SECTION 1. Authorization for Bonds. In order to effect a savings, the City shall issue the 2001 Bonds as herein authorized and proceed with the current refunding of the 1993 Bonds which shall be redeemed in full on December 1, 2001. The terms "sewage works," "works," and other like terms where used in this Ordinance shall be construed to mean and include all structures and property of the City's sewage works utility. SECTION 2. General Terms of Bonds. The City shall issue its sewage works refunding revenue bonds in an amount not to exceed Six Million Three Hundred Thousand Dollars ($6,300,000), to be designated "Sewage Works Refunding Revenue Bonds of 2001," for the purpose of procuring funds to apply to the cost of the Refunding. Such 2001 Bonds shall be signed in the name of the City by the manual or facsimile signatures of the Mayor of the City (the "Manor") and the Controller of the City (the "Controller") and attested by the Clerk of the City (the "Clerk"), who shall affix the seal of the City to each of the 2001 Bonds manually or shall have the seal imprinted or impressed thereon by facsimile or other means. Incase any officer whose signature appears on the 2001 Bonds shall cease to be such officer before the delivery of such 2001 Bonds, such signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until delivery thereof. The 2001 Bonds shall also be authenticated by the manual signature of the Registrar (as defined below). Any other provisions of this Ordinance to the contrary notwithstanding, the 2001 Bonds shall be issued on a parity with the outstanding 1998 Bonds, and none of the provisions of this Ordinance shall be construed to affect the rights of the holders of the outstanding 1998 Bonds. The Controller is authorized to employ the firm of Crowe, Chizek and Company, LLP, to perform any and all computations necessary to confirm the preliminary evidence and findings demonstrating compliance with the conditions set forth in the 1998 Bond Ordinance for issuance of additional revenue bonds -2-