Authorizing issuance of Revenue Bonds for such purpose not to exceed $6,000,000; Improvements to Municipal Waterworks

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ORDINANCE NO. ~ Z`~ ~ -Q, An Ordinance of the Common Council of the City of South Bend, Indiana, Concerning the Construction of Improvements to the Municipal Waterworks of the City of South Bend, Indiana; Authorizing the Issuance of Revenue Bonds for such Purpose in the Principal Amount not to exceed Six Million Dollars ($6,000,000); Addressing Other Matters Connected Therewith, Including the Issuance of Notes in Anticipation of Bonds; and Repealing Ordinances Inconsistent Herewith STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "City") has heretofore established, constructed and financed a municipal waterworks and now owns and operates said works pursuant to I.C. 8-1.5, as amended, and other applicable laws (together, the "Act"). The City's Municipal Waterworks Utility is subject to the authority and regulation of the Indiana Utility Regulatory Commission ("IURC") and has not withdrawn from the IURC's authority and regulation. The City will receive IURC approval prior to issuance of the 2001 Bonds (as hereinafter defined). The Common Council ofthe City (the "Council") now finds that certain improvements to said works are necessary; and that plans, specifications and estimates have been prepared and filed by the engineers employed by the City for the acquisition and construction of said improvements (as described more fully on inExhibit A) (the "Project"), which plans and specifications or other pertinent information have been or in a timely fashion will be submitted to all government authorities having jurisdiction, particularly the Indiana Department of Environmental Management ("IDEM"), if and to the extent IDEM approval is required under Indiana law, and have been or will be approved by the aforesaid government authorities and are hereby incorporated herein by reference and open for inspection at the office of the clerk of the City as required bylaw. The City has obtained engineer's estimates ofthe costs for the construction ofthe Project, and on the basis of said estimates, the estimated cost of the Project, including incidental expenses, will not exceed the amount of $6,000,000. The City's Department of Waterworks has prepared preliminary descriptions, specifications and estimates ofthe costs ofthe Project and, on or about June 19, 2001, the City's Board of Waterworks, adopted resolutions whereby they: (i) determined that the Project and the issuance of bonds to provide financing of the Project, together with expenses incidental thereto, are necessary and will be of general benefit to the City and its citizens; (ii) approved the Project and the issuance of the City of South Bend, Indiana, Waterworks Revenue Bonds of 2001, in an aggregate principal amount not to exceed $6,000,000, subject to approval and proper action by this Common Council, (iii)