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

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recommended to that such bonds be issued, and that the proceeds of such bonds (together with any investment earnings thereon) be applied to the payment of the costs of the Project, together with expenses incidental thereto, including expenses in connection with the issuance of such bonds; (iv) approved the substantially final form of this ordinance and recommended to the adoption of this ordinance, which sets forth the terms and conditions of the bonds to be issued hereunder; and (v) declared its official intent to issue such bonds, and to reimburse the costs of and expenditures for the Project with the proceeds of such bonds. The Council finds that there are not available sufficient funds of the works to construct the Project, and that revenue bonds shall be issued to pay for costs of the Project, including incidental expenses. The Council finds that there are now outstanding bonds issued on account of the works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 2000" dated June 12, 2000 (the "2000 Bonds") originally issued in the amount of $2,600,000 authorized by Ordinance No. 9095-00 adopted by the Council on February 28, 2000 (the "2000 Ordinance"), now outstanding in the amount of $2,600,000. The Council finds that there are also now outstanding bonds issued on account of the works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 1997" dated December 1, 1997 (the "1997 Bonds") originally issued in the amount of $22,500,000 authorized by Ordinance No. 8801-97 adopted by the Council on June 23, 1997 (the " 1997 Ordinance") , now outstanding in the amount of $18, 820, 000. The Council finds that there are also now outstanding bonds issued on account of the works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds of 1993" dated November 1, 1993 (the "1993 Bonds") (the 2000 Bonds, 1997 Bonds and the 1993 Bonds together, the "Prior Bonds"), originally issued in the amount of $5,100,000 authorized by Ordinance No. 8318-92 adopted by the Council on November 23, 1992, as amended by Ordinance No. 8419-93 adopted by the Council on September 27, 1993 (the "1993 Ordinance") (the 2000 Ordinance, the 1997 Ordinance and the 1993 Ordinance together, the "Prior Ordinances"), now outstanding in the amount of $3,340,000. The Prior Bonds constitute a first charge upon the Net Revenues (as hereinafter defined). The Prior Ordinance provides that the City may authorize and issue additional bonds payable out of the Net Revenues ranking on a parity with the Parity Bonds for the purpose of financing the cost of future additions, extensions and improvements to the works subject to the provisions of Section 19 ofthe 1993 Ordinance and Section 20 of the 1997 Ordinance and Section 20 of the 2000 Ordinance. The conditions precedent to the issuance of additional parity bonds set forth in the Prior Ordinances, as described above, have been satisfied, subject to approval by the State of Indiana. -2-