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

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The City desires to authorize the issuance of a bond anticipation note or notes hereunder, if necessary, payable from the proceeds of the revenue bonds authorized herein (the "BANS"}, and to authorize the refunding of said BANS, if issued. The Council now finds that all conditions precedent to the adoption of an ordinance authorizing the issuance of revenue bonds and BANs have been complied with in accordance with the applicable provisions of the Act. NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION 1. Project. The City shall proceed with the Project in accordance with the cost estimates, and the plans and specifications heretofore prepared and filed by the consulting engineers employed by the City, which cost estimates, plans and specifications are hereby approved and are hereby incorporated by reference as if set forth in full at this place, two copies of which are on file and available for public inspection in the office of the City Clerk pursuant to I.C. §36-1-5-4. The actions of the Board of Directors of the Department of Waterworks (the "Board") of the City taken in connection with the Project are hereby approved, ratified, and confirmed. The Project shall be constructed and the bonds herein authorized shall be issued pursuant to and in accordance with the Act. The terms "works" and "utility" and other like terms where used in this Ordinance shall be construed to mean and include all structures and property of the City's waterworks utility. SECTION 2. Authorization of Obli ations. (a) The City shall issue its "Waterworks Revenue Bonds of 2001" (the "2001 Bonds"), in one or more series, in an original principal amount not to exceed Six Million Dollars ($6,000,000) (the "Authorized Amount"), as negotiable, fully registered bonds, for the purpose ofprocuring funds to be applied to the costs of the Project, including without limitation reimbursement of preliminary expenses related thereto and all incidental expenses incurred in connection therewith (all of which are deemed to be a part of the Project), and the costs of selling and issuing the 2001 Bonds and funding a debt service reserve as described herein. The 2001 Bonds shall rank on a parity for all purposes with the Prior Bonds. The 2001 Bonds shall be issued in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, numbered consecutively from 1 upward, and dated as of the first day of the month in which they are sold. The 2001 Bonds shall bear interest at a rate or rates not exceeding eight percent (8%) per annum (the exact rate or rates to be determined by bidding), and interest shall be payable semiannually on January 1 and July 1 in each year, beginning on July 1, 2002. Interest on the BANS and the 2001 Bonds shall be calculated according to a 360-day calendar year containing twelve 30-day months. The 2001 Bonds shall mature beginning January 1, 2003 and on January 1 of each year thereafter over a period ending not later than January 1, 2023, substantially as set forth on the schedule on Exhibit B, with such changes as are finally determined by the Mayor as the executive of the City (the "Executive") and the Controller as the fiscal officer of the City (the "Fiscal Officer"), as evidenced by delivery of the executed initial issue of the 2001 Bonds to the Registrar for authentication. -3-