Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000

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Rule or otherwise exempted from the provisions of paragraph (b)(5) of the SEC Rule, that it will comply with and carry out all of the provisions of the continuing disclosure contract. "Continuing disclosure contract" shall mean that certain continuing disclosure contract executed by the City and dated the date of issuance of the 2000 Bonds, as originally executed and as it may be amended from time to time in accordance with the terms thereof. The execution and delivery by the City of the continuing disclosure contract, and the performance by the City of its obligations thereunder by or through any employee or agent of the City, are hereby approved, and the City shall comply with and carry out the terms thereof. (d) The Fiscal Officer is hereby authorized and directed to obtain a legal opinion as to the validity of the 2000 Bonds from Barnes & Thornburg, and to furnish such opinion to the purchasers of the 2000 Bonds or to cause a copy of said legal opinion to be printed on each 2000 Bond. The cost of such opinion shall be paid out of the proceeds of the 2000 Bonds. (e) In connection with the sale of the 2000 Bonds, the Executive and the Fiscal Officer each are authorized to take such actions and to execute and deliver such agreements and instruments as they deem advisable to obtain a rating and/or to obtain bond insurance for the 2000 Bonds, and the taking of such actions and the execution and delivery of such agreements and instruments are hereby approved. SECTION 11. Use of Proceeds. The accrued interest received at the time of delivery of the 2000 Bonds, if any, and premium, if any, shall be deposited in the Bond and Interest Account of the Sinking Fund (as hereafter defined) and applied to payments on the 2000 Bonds on the first interest payment date. An amount of proceeds from the sale of the 2000 Bonds equal to the amount described in Section 14(b) will be deposited to the Debt Service Reserve Account and applied as described below. The remaining proceeds from the sale of the 2000 Bonds, to the extent not used to refund BANS issued pursuant to this Amended Ordinance, shall be deposited in a fund of the utility hereby created and designated as "City of South Bend, Indiana Waterworks 2000 Bond Construction Fund" (the "Construction Fund"). The proceeds deposited in the Construction Fund, together with all investment earnings thereon, shall be expended only for the purpose of paying the costs of the Project and the costs of selling and issuing the 2000 Bonds, including the premium for any bond insurance obtained for the 2000 Bonds. Any balance remaining in the Construction Fund after the completion of the Project which is not required to meet unpaid obligations incurred in connection therewith and on account of the sale and issuance of the 2000 Bonds shall be paid into the Principal and Interest Account of the Sinking Fund and used solely for the purposes of such Account or used for the same purpose or type of project for which the 2000 Bonds were originally issued, all in accordance with I.C. 5-1-13, as amended or as otherwise permitted by law. With respect to any 2000 Bonds sold to the Indiana Bond Bank or the State of Indiana to finance Eligible Costs, to the extent that the total principal amount of such 2000 Bonds is not paid by the purchaser or drawn down by the City, the City shall reduce the principal amounts of the 2000 Bond maturities to effect such reduction in a manner that will still achieve as level annual debt service as practicable as described in Section 2(a). -18-