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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Last modified
5/15/2009 1:50:10 PM
Creation date
11/21/2008 3:58:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/28/2000
Ord-Res Number
9095-00
Bill Number
23-00
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Notwithstanding any other provisions of this Amended Ordinance, the foregoing <br />covenants and authorizations (the "Tax Sections") which are designed to preserve the exclusion of <br />interest on the 2000 Bonds from gross income under federal law (the "Tax Exemption") need not be <br />complied with to the extent the City receives an opinion of nationally recognized bond counsel that <br />compliance with such Tax Section is unnecessary to preserve the Tax Exemption. <br />SECTION 25. Issuance of BANs; Other Actions. <br />(a) The City, having satisfied all the statutory requirements for the issuance of <br />the 2000 Bonds, has the authority to elect to issue a bond anticipation note or notes, repayable from <br />the proceeds received from the sale of the 2000 Bonds (defined herein as the "BANs"). This Council <br />hereby authorizes the issuance and sale of the BANS pursuant to I.C. §5-1-14-5 in one or more <br />series, ranking on a parity with each other, in original aggregate principal amount not to exceed Two <br />Million Six Hundred Thousand Dollars ($2,600,000) to provide interim financing until permanent <br />financing becomes available and to pay for costs of issuing the BANs, and the BANs also may fund <br />capitalized interest thereon. The designation of the BANs shall be "City of South Bend, Indiana <br />Waterworks Bond Anticipation Note of 2000". The BANs shall be issued in fully registered form <br />in denominations of One Dollar ($1.00) or integral multiples thereof, shall be originally dated the <br />date of delivery, shall be numbered consecutively from 1 upward, shall mature not more than two <br />(2) years from the date of issuance, may be renewed or extended from time to time, over a period <br />not exceeding five (5) years from the date of the original issuance of the BANs, shall be prepayable <br />on seven (7) days' notice in whole or in part in any authorized denomination without premium or <br />penalty, shall bear interest at a rate not exceeding two and nine-tenths percent (2.9%) per annum (the <br />exact rate or rates to be determined through negotiations with the purchaser of the BANs), and shall <br />be sold at a discount not exceeding one percent (1 %) of the principal amount thereof. Interest on the <br />BANs shall be payable at maturity. The BANs shall be issued pursuant to I.C. 13-18-13 if sold to <br />the State of Indiana, pursuant to I.C. 5-1.5-8-6.1 if sold to the Indiana Bond Bank or pursuant to I.C. <br />5-1-14-5 if sold to a financial institution or any other purchaser. It shall not be necessary for the City <br />to repeat the procedures for the issuance of the 2000 Bonds as the procedures followed before the <br />issuance of the BANs are for all purposes sufficient to authorize the issuance of the 2000 Bonds and <br />to use proceeds thereof to repay the BANs. <br />The principal of the BANs herein authorized is payable solely from proceeds received <br />from the sale of the 2000 Bonds, and the interest thereon may be paid from such proceeds or from <br />the Net Revenues or a combination thereof, and the proceeds received by the City from the sale of <br />the 2000 Bonds and such Net Revenues are hereby irrevocably pledged to the payment of the <br />principal of and interest on the BANs. The Executive is hereby authorized to determine the form <br />of the BANs and to execute the BANs, the Fiscal Officer is hereby authorized to have the BANs <br />prepared, and to attest to the BANs and affix the seal the City or cause a facsimile of the seal of the <br />City to be imprinted or impressed on the BANs. The Fiscal Officer is hereby authorized and directed <br />to obtain the legal opinion as to the validity of the BANs from Barnes & Thornburg. After the BANs <br />shall have been properly executed, the Fiscal Officer shall be authorized to receive from the <br />purchaser thereof payment for the BANs and to provide for delivery of the BANs to the purchaser. <br />Proceeds received from the sale of the BANs shall be deposited in the Construction Fund referred <br />to in Sec. 11 of this Amended Ordinance. The City may receive payments for the BANs in <br />-28- <br />
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