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

Home Browse Search

The City has obtained engineer's estimates of the costs for the construction of the Project, and on the basis of said estimates, the estimated cost of the Project, including incidental expenses, will not exceed the amount of $2,425,000. 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 Proj ect, 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 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 $20,125,000. 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 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 1997 Ordinance and the 1993 Ordinance together, the "Prior Ordinances"), now outstanding in the amount of $3, 640,000. The Prior Bonds constitute a first charge upon the Net Revenues (as hereinafter defined). -The Prior Ordinances provide that the City may authorize and issue additional bonds payable out of the Net Revenues ranking on a parity with the Prior Bonds for the purpose of financing the cost of future additions, extensions and improvements to the works subject to the provisions of Section 19 of the 1993 Ordinance and Section 20 of the 1997 Ordinance. The conditions precedent to the issuance of additional Prior Ordinances set forth in the Prior Ordinances, as described above, have been satisfied. The City intends to make application to the State Revolving Loan Fund for the State of Indiana for a low interest loan in connection with the Project. The City will enter into a Financial Assistance Agreement (as hereinafter defined) with the State of Indiana, pertaining to the Project and the financing thereof. 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. -2-