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

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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 Proj ect 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 Proj ect are hereby approved, ratified, and confirmed. The Proj ect 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 Amended Ordinance shall be construed to mean the Drinking Water System, as defined in the Financial Assistance Agreement and includes all structures and property of the City's waterworks utility. SECTION 2. Authorization of Obli atg_ ions. (a) The City shall issue its "Waterworks Revenue Bonds of 2000" (the "2000 Bonds"), in one or more series, in an original principal amount not to exceed Two Million Six Hundred Thousand Dollars ($2,600,000) (the "Authorized Amount"), as negotiable, fully registered bonds, for the purpose of procuring funds to be applied to the costs of the Project, including without limitation reimbursement ofpreliminary 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 2000 Bonds and funding a debt service reserve as described herein. The 2000 Bonds shall rank on a parity for all purposes with the Prior Bonds. The 2000 Bonds shall be issued in denominations of One Dollar ($1.00) or integral multiple thereof, numbered consecutively from 1 upward, and dated as of the first day of the month in which they are sold, or the date of delivery if sold to the State of Indiana or Indiana Bond Bank, and shall bear interest at a rate or rates not to exceed 2.90% per annum (the exact rate or rates to be determined by bidding or through negotiation with the Indiana Bond Bank) if sold to the State of Indiana or Indiana Bond Bank, and shall bear interest at a rate or rates not to exceed 8.00% per annum if sold by a public sale pursuant to I.C. 5-1-11. Interest shall be payable semiannually on January 1 and July 1 in each year, beginning on the first interest payment date after 2 years from the date of issuance of the 2000 Bonds if the 2000 Bonds are sold to the Indiana Bond Bank or the State of Indiana, as set forth in the Financial Assistance Agreement to be entered into between the City and the State of Indiana (the "Financial Assistance Agreement") in substantially the form attached hereto as Exhibit B. In the event the 2000 Bonds are sold by public sale pursuant to I.C. 5-1-1 1, the first interest payment date shall be the first January 1 or July 1 following the date of issuance of the 2000 Bonds. Interest on the BANS and the 2000 Bonds shall be calculated according to a 360-day calendar year containing twelve 30-day months. The 2000 Bonds shall mature beginning the first -3-