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Pursuant to the 2006 Ordinance, the City issued its (i) "Sewage Works Revenue Bonds of
<br /> 2006" (the "2006 Bonds"), now outstanding in the amount of $5,740,000, and having a final
<br /> maturity of December 1, 2026, (ii) "Sewage Works Revenue Bonds of 2007" (the "2007
<br /> Bonds"), now outstanding in the amount of $12,320,000, and having a final maturity of
<br /> December 1, 2027; and (iii) "Sewage Works Revenue Bonds of 2007B" (the "2007B Bonds"),
<br /> now outstanding in the amount of$12,280,000, and having a final maturity of December 1, 2027.
<br /> The Council has determined, after being duly advised, that it is beneficial to refund each
<br /> of the 2006 Bonds, 2007 Bonds and the 2007B Bonds (collectively, the "Refunded Bonds") to
<br /> enable the City to obtain a reduction in interest payments and effect a savings to the City (the
<br /> "Refunding") and hereby authorizes the same by issuance of the 2015 Bonds (as described
<br /> herein)under the provisions of the Act.
<br /> The Council finds that there are now outstanding bonds issued on account of the Works
<br /> and payable out of the revenues therefrom designated as the "Sewage Works Revenue Bonds of
<br /> 2009" (the "2009 Bonds"), authorized by Ordinance No. 9951-09 adopted by the Council on
<br /> August 10, 2009, as amended by Ordinance No. 9971-09 adopted by the Council on October 26,
<br /> 2009 (collectively, the "2009 Ordinance"), which are now outstanding in the amount of
<br /> $2,592,825, and mature on December 1, 2028.
<br /> The Council finds that there are now outstanding bonds issued on account of the Works
<br /> and payable out of the revenues therefrom designated as the "Sewage Works Revenue Bonds of
<br /> 2010" (the "2010 Bonds"), authorized by Ordinance No. 10052-10 adopted by the Council on
<br /> November 8, 2010 (the "2010 Ordinance"), which are now outstanding in the amount of
<br /> $7,905,000, and mature on December 1, 2030.
<br /> The Council finds that there are now outstanding bonds issued on account of the Works
<br /> and payable out of the revenues therefrom designated as the "Sewage Works Revenue Bonds of
<br /> 2011" (the "2011 Bonds"), authorized by Ordinance No. 10118-11 adopted by the Council on
<br /> September 12, 2011 (the "2011 Ordinance"), which are now outstanding in the amount of
<br /> $19,040,000, and mature on December 1, 2031.
<br /> The Council finds that there are now outstanding bonds issued on account of the Works
<br /> and payable out of the revenues therefrom designated as the "Sewage Works Revenue Bonds of
<br /> 2012" (the "2012 Bonds"), authorized by Ordinance No. 10189-12 adopted by the Council on
<br /> October 8, 2012 (the "2012 Ordinance"), which are now outstanding in the amount of
<br /> $22,965,000, and mature on December 31, 2032.
<br /> The Council finds that there are now outstanding bonds issued on account of the Works
<br /> and payable out of the revenues therefrom designated as the "Sewage Works Refunding Revenue
<br /> Bonds of 2013" (the "2013 Bonds" and with the 2009 Bonds, 2010 Bonds, 2011 Bonds, and the
<br /> 2012 Bonds, the "Prior Bonds"), authorized by Ordinance No. 10226-13 adopted by the Council
<br /> on April 8, 2013 (the "2013 Ordinance" and with the 2009 Ordinance, the 2010 Ordinance, the
<br /> 2011 Ordinance, and the 2012 Ordinance, the "Prior Ordinances"), which are now outstanding in
<br /> the amount of$11,855,000, and mature on December 1, 2024.
<br /> The Prior Bonds constitute a first charge upon the Net Revenues (as hereinafter defined).
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