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Authorizing Issuance of Revenue Bonds concerning construction of Improvements to Waterworks, not to exceed $2,050,000
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Authorizing Issuance of Revenue Bonds concerning construction of Improvements to Waterworks, not to exceed $2,050,000
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Last modified
5/15/2009 10:54:17 AM
Creation date
4/28/2009 9:06:58 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/23/1999
Ord-Res Number
9027-99
Bill Number
65-99
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ORDINANCE NO. ~~-1'~ <br />An Ordinance of the Common Council of the City of South Bend, Indiana, <br />Concerning the Construction of Improvements to the Municipal Waterworks <br />of the City of South Bend, Indiana; Authorizing the Issuance of Revenue Bonds <br />for such Purpose in the Principal Amount not to exceed Two Million <br />Fifty Thousand Dollars ($2,050,000); Addressing Other Matters <br />Connected Therewith, Including the Issuance of Notes in Anticipation of <br />Bonds; and Repealing Ordinances Inconsistent Herewith <br />STATEMENT OF PURPOSE AND INTENT <br />The City of South Bend, Indiana (the "City") has heretofore established, constructed <br />and financed a municipal waterworks and now owns and operates said works pursuant to I.C. 8-1.5, <br />as amended, and other applicable laws (together, the "Act"). <br />The City's Municipal Waterworks Utility is subject to the authority and regulation <br />of the Indiana Utility Regulatory Commission ("IURC") and has not withdrawn from the ICTRC's <br />authority and regulation. The City will receive IURC approval prior to issuance of the 1999 Bonds <br />(as hereinafter defined). <br />The Common Council of the City (the "Council") now finds that certain <br />improvements to said works are necessary; and that plans, specifications and estimates have been <br />prepared and filed by the engineers employed by the City for the acquisition and construction of said <br />improvements (as described more fully on in Exhibit A) (the "Project"), which plans and <br />specifications or other pertinent information have been or in a timely fashion will be submitted to <br />all government authorities having jurisdiction, particularly the Indiana Department of Environmental <br />Management ("IDEM"), if and to the extent IDEM approval is required under Indiana law, and have <br />been or will be approved by the aforesaid government authorities and are hereby incorporated herein <br />by reference and open for inspection at the office of the clerk of the City as required by law. <br />The City has obtained engineer's estimates of the costs for the construction of the <br />Project, and on the basis of said estimates, the estimated cost of the Project, including incidental <br />expenses, will not exceed the amount of $1,970,000. <br />The Council finds that there are not available sufficient funds of the works to <br />construct the Project, and that revenue bonds shall be issued to pay for costs of the Proj ect, including <br />incidental expenses. <br />
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