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05-26-09 Common Council Meeting Agenda & Packet
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05-26-09 Common Council Meeting Agenda & Packet
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5/21/2009 4:06:32 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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SECTION 25. Issuance of BANS; Other Actions. <br />(a) The City, having satisfied all the statutory requirements for the issuance of <br />the 2009 Bonds, has the authority to elect to issue a bond anticipation note or notes, repayable <br />from the proceeds received from the sale of the 2009 Bonds (defined herein as the "BANs"). <br />This Council hereby authorizes the issuance and sale of the BANS pursuant to I.C. §5-1-14-5 in <br />one or more series, ranking on a parity with each other, in original aggregate principal amount <br />not to exceed Six Million Two Hundred Thousand Dollars ($6,200,000) to provide interim <br />financing until permanent financing becomes available and to pay for costs of issuing the BANs, <br />and the BANS also may fund capitalized interest thereon. The designation of the BANS shall be <br />"City of South Bend, Indiana Waterworks Bond Anticipation Note of 20 ". The BANS shall be <br />issued in fully registered form in denominations of One Thousand Dollars ($1,000) or integral <br />multiples thereof, shall be originally dated the date of delivery, shall be numbered consecutively <br />from 1 upward, shall mature not more than five (5) years from the date of issuance, may be <br />renewed or extended from time to time, over a period not exceeding five (5) years from the date <br />of the original issuance of the BANS, in accord with I.C. §5-1.1-5, shall be prepayable on seven <br />(7) days' notice in whole or in part in any authorized denomination without premium or penalty, <br />shall bear interest at a rate not exceeding seven percent (7%) per annum, and shall be sold at a <br />discount not exceeding ninety-nine percent (99%) of the principal amount thereof. Interest on <br />the BANS shall be payable at maturity. The BANS shall be issued pursuant to IC 13-18-21 if <br />sold to the Indiana Finance Authority, pursuant to IC 5-1.5-8-6.1 if sold to the Indiana Bond <br />Bank or pursuant IC 5-1-14-5 if sold to a financial institution or any other purchaser. If the <br />BANS are sold to the Indiana Finance Authority through the SRF Program, the Financial <br />Assistance Agreement shall serve as the Bond Anticipation Note Agreement. The Executive and <br />the Fiscal Officer are hereby authorized and directed to execute a Bond Anticipation Note <br />Agreement or Financial Assistance Agreement (and any amendments made from time time) in <br />such form as they shall approve acting upon the advice of counsel. It shall not be necessary for <br />the City to repeat the procedures for the issuance of the 2009 Bonds as the procedures followed <br />before the issuance of the BANs are for all purposes sufficient to authorize the issuance of the <br />2009 Bonds and 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 2009 Bonds, and the interest thereon may be paid from such proceeds or <br />from the Net Revenues or a combination thereof, and the proceeds received by the City from the <br />sale of the 2009 Bonds and such Net Revenues are hereby irrevocably pledged to the payment of <br />the principal of and interest on the BANS. The Executive is hereby authorized to determine the <br />form of the BANS and to execute the BANs, the Fiscal Officer is hereby authorized to have the <br />BANs prepared, and to attest to the BANs and affix the seal the City or cause a facsimile of the <br />seal of the City to be imprinted or impressed on the BANs. The Fiscal Officer is hereby <br />authorized and directed to obtain the legal opinion as to the validity of the BANs from Barnes & <br />Thornburg LLP. After the BANs shall have been properly executed, the Fiscal Officer shall be <br />authorized to receive from the purchaser thereof payment for the BANs and to provide for <br />delivery of the BANs to the purchaser. Proceeds received from the sale of the BANs shall be <br />deposited in the Construction Fund referred to in Sec. 11 of this Ordinance. The Fiscal Officer is <br />authorized to sell the BANs to any investor, and to work with the investor to facilitate the sale of <br />the BANs. In any case any officer whose signature or a facsimile signature appears on the BANS . <br />shall cease to be such officer before delivery of the BANS, such signature shall nevertheless be <br />-30- <br />
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