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Bonds of 2009, in an aggregate principal amount not to exceed $6,200,000, subject to approval
<br />and proper action by this Common Council, (iii) recommended to the Council that such bonds be
<br />issued, and that the proceeds of such bonds (together with any investment earnings thereon) be
<br />applied to the payment of the costs of the Project, together with expenses incidental thereto,
<br />including expenses in connection with the issuance of such bonds; and (iv) approved the
<br />substantially final form of this ordinance and recommended to the Council the adoption of this
<br />ordinance, which sets forth the terms and conditions of the bonds to be issued hereunder.
<br />The Council finds that there are not available sufficient funds of the works to construct
<br />the Project, and that revenue bonds shall be issued to pay for costs of the Project, including
<br />incidental expenses.
<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 "Waterworks Revenue Bonds of
<br />2006" dated June 1, 2006 (the "2006 Bonds") originally issued in the amount of $4,710,000
<br />authorized by Ordinance No. 9603-OS adopted by the Council on July 25, 2005 (the "2005
<br />Ordinance"), now outstanding in the amount of $4,400,000.
<br />The Council also finds that there are now outstanding bonds issued on account of the
<br />works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds
<br />of 2002" dated June 1, 2002 (the "2002 Bonds") originally issued in the amount of $5,580,000
<br />authorized by Ordinance No. 9247-01 adopted by the Council on August 27, 2001 (the "2002
<br />Ordinance"), now outstanding in the amount of $4,705,000.
<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 "Waterworks Revenue Bonds of
<br />2000" dated June 12, 2000 (the "2000 Bonds") originally issued in the amount of $2,600,000
<br />authorized by Ordinance No. 9095-00 adopted by the Council on February 28, 2000 (the "2000
<br />Ordinance"), now outstanding in the amount of $1,744,031.
<br />The Council finds that there are also now outstanding bonds issued on account of the
<br />works and payable out of the revenues therefrom designated as the "Waterworks Revenue Bonds
<br />of 1997" dated December 1, 1997 (the "1997 Bonds") (the 2006 Bonds, the 2002 Bonds, the
<br />2000 Bonds and the 1997 Bonds together, the "Prior Bonds"), originally issued in the amount of
<br />$22,500,000 authorized by Ordinance No. 8801-97 adopted by the Council on June 23, 1997 (the
<br />"1997 Ordinance"), now outstanding in the amount of $6,120,000.
<br />The Council finds that on or about May 28, 2002, the Council adopted Ordinance No.
<br />9328-02 (the "2002 Supplemental Ordinance"), which supplemented and amended the 2002
<br />Ordinance, the 2000 Ordinance and the 1997 Ordinance to permit the City to substitute an
<br />insurance policy to provide funds for the Debt Service Reserve Account thereby freeing monies
<br />currently held in the Debt Service Reserve Account for use by and improvement of the
<br />waterworks. The 2002 Supplemental Ordinance, together with the 2005 Ordinance, the 2002
<br />Ordinance, the 2000 Ordinance and the 1997 Ordinance are sometimes collectively referred to
<br />herein as the "Prior Ordinances".
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