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9937-09 Concerning the Construction of Improvements to the Municipal Waterworks of the City
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9937-09 Concerning the Construction of Improvements to the Municipal Waterworks of the City
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Last modified
12/3/2009 11:50:35 AM
Creation date
6/18/2009 2:16:34 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/8/2009
Ord-Res Number
9937-09
Bill Number
36-09
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The Council now finds that pursuant to the 2002 Supplemental Ordinance, the City <br />entered into an Insurance Agreement with Financial Security Assurance Inc. ("FSA"), dated <br />June 27, 2002 (the "FSA Insurance Agreement"), and pursuant to the FSA Insurance Agreement, <br />FSA issued its Municipal Bond Debt Service Reserve Insurance Policy No. 29146-R, effective <br />June 27, 2002 (the "2002 Reserve Insurance Policy"). <br />The 2002 Reserve Insurance Policy covers principal and interest payments on the 1997 <br />Bonds, 2000 Bonds and 2002 Bonds, up to the policy limit stated in the 2002 Reserve Insurance <br />Policy. The initial policy limit of the 2002 Reserve Insurance Policy was set at $2,332,703. <br />The Council now finds that pursuant to the 2005 Ordinance, the City entered into an <br />Insurance Agreement with MBIA Insurance Corporation ("MBIA"), dated June 6, 2006 (the <br />"MBIA Insurance Agreement"), and pursuant to the MBIA Insurance Agreement, MBIA issued <br />its Debt Service Reserve Surety Bond No. 48026(2), effective June 6, 2006 (the "2006 Reserve <br />Insurance Policy"). <br />The 2006 Reserve Insurance Policy covers principal and interest payments on the 2006 <br />Bonds, up to the policy limit stated in the 2006 Reserve Insurance Policy. The initial policy limit <br />of the 2006 Reserve Insurance Policy was set at $365,826. <br />The Prior Bonds constitute a first charge upon the Net Revenues (as hereinafter defined) <br />The Prior Ordinances provide that the City may authorize and issue additional bonds <br />payable out of the Net Revenues ranking on parity with the Parity Bonds (as hereinafter defined) <br />for the purpose of financing the cost of future additions, extensions and improvements to the <br />works subject to the provisions of the Prior Ordinances. The conditions precedent to the <br />issuance of additional parity bonds set forth in the Prior Ordinances, as described above, have <br />been satisfied, subject to approval by the State of Indiana (the "State"). <br />The City desires to authorize the issuance of a bond anticipation note or notes hereunder, <br />if necessary, payable from the proceeds of the revenue bonds authorized herein (the "BANS"), <br />and to authorize the refunding of said BANS, if issued. <br />The City desires to enter into a Financial Assistance Agreement, in substantially the form <br />attached hereto as Exhibit B, with the Indiana Finance Authority together with any subsequent <br />amendments thereto (the "Financial Assistance Agreement"), which would pertain to the Project <br />and the financing thereof, if any of the 2009 Bonds are sold to the Indiana Finance Authority <br />pursuant to its Drinking Water Revolving Loan Program (the "SRF Program"); and <br />The Council now finds that all conditions precedent to the adoption of an ordinance <br />authorizing the issuance of revenue bonds and BANS have been complied with in accordance <br />with the applicable provisions of the Act. <br />NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, IIVDIA.NA, AS FOLLOWS: <br />SECTION 1. Proiect. The City shall proceed with the Project in accordance with the <br />cost estimates, and the plans and speci5cations heretofore prepared and filed by the c;ansulting <br />-3- <br />
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