9937-09 Concerning the Construction of Improvements to the Municipal Waterworks of the City

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engineers employed by the City, which cost estimates, plans and specif cations are hereby approved and are hereby incorporated by reference as if set forth in full at this place, two copies of which are on file and available for public inspection in the office of the City Clerk pursuant to I.C. §36-1-5-4. The actions of the Board taken in connection with the Project are hereby approved, ratified, and confirmed. The Project shall be constructed and the bonds herein authorized shall be issued pursuant to and in accordance with the Act. The terms "works" and "utility" and other like terms where used in this Ordinance shall be construed to mean and include all structures and property of the City's waterworks utility (and its Drinking Water System as defined in the Financial Assistance Agreement) and all real estate and equipment used in connection therewith and appurtenances thereto, and all extensions, additions and improvements thereto and replacements thereof now or at anytime hereafter constructed or acquired). SECTION 2. Authorization of Obligations. (a) The City shall issue its "Waterworks Revenue Bonds of 2009" (the "2009 Bonds"), in one or more series (as designated by the City, a "Series"), in an original principal amount not to exceed Six Million Two Hundred Thousand Dollars ($6,200,000) (the "Authorized Amount"), as negotiable, fully registered bonds, for the purpose of procuring funds to be applied to the costs of the Project, including without limitation reimbursement of preliminary expenses related thereto and all incidental expenses incurred in connection therewith (all of which are deemed to be a part of the Project), and the costs of selling and issuing the 2009 Bonds and funding a debt service reserve as described herein. The City reasonably expects to reimburse expenditures for the Project with the proceeds of the 2009 Bonds and this constitutes a declaration of official intent to reimburse expenditures under Treas. Reg. 1.150-2(e) and Indiana Code 5-1-14-6(c). The 2009 Bonds shall rank on parity for all purposes with the Prior Bonds. The 2009 Bonds shall be issued in denominations of One Thousand Dollars ($1,000) or any integral multiple thereof, or in authorized denominations of One Dollar ($1.00) consistent with the requirements of the SRF Program or the Indiana Bond Bank, numbered consecutively from 1 upward, and dated the date of delivery. The 2009 Bonds shall bear interest at a rate or rates not exceeding seven percent (7%) per annum, and interest shall be payable semiannually on January 1 and July 1 in each year, with the beginning date of interest payments being finally determined by the Mayor as the executive of the City (the "Executive") and the Controller as the fiscal officer of the City, or any acting, assistant or deputy controller of the City (the "Fiscal Officer"), as evidenced by delivery of the executed initial issue of the 2009 Bonds to the Registrar for authentication. The 2009 Bonds shall be sold pursuant to I.C. 5-1-11, as amended, unless sold to the Indiana Finance Authority through the SRF Program or the Indiana Bond Bank. Interest on the BANs and the 2009 Bonds shall be calculated according to a 360- day calendar year containing twelve 30-day months. The 2009 Bonds shall mature beginning not earlier than January 1, 2011 and on January 1 of each year thereafter over a period ending not later than 20 years after substantial completion cf the Project, in su:.h amounts as is deemed appropriate by the Executive, as evidenced by delivery or the executed initial issue of the 2009 Bonds to the Registrar for authentication, provided that if ar~y o` th:. 200:' Bon; s are sold to the Indiana Finance Authority through the rk~ Program, ±he;~ in ,:.•:~~~:I: ~~;ounts that will p:-oduce -4-