Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds

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authorized costs relating thereto, including the costs of issuance of bonds on account of the financing of all or a portion thereof, will be in the estimated amount of Twenty-five Million Eight Hundred Thirty-four Thousand One Hundred Ten Dollars ($25,834,100). The Common Council finds that to provide funds necessary to pay for the costs of the Project, it will be necessary for the City to issue sewage works revenue bonds in an amount not to exceed Twenty-four Million Ninety-Five Thousand Dollars ($24,095,000). Pursuant to Ordinance No. 8359-93, adopted by the Common Council on March 8, 1993 (the "1993 Bond Ordinance"), the City heretofore issued revenue bonds payable from the net revenues of the Sewage Works, designated "Sewage Works Refunding Revenue Bonds of 1993" dated April 1, 1993 (the "1993 Bonds"), outstanding after December 31, 1997, in the amount of $7,600,000, bearing interest at various rates and maturing in various amounts annually on December 1 in the years 1998 to 2008. Section 16 of the 1993 Bond Ordinance permits the issuance additional bonds payable from revenues of the Sewage Works ranking on a parity with the 1993 Bonds for the purpose of financing the costs of future additions, extensions and improvements to the Sewage Works, so long as certain conditions are met. The Common Council now finds that all conditions precedent to the adoption of an ordinance authorizing the issuance of revenue bonds to provide the necessary funds to be applied to the costs of the Project and all authorized costs relating thereto, have been complied with in accordance with the provisions of the Act. Therefore, the Common Council seeks to authorize the issuance of revenue bonds to finance the acquisition, construction, and installation of the Project pursuant to the Act and the sale of one or more series of such revenue bonds to the Indiana Bond Bank (the "Bond Bank") pursuant to the provisions of Indiana Code 5-1.5, the State of Indiana (the "State") pursuant to the provisions of Indiana Code 13-18-13 and 3'L7 IAC 13, or at public sale pursuant to the provisions of Indiana Code 5-1-11, subject to and dependent upon the terms and conditions hereinafter set forth. In conjunction with the issuance of said bonds, the City expects to enter into a Financial Assistance Agreement (as hereinafter defined) with the State, pertaining to the Project and the financing thereof. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: -2- ::ODMA\PCDOCS\SBDOCS 1 \ 149473