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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The City, acting by and through the Board, shall proceed with the acquisition, construction and installation of the Project and shall enter into all contracts necessary or appropriate for such purpose, in conformity with and subject to the requirements and conditions set forth in this Ordinance and in the Act. Section 3. The 1998 Bonds. In accordance with the Act and for the purpose of providing funds with which to pay the costs of the Project, together with all authorized costs relating thereto including the costs of issuance of the 1998 Bonds, as hereinafter defined, on account thereof, the City shall issue and sell its sewage works revenue bonds in the aggregate principal amount not to exceed Twenty-four Million Ninety-five Thousand Dollars ($24,095,000) (the "1998 Bonds"). The principal of, redemption premium, if any, and interest on the 1998 Bonds shall be payable, on a parity with the 1993 Bonds, solely out of the Sewage Works Sinking Fund referred to below. Any other provisions of this Ordinance to the contrary notwithstanding, the 1998 Bonds shall be issued on a parity with the outstanding 1993 Bonds, and none of the provisions of this Ordinance shall be construed to affect the rights of the holders of the outstanding 1993 Bonds. The Controller of the City (the "Controller") is authorized to employ the firm of Crowe, Chizek and Company, LLP, Indianapolis, Indiana, to perform any and all computations necessary to confirm the preliminary evidence and findings demonstrating compliance with the conditions set forth in the 1993 Bond Ordinance for issuance of additional revenue bonds on parity with the outstanding 1993 Bonds. The City shall not issue the 1998 Bonds without first receiving a certificate from Crowe, Chizek and Company in form and substance satisfactory to the Controller and to the affect that the City and the Sewage Works are in complete compliance with the conditions set forth in Section 16 of the 1993 Bond Ordinance for the issuance of additional revenue bonds on parity with the outstanding 1993 Bonds. The 1998 Bonds shall be designated as the "City of South Bend, Indiana, Sewage Works Revenue Bonds of 1998". The 1998 Bonds shall be issued as fully registered bonds in denomination or denominations of One Thousand Dollars ($1,000) and any integral multiples thereof not exceeding the aggregate principal amount of such 1998 Bonds maturing in any one (1) year, or in the event that one or more series of the 1998 Bonds are sold to the Bond Bank or to the State pursuant to Section 8 of this Ordinance, shall be in multiples of One Dollar ($1). Each series of 1998 Bonds shall be numbered consecutively from 98R-1 upward and shall bear interest at a rate not -4- ::ODMA\PCDOCS\SBDOCS I \ 149473