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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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9/24/2009 2:28:11 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
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ORDINANCE NO. U D~ ~' I <br />An Ordinance of the Common Council of the City of South Bend, Indiana, <br />Concerning the Construction of Improvements to the Municipal Waterworks <br />of the City of South Bend, Indiana; Authorizing the Issuance of Revenue Bonds <br />for such Purpose in the Principal Amount not to exceed Twenty-Two Million <br />Five Hundred Thousand Dollars ($22,500,000); Addressing Other Matters <br />Connected Therewith, Including the Issuance of Notes in Anticipation of <br />Bonds; and Repealing Ordinances Inconsistent Herewith <br />STATEMENT OF PURPOSE AND INTENT <br />The City of South Bend, Indiana (the "City") has heretofore established, <br />constructed and financed a municipal waterworks and now owns and operates said works pursuant <br />to I.C. 8-1.5, as amended, and other applicable laws (together, the "Act"). <br />The Common Council of the City (the "Council") now finds that certain <br />improvements to said works are necessary; and that plans, specifications and estimates have been <br />prepazed and filed by the engineers employed by the City for the acquisition and construction of <br />said improvements (as described more fully on in F.xhihit A) (the "Project"), which plans and <br />specifications or other pertinent information have been or in a timely fashion will be submitted <br />to all government authorities having jurisdiction, particularly the Indiana Department of <br />Environmental Management ("IDEM"), if and to the extent IDEM approval is required under <br />Indiana law, and have been or will be approved by the aforesaid government authorities and are <br />hereby incorporated herein by reference and open for inspection at the office of the clerk of the <br />City as required by law. <br />The City has obtained engineer's estimates of the costs for the construction of the <br />Project, and on the basis of said estimates, the estimated cost of the Project, including incidental <br />expenses, will not exceed the amount of $20,000,000. <br />The Council finds that there are not available sufficient funds of the works to <br />construct the Project, and that revenue bonds shall be issued to pay for costs of the Project, <br />including incidental expenses. <br />The Council finds that there are now outstanding bonds issued on account of the <br />works and payable out of the revenues therefrom designated "Waterworks Revenue Bonds of <br />1993" dated November 1, 1993 (the "Parity Bonds"), originally issued in the amount of <br />$5,100,000 authorized by Ordinance No. 8318-92 adopted by the Council on November 23, 1992, <br />
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