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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as amended by Ordinance No. 8419-93 adopted by the Council on September 27, 1993 (the "Parity Ordinance"), now outstanding in the amount of $4,435,000. The Parity Bonds constitute a first charge upon the Net Revenues (as hereinafter defined). The Parity Ordinance provides that the City may authorize and issue additional bonds payable out of the Net Revenues ranking on a parity with the Parity Bonds for the purpose of financing the cost of future additions, extensions and improvements to the works subject to the provisions of Section 19 of the Parity Ordinance. The conditions precedent to the issuance of additional parity bonds set forth in the Panty Ordinance, as described above, have been satisfied. The City desires to authorize the issuance of a bond anticipation note or notes hereunder, if necessary, payable from the proceeds of the revenue bonds authorized herein (the "BANS"), and to authorize the refunding of said BANS, if issued. The Council now finds that all conditions precedent to the adoption of an ordinance authorizing the issuance of revenue bonds and BANs have been complied with in accordance with the applicable provisions of the Act. NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION 1. P~ject. The City shall proceed with the Project in accordance with the cost estimates, and the plans and specifications heretofore prepared and filed by the consulting engineers employed by the City, which cost estimates, plans and specifications 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 of Directors of the Department of Waterworks (the "Board") of the City 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. SECTION.2. Authorization of nhligations. (a) The City shall issue its "Waterworks Revenue Bonds of 1997" (the "1997 Bonds"), in one or more series, in an original principal amount not to exceed Twenty-Two Million Five Hundred Thousand Dollars ($22,500,000) (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 -2-