08-10-09 Common Council Meeting Agenda & Packet

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The Common Council finds that the estimates prepared and delivered by the Consulting Engineers with respect to the costs (as defined in Indiana Code 36-9-23-11) of acquisition, construction, and installation of such improvements and extensions to the Sewage Works (as defined in Indiana Code 36-9-1-8, as amended, and in the Act), and including all authorized costs relating thereto, including the costs of issuance of bonds and, if necessary, bond anticipation notes (the "BANS") on account of the financing of all or a portion thereof, will be in the estimated amount of Four Million Six Hundred Thousand and 00/100 Dollars ($4,600,000.00). The City desires to authorize the issuance of the BANS, if necessary, to provide interim financing of the Project in the maximum aggregate principal amount not to exceed Four Million Six Hundred Thousand Dollars ($4,600,000) and the issuance of sewage works revenue bonds, in one or more series, payable from the Net Revenues (as hereinafter defined) of the Sewage Works, in the maximum aggregate principal amount of Four Million Six Hundred Thousand Dollars ($4,600,000) issued to finance the aforementioned costs of the Project and to refund the BANS, if issued. Pursuant to Ordinance No. 8919-98 adopted by the Common Council on June 22, 1998 (the "1998 Ordinance"), the City has heretofore issued revenue bonds payable from the net revenues of the Sewage Works, such bonds being designated as "Sewage Works Refunding Revenue Bonds of 1998" (the "1998 Bonds"), outstanding after December 1, 2008, in the amount of $14,895,000, bearing interest at various rates and maturing in various amounts annually on December 1 in the years 2009 to and including 2018. Pursuant to Ordinance No. 9523-04 adopted by the Common Council on August 10, 2004 (the "2004 Ordinance"), the City has heretofore issued sewage works bonds payable from the net revenues of the Sewage Works, designated as "Sewage Works Revenue -2- BDDB01 5738468v1