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Bonds of 2004" (the "2004 Bonds"), outstanding after December 1, 2008, in the amount of <br />$9,815,000, bearing interest at various rates and maturing in various amounts annually on <br />December 1 in the years 2009 to and including 2024. <br />Pursuant to Ordinance No. 9672-06 adopted by the Common Council on April 11, <br />2006, as amended by Ordinance No. 9767-0 adopted by the Common Council on June 25, 2007 <br />(collectively, the "2006 Ordinance" and with the 1998 Ordinance and the 2004 Ordinance, the <br />"Prior Ordinances"), the City has heretofore issued revenue bonds payable from the net revenues <br />of the Sewage Works, such bonds being designated as (i) "Sewage Works Revenue Bonds of <br />2006" (the "2006 Bonds"), outstanding after December 1, 2008, in the amount of $7,620,000, <br />bearing interest at various rates and maturing in various amounts annually on December 1 in the <br />years 2009 to and including 2026; (ii) "Sewage Works Revenue Bonds of 2007" (the "2007 <br />Bonds"), outstanding after December 1, 2008, in the amount of $16,060,000, bearing interest at <br />various rates and maturing in various amounts annually on December 1 in the years 2009 to and <br />including 2027; and (iii) "Sewage Works Revenue Bonds of 2007 B" (the "2007 B Bonds" and <br />with the 1998 Bonds, the 2004 Bonds, the 2006 Bonds and the 2007 Bonds, the "Prior Bonds"), <br />outstanding after December 1, 2008, in the amount of $15,980,000, bearing -interest at various <br />rates and maturing in various amounts annually on December 1 in the years 2009 to and <br />including 2027. <br />The Prior Ordinances authorizes the issuance of additional revenue bonds ranking <br />on a parity basis with the Prior Bonds for such purposes, so long as certain conditions are met. <br />The Common Council now finds that all conditions precedent to the adoption of an ordinance <br />authorizing the issuance of revenue bonds on a parity basis with the Prior Bonds and BANS, if <br />necessary, to provide the necessary funds to be applied to the costs of the Project and the <br />-3- <br />BDDBOI 5738468v1 <br />