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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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referred to herein as the "Project"), including, without limitation, the Indiana Department of <br />Environmental Management (the "Department"). <br />The Common Council finds that the estimates prepared and delivered by the <br />Consulting Engineers with respect to the costs (as defined in Indiana Code 36-9-23-11) of <br />acquisition, construction, and installation of such improvements and extensions to the Sewage <br />Works (as defined in Indiana Code 36-9-1-8, as amended, and in the Act), and including all <br />authorized costs relating thereto, including the costs of issuance of bonds and, if necessary, bond <br />anticipation notes (the "BANS") on account of the financing of all or a portion thereof, will be in <br />the estimated amount of Four Million Six Hundred Thousand and 00/100 Dollars <br />($4,600,000.00). The City desires to authorize the issuance of the BANS, if necessary, to provide <br />interim financing of the Project in the maximum aggregate principal amount not to exceed Four <br />Million Six Hundred Thousand Dollars ($4,600,000) and the issuance of sewage works revenue <br />bonds, in one or more series, payable from the Net Revenues (as hereinafter defined) of the <br />Sewage Works, in the maximum aggregate principal amount of Four Million Six Hundred <br />Thousand Dollars ($4,600,000) issued to finance the aforementioned costs of the Project and to <br />refund the BANS, if issued. <br />Pursuant to Ordinance No. 8919-98 adopted by the Common Council on June 22, <br />1998 (the "1998 Ordinance"), the City has heretofore issued revenue bonds payable from the net <br />revenues of the Sewage Works, such bonds being designated as "Sewage Works Refunding <br />Revenue Bonds of 1998" (the "1998 Bonds"), outstanding after December 1, 2008, in the amount <br />of $14,895,000, bearing interest at various rates and maturing in various amounts annually on <br />December 1 in the years 2009 to and including 2018. <br />-2- <br />BDDBOI 5738468v1 <br />
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