04/10/06 Board of Public Works Minutes

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REGULAR MEETING APRIL 10, 2006 O be on parity with outstanding sewage works revenue bonds issued by the City in 1998, 2001 and 2004; and WHEREAS, a proposed form of the Sewage Bond Ordinance to finance the cost of the Project has been duly considered by the Board and found to be satisfactory; and WHEREAS, the Board desires to recommend the adoption of the proposed Sewage Bond Ordinance to the Common Council for the purpose of authorizing the ' issuance of sewage works revenue bonds (the "Bonds") for the purpose of providing funds to pay for the cost of some or all of the Project; and WHEREAS, certain preliminary costs in financing•the Project, have been or will be incurred by or on behalf of the City prior to the issuance and delivery of the Bonds; and WHEREAS, the City reasonably expects to reimburse such preliminary costs of the Project with proceeds of the Bonds; and WHEREAS, the Board desires to declare the official intent of the City, pursuant to I.C. 5-1-14-6(c) and § 1.150-2 of the Treasury Regulations promulgated by the Internal Revenue Service (the "Treasury Regulations"), that said preliminary costs be reimbursed from the proceeds of such bonds; NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works of the City of South Bend, Indiana, as follows: 1. The Board requests that the Common Council authorize the issuance of the Bonds in an aggregate principal amount not to exceed the amount in the Sewage Bond Ordinance on the terms and conditions set forth in the Sewage Bond Ordinance which Sewage Bond Ordinance is hereby approved in the form presented to this Board at this meeting. 2. The Board hereby ratifies, approves and authorizes the filing of said Sewage Bond Ordinance with the City Clerk for presentation to the Common Council and directs the Clerk of the Board to present a copy of this Resolution to the City Clerk for presentation to the Common Council as soon as may be done. 3. The Board hereby declares the official intent of the City, pursuant to I.C. 5-1-14-6(c) and § 1.150-2 of the Treasury Regulations, that preliminary costs incurred by or on behalf of the City in financing the construction of the Project be reimbursed from the proceeds of the Bonds. 4. This resolution shall be in full force and effect from and after its adoption by the Board. ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana, held on April 10, 2006, in room 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana. ADOPTED this 10`h day of April, 2006. BOARD OF PUBLIC WORKS CITY OF SOUTH BEND, INDIANA s/Gary A. Gilot, President s/Carl P. Littrell; Member ` s/Donald E. Inks, Member ATTEST: s/Angela K. Jacob, Clerk ADOPT RESOLUTION NO. 18-2006 -DISPOSAL OF CITY OWNED PROPERTY Upon a motion made by Mr. Inks, seconded by Mr. Littrell and carried, the following Resolution was adopted by the Board of Public Works: