HomeMy WebLinkAbout8364-93 Ordinance Concerning Issurance of Revenue Bonds to Refund Outstanding Sewage Works Bonds ORDINANCE No. 8364-93
Passed by the Common Council of the City of South Bend, Indiana
March 22, 93
19
Attest: �� City Clerk
IRENE K. GAMMON
Attest: �� _/i President of Common Council
Or
Presented by me to the Mayor of the City of South Bend, Indiana
March 23, 93
19
-�` - City Clerk
IRENE K. GAMMON
Approved and signed by me a4 Igo 9,2
Mayor
•
ORDINANCE NO. g)36 -93
AN ORDINANCE AMENDING AN ORDINANCE OF THE COMMON
COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ENTITLED
"AN ORDINANCE CONCERNING THE ISSUANCE OF REVENUE BONDS
TO REFUND OUTSTANDING SEWAGE WORKS BONDS OF THE CITY,
THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE
REVENUES OF SAID WORKS, THE SAFEGUARDING OF THE
INTEREST OF THE OWNERS OF SAID REVENUE BONDS, AND OTHER
MATTERS CONNECTED THEREWITH AND REPEALING ORDINANCES
INCONSISTENT THEREWITH"
STATEMENT OF PURPOSE AND INTENT:
On March 8, 1993, the Common Council of the City of South
Bend approved Ordinance No. 8359-93, authorizing the issuance of
City of South Bend, Indiana, Sewage Works Refunding Revenue Bonds
of 1993 .
The Common Council deems it advisable to amend said
Ordinance to allow for redemption of the Bonds thereby authorized
one year earlier than set forth in said Ordinance .
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA, as follows :
Section 1 . Amendment Regarding Redemption Terms . The terms
of redemption relating to dates at which the 1993 Bonds (as
defined in said Ordinance) are redeemable prior to maturity, as
set forth in Section 3 and Section 5 of said Ordinance, are
hereby amended to read as follows :
The 1993 Bonds maturing on or after December 1,
2002, are redeemable prior to maturity at the option of
the City on December 1, 2001, or any date thereafter,
on thirty (30) days' notice, in whole or in part, in
any order of maturities selected by the City and by lot
within a maturity, at 100% of face value, but without
premium, plus accrued interest to the date fixed for
redemption.
Section 2 . Effectiveness . This Ordinance shall be in full
force and effect from and after its passage and approval by the
Mayor.
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Presiding Nber
fimmuntttu grpi1rt
cIlu the Comm QIount% of the Q 1tg of Smd1 end:
Your Committee of the Whole
to whom was referred
BILL NO.
25-93 SECOND READING ON A BILL OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA, ENTITLED "AN ORDINANCE
CONCERNING THE ISSUANCE OF REVENUE BONDS TO REFUND
OUTSTANDING SEWAGE WORKS BONDS OF THE. CITY, THE
COLLECTION, SEGREGATION AND DISTRIBUTION OF THE
REVENUES OF SAID WORKS, THE SAFEGUARDING OF THE
INTEREST OF THE OWNERS' OF SAID REVENUE BONDS, AND
OTHER MATTERS CONNECTED THEREWITH AND REPEALING
ORDINANCES INCONSISTENT THEREWITH".
Respectfully report that they have examined the matter and that in their opinion
This bill should be recommended to the Council favorable. (SUSPENSION OF
RULES TO ALLOW PUBLIC HEARING AND THIRD READING. )
Thomas Zakrzewski Chairman
5gUTH 8\���1� -
0
k\� \'//'' "'e City of South Bend
i o
lIIl\4..... -,:-.-'---- ,��11} i Joseph E. Kernan, Mayor
'11�1�' 186a-�
Department of Administration and Finance
Kevin C. Horton
March 16, 1993
Mr. Stephen Luecke
President
South Bend Common Council
4th Floor, County-City Building
South Bend, Indiana 46601
Re: An Ordinance Amending Ordinance 8359-93 of the Common Council of
the City of South Bend, Indiana, Concerning the 1993 Sewage Works
Refunding Bond Issue
Dear Steve,
I am attaching for filing an Ordinance amending Ordinance
8359-93, approved by the Common Council at it meeting of March 8,
1993.
As you know, Ordinance 8359-93 authorized the issuance of
the City of South Bend Sewage Works Refunding Bond Issue. The bond
issue was sold on Monday, March 15th. As a result of the terms and
conditions of the sale, it is now determined to be in the best
interest of the City to amend Ordinance 8359-93 to allow for the
shorten by one year the call provision of those bonds. The attached
ordinance makes this adjustment.
I am also asking that the Council suspend its rules in order
to give the attached Ordinance first and second reading, public
hearing, and final reading and vote all at the meeting of March
22nd. This request is made in order that we may close on the bond
sale prior to the beginning of April.
Thank you, for your cooperation and consideration.
Sincerely,
Kevin Horton
City Controller
County-City Building • South Bend, Indiana 46601 • 219/284-9742 Fax 219/284-9892
Catherine A. Hubbard John D. Leisenring C. J. Cowsert
Personnel Director Chief Deputy Controller Safety & Risk Manager
284-9124 284-9483 284-9482