HomeMy WebLinkAboutMunicipal Waterworks Revenue Bonds 1
ORDINANCE No. 8318-92
Passed by the Common Council of the City of South Bend, Indiana.
November 23, 92
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Attest: 't""`"`�"
City Clerk
IRENE K. GAMMON
Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana—
November 24, 92
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City Clerk
IRENE K. GAMMON
Approved and signed by me `� 19
a - z° Mayor
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�1 ORDINANCE NO. ?3/1- 9 a
AN ORDINANCE OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA, AUTHORIZING
THE ACQUISITION AND CONSTRUCTION OF EXTENSIONS,
ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL
WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA,
AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO PROVIDE
FOR THE COSTS THEREOF, AND AUTHORIZING THE COLLECTION,
SEGREGATION AND DISTRIBUTION OF THE REVENUES
OF SUCH WATERWORKS AND OTHER RELATED MATTERS
STATEMENT OF PURPOSE AND INTENT:
The City of South Bend, Indiana ("City") , is the owner
of and operates an unencumbered waterworks system (the
"Waterworks") by and through its Board of Waterworks (the "Board")
furnishing the public water supply to the City and its inhabitants
pursuant to the provisions of IC 8-1.5, as amended (the "Act") .
The Board, at a meeting on November 4, 1992, adopted Resolution No.
1992-10, by which the Board has represented to the Common Council
of the City (the "Common Council") and the Common Council has
determined that certain extensions, additions and improvements to
the Waterworks as described herein, are necessary in order to serve
adequately and protect and promote the public health, welfare and
property of the inhabitants of the City.
Acting on the direction and on the behalf of the Board,
engineers employed by the City (the "Engineers") have recommended
the extensions, additions and improvements to the Waterworks and
have prepared and filed preliminary descriptions, specifications
and estimates of the cost of the necessary additions, improvements
and extensions to the Waterworks (the "Project") . The Common
Council now finds that the Project, as identified in the
aforementioned preliminary descriptions and estimates, is necessary
for the benefit of the Waterworks and the City and that the
estimates prepared and delivered by the Engineers with respect to
the cost of construction of the Project, including all incidental
and other authorized expenses relating thereto, including the
allocable portion of the costs of issuance of bonds on account
thereof, will be in the approximate amount of Five Million One
Hundred Thousand and 00/100 Dollars ($5, 100, 000.00) . The Common
Council further finds that the total cost of the Project cannot be
otherwise provided for out of funds of the Waterworks currently
available or reasonably anticipated to be available prior to the
completion of the Project and that, in order to obtain funds to pay
for a portion of the costs of the Project, it will be necessary to
issue and sell waterworks revenue bonds, payable solely out of the
net revenues of the Waterworks, as hereinafter defined, and not
constituting a general obligation of the City. The Common Council
desires to authorize issuance of waterworks revenue bonds to
finance a portion of the costs of construction of the Project
pursuant to the Act and sell such revenue bonds pursuant to the
provisions of the Act, subject to and dependent upon the terms and
conditions hereinafter set forth. The Common Council recognizes
that certain expenditures in connection with the Project and
issuance of the Bonds will be incurred by the City and the Board
prior to the issuance and delivery of Bonds to finance the Project
and the Common Council desires to establish its intention to
reimburse such expenditures as may be incurred prior to the
issuance of such bonds pursuant to IC 5-1-14-6.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS:
Section 1. Acquisition and Construction of the Project.
The City, being the owner of and engaged in operating the
Waterworks, hereby orders, authorizes, and directs the Board to
acquire any and all necessary property and to proceed with the
construction of the Project, pursuant to the Act and in accordance
with the plans, specifications, descriptions and estimates
heretofore or hereafter prepared at the direction of and filed with
the Board prepared by the Engineers or other consulting engineers
employed by the City for this purpose and filed with the Board,
which are hereby adopted and approved and, by reference,
incorporated fully in this Ordinance, and to finance a portion of
the costs of the Project through the issuance of waterworks revenue
bonds pursuant to and in the manner described by the Act and this
Ordinance, which revenue bonds shall be payable solely out of the
revenues of the Waterworks in accordance with the Act and this
Ordinance. The actions of the Board in connection with the
acquisition of any and all necessary property and the construction
and financing of the Project are hereby authorized, approved,
ratified and confirmed. Where used in this Ordinance, the term
"City" shall be construed also to include any department, board
(including the Board) , commission, officer, or officers of the City
or of any such department, board, or commission. The term
"Waterworks, " "waterworks, " "works, " "water system, " "system, " and
"waterworks system" and similar terms used in this Ordinance shall
be construed to mean and include the existing structures and
property of the Waterworks owned by the City and all extensions,
additions, and improvements thereto and replacements thereof, now
or subsequently constructed or acquired.
Section 2. Description of the Project. The Project
shall be constructed, installed, and equipped in accordance with
the plans provided by the Engineers and the Department of
Waterworks. The Project shall consist of the following:
relocation of the main office of the Waterworks, improvements to
the filtration plant, existing well fields and the distribution
system, renovation and replacement, if necessary, of valves
throughout the City, supervisory control improvements to the
Waterworks system consisting of computerization of system control
mechanisms, additions to and renovations of the Olive Street
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Garage, rehabilitation of existing water tanks and repairs to the
reservoir.
Section 3. Project Subject to Certain Conditions. The
City, acting by and through the Board, shall proceed with the
construction, installation, and equipping of the Project, and the
proper officers of the City and the Board are hereby authorized and
directed to carry out the purposes of this Ordinance and to enter
into all contracts necessary for such purpose in conformity with
and subject to the provisions of the Act and this Ordinance,
subject, however, to the condition that the principal of and
interest on the revenue bonds issued to finance in part the Project
shall be paid solely and exclusively from the revenues of the
Waterworks pursuant to the Act and this Ordinance, and shall not
constitute a general obligation of the City.
Section 4. The Bonds. In accordance with the Act and
for the purpose of providing funds with which to pay a portion of
the costs of the Project, together with authorized expenses
relating thereto, including the costs of issuance of such bonds the
City shall issue and sell its waterworks revenue bonds pursuant to
the provisions of the Act and this Ordinance, which bonds shall be
payable solely from the Waterworks Sinking Fund created hereinbelow
(the "Sinking Fund") to be provided from the Net Revenues (herein
defined as the gross revenues of the Waterworks of the City
remaining after the payment of the reasonable expenses of
operation, repair and maintenance) of the Waterworks of the City.
The bonds authorized by this Ordinance shall be
designated as "City of South Bend, Indiana, Waterworks Revenue
Bonds of 1993" (the "Bonds") , shall be issued in the principal
amount not to exceed Five Million One Hundred Thousand and 00/100
Dollars ($5, 100, 000. 00) , shall be issued in the denominations of
Five Thousand and 00/100 Dollars ($5, 000.00) and any integral
multiple thereof not exceeding the aggregate principal amount of
the Bonds maturing in any one year, shall be numbered consecutively
from 93R-1 upward, and shall bear interest at a rate or rates not
exceeding ten percent (10%) . (The exact rate or rates to be
determined by bidding) . Interest on the Bonds shall be payable
semi-annually on January 1 and July 1 of each year beginning on
July 1, 1993 (each an "Interest Payment Date") , and such interest
shall be calculated on the basis of twelve (12) thirty (30) -day
months for a three hundred and sixty (360) -day year. The Bonds
shall mature serially on January 1, in such years, in any case not
later than January 1, 2008, and in such annual principal amounts
as may be determined by the Board subject to the approval of the
Common Council, with such determination evidenced by a resolution
of the Board and such approval evidenced by an ordinance of the
Common Council, provided, that the terms and conditions of such
approval and determination shall be in all cases governed by and
consistent with the provisions of this Ordinance.
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The Bonds shall bear an original issue date which shall
be the first day of the month in which the Bonds are delivered to
the purchaser or purchasers thereof, and each Bond shall also bear
the date of its authentication. Any Bond authenticated on or
before June 15, 1993, shall pay interest from its original issue
date. Any Bond authenticated thereafter shall pay interest from
the Interest Payment Date next preceding the date of authentication
of such Bond to which interest thereon has been paid or duly
provided for, unless such Bond is authenticated after the fifteenth
(15th) day of the month immediately preceding an Interest Payment
Date and on or before such Interest Payment Date, in which case
interest thereon shall be paid from such Interest Payment Date.
Principal of and redemption premium, if any, on the Bonds
shall be payable at the office of the Paying Agent, as defined and
described herein. All payments of interest on the Bonds shall be
paid by check or draft mailed or delivered one business day prior
to such payment date by the Paying Agent to the registered owner
thereof at the address as it appears on the registration books kept
by the Registrar, as defined and described herein, as of the
fifteenth (15th) day of the month immediately preceding the
Interest Payment Date or at such other address as may be provided
to the Paying Agent in writing by such registered owner. All
payments of the Bonds shall be made in any coin or currency of the
United States of America which, on the dates of such payments,
shall be legal tender for the payment of public and private debts.
Section 5. Registrar and Paying Agent. A registrar and
a paying agent for the Bonds (the "Registrar" and the "Paying
Agent") shall be appointed by the Controller and approved by the
Board. The Controller is hereby authorized and directed to
formulate and distribute a request for proposals with regard to the
services of registrar and paying agent. The Registrar and Paying
Agent shall be charged with and shall by appropriate agreement
undertake the performance of all of the duties and responsibilities
customarily associated with each such position, including without
limitation, the authentication of the Bonds. The Controller is
further authorized and directed to enter into such agreements and
understandings with the Registrar and Paying Agent as will enable
and facilitate the performance of its duties and responsibilities,
and is authorized and directed to pay such fees as the Registrar
and Paying Agent may reasonably charge for its services in such
capacity, with such fees to be paid from the Bond and Interest
Account as described in this Ordinance.
The Registrar and Paying Agent may at any time resign as
Registrar and Paying Agent upon giving thirty (30) days' notice in
writing to the City and by first-class mail to each registered
owner of the Bonds then outstanding, and such resignation will take
effect at the end of such thirty (30) days or upon the earlier
appointment of a successor Registrar and Paying Agent by the City.
Any such notice to the City may be served personally or sent by
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registered mail. The Registrar and Paying Agent may also be
removed at any time as Registrar and Paying Agent by the City, in
which event the City may appoint a successor Registrar and Paying
Agent. The City shall notify each registered owner of Bonds then
outstanding by first-class mail of the removal of the Registrar and
Paying Agent. Notices to registered owners of the Bonds shall be
deemed to be given when mailed by first-class mail to the addresses
of such registered owners as they appear on the registration books
kept by the Registrar. Any predecessor Registrar and Paying Agent
shall deliver all of the Bonds and cash in its possession with
respect thereto, together with the registration books, to the
successor Registrar and Paying Agent. The Controller is hereby
authorized to act on behalf of the City with regard to any of the
aforementioned actions of the City relating to the resignation or
removal of the Registrar and Paying Agent and appointment of a
successor Registrar and Paying Agent.
Section 6. Transfer, Exchange, and Non-Presentment of
Bonds. Each Bond shall be transferable or exchangeable only on the
books of the City maintained for such purpose at the office of the
Registrar, by the registered owner thereof in person, or by his or
her attorney duly authorized in writing, upon surrender of such
Bond together with a written instrument of transfer or exchange
satisfactory to the Registrar duly executed by the registered owner
or his or her attorney duly authorized in writing, and thereupon
a new fully registered Bond or Bonds in the same aggregate
principal amount and of the same maturity shall be executed and
delivered in the name of the transferee or transferees or the
registered owner, as the case may be, in exchange therefor. Each
Bond may be transferred or exchanged without cost to the registered
owner or his or her attorney duly authorized in writing, except for
any tax or other governmental charge which may be required to be
paid with respect to such transfer or exchange. The Registrar
shall not be obligated to make any transfer or exchange of any Bond
(i) during the fifteen (15) days immediately preceding an Interest
Payment Date, (ii) during the fifteen (15) days immediately
preceding the mailing of a notice of redemption of such Bond to be
redeemed, or (iii) after the mailing of notice calling such Bond
for redemption. The City, the Registrar and the Paying Agent may
treat and consider the person in whose name any Bond is registered
as the absolute owner thereof for all purposes including the
purpose of receiving payment of, or on account of, the principal
thereof, and redemption premium, if any, and interest thereon.
In the event any Bond is mutilated, lost, stolen or
destroyed, the City may cause to be executed and the Registrar may
authenticate a new Bond of like date, maturity, and denomination
as the mutilated, lost, stolen or destroyed Bond, which new Bond
shall be marked in a manner to distinguish it from the Bond for
which it was issued; provided, that in the case of any mutilated
Bond, such mutilated Bond shall first be surrendered to the
Registrar, and in the case of any lost, stolen or destroyed Bond
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there shall be first furnished to the Registrar evidence of such
loss, theft or destruction satisfactory to the City and the
Registrar, together with indemnity satisfactory to them. In the
event that any such mutilated, lost, stolen or destroyed Bond shall
have matured or been called for redemption, instead of causing to
be issued a duplicate Bond, the Registrar and Paying Agent may pay
the same upon surrender of the mutilated Bond or upon satisfactory
indemnification and proof of loss, theft or destruction in the case
of a lost, stolen or destroyed Bond. The City and the Registrar
and Paying Agent may charge the owner of any such Bond with their
reasonable fees and expenses in connection with the above. Every
substitute Bond issued by reason of any Bond being lost, stolen or
destroyed shall, with respect to such Bond, constitute a substitute
contractual obligation of the City pursuant to this Ordinance,
whether or not the lost, stolen or destroyed Bond shall be found
at any time, and shall be entitled to all the benefits of this
Ordinance, equally and proportionately with any and all other Bonds
duly issued hereunder.
In the event that any Bond is not presented for payment
or redemption on the date established therefor, the City may
deposit in trust with the Paying Agent an amount sufficient to pay
such Bond or the redemption price thereof, as appropriate, and
thereafter the owner of such Bond shall look only to the funds so
deposited in trust with the Paying Agent for payment and the City
shall have no further obligation or liability with respect thereto.
Section 7. Optional Redemption of the Bonds. The Bonds
maturing on or after January 1, 2004, shall be redeemable at the
option of the City, in whole or in part, on January 1, 2003, or at
any time thereafter, in inverse order of maturity, and by lot
within any such maturity or maturities by the Registrar, at a
redemption price expressed as a percentage of the principal amount
of each Bond to be redeemed in accordance with the following
schedule, plus accrued interest to the redemption date:
Redemption Period (Both Dates Inclusive) Redemption Price
January 1, 2003 through December 31, 2003 102%
January 1, 2004 through December 31, 2004 101%
January 1, 2005 and thereafter prior to maturity 100%
Official notice of such redemption shall be mailed by the Registrar
and Paying Agent by certified or registered mail at least thirty
(30) days and not more than sixty (60) days prior to the scheduled
redemption date to each of the registered owners of the Bonds
called for redemption (unless waived by any such registered owner)
at the address shown on the registration books of the Registrar and
Paying Agent, or at such other address as is furnished in writing
by such registered owner to the Registrar; provided, however, that
failure to give such notice by mailing, or any defect therein, with
respect to any Bond shall not affect the validity of the
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proceedings for the redemption of any other Bond. The notice shall
specify the redemption price, the date and place of redemption, and
the registration numbers (and, in case of partial redemption, the
respective principal amounts) of the Bonds called for redemption.
The place of redemption may be at the office of the Registrar and
Paying Agent or as otherwise determined by the City. Interest on
the Bonds (or portions thereof) so called for redemption shall
cease to accrue on the redemption date fixed in such notice, if
sufficient funds are available at the place of redemption to pay
the redemption price on the redemption date and when such Bonds (or
portions thereof) are presented for payment. Any Bond redeemed in
part may be exchanged for a Bond or Bonds of the same maturity in
authorized denominations equal to the remaining principal amount
thereof. At the time of payment of the principal of, premium, if
any, and interest on any Bonds called for redemption, such Bonds
shall be surrendered for cancellation.
In addition to the foregoing notice, the City may also
direct that further notice of redemption of the Bonds be given,
including without limitation and at the option of the City, notice
described in paragraph (a) below given by the Registrar and Paying
Agent to the parties described in paragraphs (b) and (c) below.
No defect in any such further notice and no failure to give all or
any portion of any such further notice shall in any manner defeat
the effectiveness of any call for redemption of Bonds so long as
notice thereof is given as prescribed above.
(a) If so directed by the City, each further notice
of redemption given hereunder shall contain the
information required above for an official notice of
redemption plus (i) the CUSIP numbers of all Bonds being
redeemed; (ii) the date of issue of the Bonds as
originally issued; (iii) the rate of interest borne by
each Bond being redeemed; (iv) the maturity date of each
Bond being redeemed; and (v) any other descriptive
information needed to identify accurately the Bonds being
redeemed.
(b) If so directed by the City, each further notice
of redemption shall be sent at least thirty-five (35)
days before the redemption date by registered or
certified mail or overnight delivery service to all
registered securities depositories then in the business
of holding substantial amounts of obligations of types
comprising the Bonds (such depositories now being
Depository Trust Company of New York, New York, Midwest
Securities Trust Company of Chicago, Illinois, Pacific
Securities Depository Trust Company of San Francisco,
California, and Philadelphia Depository Trust Company of
Philadelphia, Pennsylvania) and to one or more national
information services that disseminate notices of
redemption of obligations such as the Bonds (such as
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Financial Information, Inc. 's Financial Daily Called Bond
Service, Kenny Information Service's Called Bond Service,
Moody's Municipal and Government News Report, and
Standard & Poor's Called Bond Record) .
(c) If so directed by the City, each such further
notice shall be published one time in The Bond Buyer of
New York, New York, or, if the Registrar believes such
publication is impractical or unlikely to reach a
substantial number of the holders of the Bonds, in some
other financial newspaper or journal which regularly
carries notices of redemption of other obligations
similar to the Bonds, with any such publication to be
made at least thirty (30) days prior to the date fixed
for redemption.
Upon the payment of the redemption price of the Bonds (or
portions thereof) being redeemed and, if so directed by the City,
each check or other transfer of funds issued for such purpose shall
bear the CUSIP number identifying, by issue and maturity, the Bonds
(or portions thereof) being redeemed with the proceeds of such
check or other transfer.
Section 8. Execution and Authentication of the Bonds.
The Bonds shall be executed in the name of the City by the manual
or facsimile signature of the Mayor of the City, countersigned by
the manual or facsimile signature of the Controller of the City and
shall be attested by the manual or facsimile signature of the Clerk
of the City, with the seal of the City or a facsimile thereof to
be affixed to each of the Bonds. The Bonds shall be authenticated
by the manual signature of the Registrar, and no Bond shall be
valid or become obligatory for any purpose until the certificate
of authentication thereon has been so executed. In case any
official whose signature appears on any Bond shall cease to be such_
official before the delivery of such Bond, the signature of such
official shall nevertheless be valid and sufficient for all
purposes, the same as if such official had been in office at the
time of such delivery. Subject to the provisions of this Ordinance
regarding the registration of the Bonds, the Bonds shall be fully
negotiable instruments under the laws of the State of Indiana.
Section 9. Form of the Bonds. The form and tenor of the
Bonds shall be substantially as set forth in Appendix A, attached
hereto and incorporated herein as if set forth at this place (with
all blanks to be properly completed prior to the preparation of the
Bonds) .
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Section 10. Sale of the Bonds. The Bonds shall be sold
at public sale. In no event shall the Bonds be sold at a purchase
price of less than ninety-seven percent (97%) of the par value of
the Bonds, plus accrued interest thereon, if any, to the date of
delivery. The Bonds shall be offered and sold pursuant to an
Official Statement with respect to the Bonds (the "Official
Statement") , to be made available and distributed in such manner,
at such times, for such periods and in such number of copies as may
be required pursuant to Rule 15c2-12 promulgated by the United
States Securities and Exchange Commission (the "Rule") and any and
all applicable rules and regulations of the Municipal Securities
Rulemaking Board. The Common Council hereby authorizes the Board
(a) on behalf of the City, to designate the Official Statement a
"Final Official Statement" for purposes of the Rule, and (b) to
enter into such agreements or arrangements as may be necessary or
advisable in order to provide for the distribution of a sufficient
number of copies of the Official Statement under the Rule; and (c)
to employ the firm of Municipal Consultants to serve the City as
financial advisor with respect to the Bonds and in connection with
the preparation of the Official Statement, all on such terms as may
be mutually acceptable to the parties.
Prior to the public sale of the Bonds, the Controller
shall conduct the sale of the Bonds by publication of either a bond
sale notice pursuant to the provisions of paragraph (a) hereof, or
a notice of intent to sell bonds pursuant to paragraph (b) hereof.
(a) A bond sale notice shall be published
two (2) times, at least one (1) week apart,
with the first publication made at least
fifteen (15) days before the date of such sale
and the second publication made at least three
(3) days before the date of the sale in the
South Bend Tribune and the Tri-County News both
published in the County of St. Joseph, Indiana,
and the Indianapolis Commercial, a newspaper
published in Indianapolis, Indiana, or such
other newspapers as may be required pursuant
to the Act and Indiana Code 5-1-11. The notice
shall state the time and date of sale.
(b) A notice of intent to sell bonds
shall be published once each week for two weeks
in the South Bend Tribune and the Tri-County
News, both published in the County of St.
Joseph, Indiana, and in the Indianapolis
Commercial published in the City of
Indianapolis, Indiana, or such other newspapers
as may be required pursuant to the Act and
Indiana Code 5-1-11 and in such other
publications, if any, deemed appropriate in the
discretion of the Controller. The notice shall
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state that any person interested in submitting
a bid for the Bonds may furnish in writing, at
the address set forth in the notice, the
person's name, address and telephone number,
and that any such person may also furnish a
telex number. The notice must also state the
time within which the name, address and
telephone number must be furnished, which must
not be less than seven (7) days after the last
publication of the notice.
Any notice, whether a bond sale notice or a notice of
intent to sell bonds, shall state further the purpose for which the
Bonds are being issued, the total amount, maturities, and
denominations thereof, the maximum rate of interest thereon and any
limitations as to the number of interest rates and the setting of
such rates, the terms and conditions upon which bids will be
received and the sale made, and such other information as the
Controller and the attorneys employed by the City or by the Board
shall deem necessary or advisable. Such notice shall provide,
among other things, that each bid shall be accompanied by a
certified or cashier's check in the amount equal to one percent
(1%) of the principal amount of the Bonds to guarantee performance
on the part of the bidder, and that in the event the successful
bidder shall fail or refuse to accept delivery of and pay for the
Bonds as soon as the Bonds are ready for delivery, or at the time
fixed in the notice, then such check and the proceeds thereof shall
become the property of the City and shall be considered as the
City's liquidated damages on account of such default.
All bids for the Bonds shall be sealed and shall be
presented to the Controller at the office of the Controller.
Bidders for the Bonds shall be required to name the rate or rates
of interest which the Bonds are to bear, which rate or rates shall
not exceed ten percent (10%) . Such interest rate or rates shall
be in multiples of one-eighth (1/8) or one-twentieth (1/20) of one
percent (1. 00%) . Bids specifying more than one interest rate shall
also specify the amount and maturities of the Bonds bearing each
rate. All Bonds maturing on the same date shall bear the same
interest rate. The Controller shall award the Bonds to the best
bidder who has submitted a bid in accordance with the terms of this
Ordinance and the notice. The best bidder will be the one who
offers the lowest interest cost to the City, to be determined by
computing the total interest on all of the Bonds from the date
thereof to their respective maturities and deducting therefrom the
premium bid, if any, or adding thereto the amount of any discount.
No bid for less than all of the Bonds or for less than ninety-
seven percent (97%) of the par value of the Bonds, plus accrued
interest to the date of delivery, shall be considered. The City
shall have the right to reject any and all bids. In the event an
acceptable bid is not received on the date fixed in the notice, the
Controller shall be authorized to continue the sale from day to day
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for' a period of not to exceed thirty (30) days without
readvertisement, subject to the requirements of Indiana law.
Prior to the delivery of the Bonds, the Controller,
subject to the direction of the Board, (i) shall be authorized to
investigate and to obtain insurance, other forms of credit
enhancement and/or credit ratings on the Bonds, and (ii) shall
obtain a legal opinion as to the validity of the Bonds from Baker &
Daniels, South Bend, Indiana, bond counsel for the City with
respect to the Bonds, with such opinion to be furnished to the
purchaser or purchasers of the Bonds at the expense of the City.
The costs of obtaining any such insurance, other credit enhancement
and/or credit ratings, together with bond counsel's fee in
preparing and delivering such opinion and in the performance of
related services in connection with the issuance, sale and delivery
of the Bonds, shall be considered as a part of the costs of
issuance of the Bonds and shall be paid out of the proceeds of the
sale of the Bonds.
Section 11. Authorization to Sell and Deliver a Lesser
Amount of the Bonds. In the event it shall be hereafter determined
that it is not necessary to issue all of the Bonds authorized by
this Ordinance, the Controller shall be authorized to sell and
deliver a lesser amount of Bonds than herein authorized in such
maturities as the Controller and the Board may determine.
Section 12. Issuance and Delivery of the Bonds. The
Controller is hereby authorized and directed to have the Bonds
prepared, and the Mayor, Controller and the Clerk of the City (the
"Clerk") are each hereby authorized and directed to execute or
cause the execution of the Bonds in the form and manner herein
provided. The Controller is hereby authorized and directed to
deliver the Bonds to the Treasurer of St. Joseph County, ex officio
treasurer of the City (the "Treasurer") , and shall take his receipt
therefor, and upon the consummation of the sale of the Bonds, the
Controller shall certify to the Treasurer the amount which the
purchaser or purchasers of the Bonds is or are to pay for the Bonds
together with the name and address of the purchaser or purchasers;
thereupon, the Treasurer shall be authorized to receive from the
purchaser or purchasers the amount so certified from the Controller
and to deliver the Bonds to the purchaser or purchasers thereof
upon compliance with the requirements established hereunder and
under the Act for the sale thereof, and to take the receipt of the
purchaser or purchasers for the Bonds. The amount to be certified
by the Controller and collected by the Treasurer shall be the full
amount which the respective purchaser or purchasers have agreed to
pay therefor, which shall be not less than the par, or percentage
of par value of the Bonds required to be paid pursuant hereto, plus
accrued interest thereon to the date of delivery. If the Treasurer
is not available, then the Controller shall deliver the Bonds to
the purchaser or purchasers and deliver the proceeds to the
Treasurer. The Controller and the Treasurer shall then report the
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proceedings to the Common Council. The proceeds derived from the
sale of the Bonds shall be and are hereby set aside for the
application to the costs of the Project, together with the expenses
necessarily incurred in connection therewith, including the
expenses incurred in the issuance of the Bonds.
Section 13. Security and Sources of Payment for the
Bonds. The Bonds, when fully paid for and delivered to the
purchaser or purchasers thereof, as to both principal and interest
and any bonds hereafter issued on equal parity with the Bonds,
shall be the valid and binding special revenue obligations of the
City, payable from and secured by an irrevocable pledge of and
constituting a charge upon all of the Net Revenues of the
Waterworks including all extensions, additions and improvements
thereto, and replacements thereof made pursuant to this Ordinance,
or subsequently. The proceeds derived from the sale of the Bonds
shall be and are hereby set aside for the purpose of the payment
of the cost of acquisition, construction and installation of the
Project and the expenses necessarily in connection therewith,
including the expenses incurred in connection with the issuance and
sale of the Bonds. The proper offices of the City are hereby
directed to draw all proper and necessary warrants and to do all
acts and things which may be necessary to carry out the provisions
of the Ordinance.
Section 14. Disposition of Proceeds of the Bonds;
Waterworks Construction Account. The proceeds from the sale of the
Bonds shall be deposited and applied as follows:
(a) The accrued interest and premium received at
the time of the delivery of the Bonds, if any, shall be
deposited in the Bond and Interest Account, as defined
and described herein.
(b) A portion of the proceeds from the sale of the
Bonds may be deposited into the Debt Service Reserve
Account defined and described hereinbelow, which amount
shall be determined by the Board and approved by the
Common Council in the same manner as provided for
to determine the final principal amounts of the Bonds set
forth in Section 4 herein. In no event shall the amount
of proceeds of the Bonds deposited in the Debt Service
Reserve Account exceed the Reserve Requirement
established for the Bonds in Section 15 herein.
(c) The remaining proceeds from the sale of the
Bonds shall be deposited in a bank or banks which are
legally qualified depositories for the funds of the City,
in a special account or accounts to be designated as
"City of South Bend, Waterworks Construction Account"
(hereafter called the "Construction Account") , and shall
be in the custody and control of the Board. Each of such
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special accounts shall be deposited, secured, and held
or invested in accordance with the laws of the State of
Indiana relating to the depositing, securing, and holding
or investing of public funds, including particularly
applicable provisions of Indiana Code 5-13-9, as amended.
Any interest or income derived from any such investments
shall become a part of the moneys in the Fund or Account
so invested. Amounts in the Construction Account shall
be expended only for the purpose of paying the costs of
the Project herein authorized, together with the
incidental expenses incurred in connection therewith and
the costs of the issuance of the Bonds. Any balance or
balances remaining unexpended in the Construction Account
after completion of the Project, which are not required
to meet unpaid obligations incurred in connection with
the construction, installation, and equipping of the
Project, shall be used solely for one or more of the
purposes permitted under the provisions of IC 5-1-13, as
amended.
Section 15. Segregation and Application of Revenues;
Accounts of Waterworks. The income and revenues of the Waterworks,
together with the income and revenues of all extensions, additions,
improvements thereto, and replacements thereof made pursuant to
this Ordinance, or subsequently, shall be set aside into separate
and special funds and accounts created and established herein
below, to be used and applied in the maintenance and operation
thereof, in establishing an improvement fund, and payment of the
principal of all bonds which by their terms are payable from the
Net Revenues of the Waterworks, together with the interest thereon.
(a) Revenue Fund. All income and revenues of the
Waterworks shall be paid into the Revenue Fund hereby created
and established (the "Revenue Fund") , which fund shall be
maintained separate and apart from all other bank accounts of
the City.
(b) Operation and Maintenance Fund. There shall
be credited on the last day of each calendar month a
sufficient amount of the revenues of the Waterworks so
that the balance in the Operation and Maintenance Fund
hereby created and established (the "Operation and
Maintenance Fund") shall be sufficient to pay the
expenses of operation, repair and maintenance for the
then next succeeding two calendar months. The moneys
credited to the Operation and Maintenance Fund shall be
used for the payment of the reasonable and proper
operation, repair and maintenance expenses of the
Waterworks on a day-to-day basis, but none of the moneys
in such Operation and Maintenance Fund shall be used for
depreciation, replacements, improvements, extensions or
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' additions. Any balance in said Operation and Maintenance
Fund in excess of the expected expenses of operation,
repair and maintenance for the next succeeding two
calendar months may be transferred to the Sinking Fund
if necessary to prevent a default in the payment of
principal of or interest on the outstanding bonds of the
Waterworks.
(c) Waterworks Sinking Fund. There shall be set
aside and deposited in the Waterworks Sinking Fund hereby
created and established (the "Sinking Fund") for the
payment of the principal of and interest on revenue bonds
which by their terms are payable from the Net Revenues
of the Waterworks, and for the payment of any fiscal
agency charges in connection with the payment of bonds
and interest, as available, and as hereinafter provided,
a sufficient amount of the Net Revenues of said
Waterworks to meet the requirements of the Bond and
Interest Account and of the Debt Service Reserve Account
described herein in said Sinking Fund account. Such
payments shall continue until the balance in the Bond and
Interest Account, plus the balance in the Debt Service
Reserve Account hereinafter described, equals the amount
needed to redeem all of the then outstanding bonds.
(1) Bond and Interest Account. There
shall be transferred, on the last day of each
calendar month, from the Revenue Fund and
credited to the Bond and Interest Account
hereby created and established (the "Bond and
Interest Account") an amount of the Net
Revenues equal to the sum of one-sixth (1/6)
of the principal and one-twelfth (1/12) of the
interest on all then outstanding bonds payable
from Net Revenues on the next succeeding
principal and interest payment dates, until
the amount so credited shall equal the
principal payable during the next succeeding
twelve (12) calendar months and the interest
payable during the next succeeding six (6)
calendar months. There shall similarly be
credited to the account any amount necessary
to pay the bank fiscal agency charges for
paying principal and interest on the bonds as
the same become payable. The City shall, from
the sums deposited in the Sinking Fund and
credited to the Bond and Interest Account,
remit promptly to the bank fiscal agency
sufficient moneys to pay the principal and
interest on the due dates thereof together
with the amount of bank fiscal agency charges.
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(2) Debt Service Reserve Account. The
City shall deposit, if necessary, as a reserve
for the Bonds into the Debt Service Reserve
Account hereby created and established (the
"Debt Service Reserve Account") either
revenues of the Waterworks on a monthly basis
or funds of the Waterworks now on hand so that
the reserve equals the reserve requirement for
the Bonds (the "Reserve Requirement") . The
Reserve Requirement for the Bonds shall be
equal to the lesser of (i) the maximum annual
debt service on the Bonds, or (ii) one hundred
twenty-five percent (125%) of the average
annual principal and interest payable on the
Bonds, or (iii) ten percent (10%) of the
proceeds of the Bonds (plus a "minor portion"
thereof defined and permitted pursuant to the
Internal Revenue Code of 1986 as amended and
as in effect on the date of delivery of the
Bonds (the "Code") ) . If the City deposits
revenues into the Debt Service Reserve Account
on a monthly basis, the amount of the monthly
deposit shall be sufficient to accumulate the
Reserve Requirement within five (5) years from
the date of delivery of the Bonds. The Debt
Service Reserve Account shall constitute the
margin for safety and as protection against
default in the payment of principal of and
interest on the Bonds and the moneys in the
Reserve Account shall be used to pay current
principal and interest on the Bonds to the
extent that moneys in the Bond and Interest
Account are insufficient for that purpose.
Any deficiency in the balance maintained in
the Debt Service Reserve Account shall be
promptly made up from the next available Net
Revenues remaining after credits into the Bond
and Interest Account. In the event moneys in
the Debt Service Reserve Account are
transferred to the Bond and Interest Account
to pay principal and interest on the Bonds,
then such depletion of the balance in the Debt
Service Reserve Account shall be made up from
the next available Net Revenues after the
credits into the Bond and Interest Account
hereinabove provided for. Any moneys in the
Debt Service Reserve Account in excess of the
Reserve Requirement may be used for the
prepayment of installments of principal on the
then outstanding Bonds which are then callable
or prepayable, or for the purchase of
outstanding Bonds or installments of principal
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of the Bonds at a price not exceeding par and
accrued interest, or may be transferred to the
Waterworks Improvement Fund as provided below.
However, in no event shall moneys in excess of
the Reserve Requirement be held in the Debt
Service Reserve Account.
(d) Waterworks Improvement Fund. After meeting the
requirements of the Operation and Maintenance Fund and
the Sinking Fund, any excess revenues may be transferred
or credited to the Waterworks Improvement Fund hereby
created and established (the "Waterworks Improvement
Fund") , and said Fund shall be used for improvements,
replacements, additions and extensions of the Waterworks.
Moneys in the Waterworks Improvement Fund shall be
transferred to the Sinking Fund if necessary to prevent
a default in the payment of principal and interest on the
then outstanding bonds or, if necessary, to eliminate any
deficiencies in credits to or minimum balance in the Debt
Service Reserve Account of the Sinking Fund or may be
transferred to the Operation and Maintenance Fund to meet
unforeseen contingencies in the operation and maintenance
of the Waterworks.
(e) Investment of Funds. The Sinking Fund shall
be deposited in and maintained as a separate bank account
or accounts from all other bank accounts of the City.
The Operation and Maintenance Fund and the Waterworks
Improvement Fund may be maintained in a single bank
account, or accounts, but such bank account, or accounts,
shall likewise be maintained separate and apart from all
other bank accounts of the City and apart from the
Sinking Fund bank account or accounts. All moneys
deposited in the bank accounts shall be deposited, held
and secured as public funds in accordance with the public
depository laws of the State of Indiana; provided, that
moneys therein may be invested in obligations in
accordance with the applicable laws, including
particularly Indiana Code, Title 5, Article 13, Chapter
9, as amended or supplemented, and in the event of such
investment the income therefrom shall become a part of
the funds invested and shall be used only as provided in
this ordinance.
Section 16. Proper Books of Records and Accounts. The
City shall keep proper books of records and accounts, separate from
all of its other records and accounts, in which complete and
correct entries shall be made showing all revenues collected from
the Waterworks and deposited in the special accounts established
or continued pursuant to this Ordinance and all disbursements made
therefrom and all transactions relating to the Waterworks. There
shall be prepared and furnished, upon written request, to any owner
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of the Bonds at the time then outstanding, not more than ninety
(90) days after the close of each fiscal year of the Waterworks,
complete operating and income statements of the Waterworks, in
reasonable detail covering such fiscal year, which statements shall
be certified by the Controller, a certified public accountant
retained for the purpose of making an accounting study of the
records of the Waterworks or the State Board of Accounts. Copies
of all such statements and reports shall at all times be kept on
file and available for inspection in the office of the Controller.
Any owner of at least five percent (5%) in aggregate principal
amount of the then-outstanding Bonds shall have the right at all
reasonable times to inspect the Waterworks and the records,
accounts and data of the City relating thereto.
Section 17. Covenant With Respect to Rates and Charges.
The City, by and through the Board and to the fullest extent
permitted by law, shall establish, fix, maintain and collect
reasonable and just rates and charges for the use of and the
services rendered by the Waterworks so that such rates and charges
shall produce revenues at least sufficient in each year to (a) pay
all the legal and other necessary expenses incident to the
operation of the Waterworks, including maintenance costs, operating
charges, upkeep, repairs, and interest charges on bonds or other
obligations, including leases; (b) provide a sinking fund for the
liquidation of bonds or other obligations, including leases;
(c) provide a debt service reserve on bonds or other obligations,
including leases, as required by the terms of such obligations;
(d) provide adequate money for working capital; (e) provide
adequate money for making extensions and replacements; and
(f) provide money for the payment of any taxes that may be assessed
against the Waterworks. So long as any of the Bonds are
outstanding, none of the facilities and services afforded by the
Waterworks shall be furnished without a reasonable and just charge
being made therefor.
Section 18. Issuance of Completion Bonds. If the
proceeds of the Bonds, plus investment earnings thereon, are less
than the cost of the Project to be financed hereunder, the City
reserves the right to issue additional revenue bonds to provide the
amount of the deficit and to provide for completion of the Project
including the cost of issuing such additional revenue bonds (the
"Completion Bonds") . Unless the context otherwise requires, any
such Completion Bonds shall be deemed to be a part of the issue of
the Bonds, shall be entitled to payment from the Sinking Fund
established herein and shall not be required to satisfy the various
requirements for additional bonds imposed pursuant to Section 19
hereof. However, as a precondition to and prior to the adoption
of any ordinance authorizing the issuance of any such Completion
Bonds, (i) the Engineers or any consulting engineer designated and
employed by the City for such purpose shall prepare and submit to
the Common Council a certificate setting forth, with respect to the
Project, the total amount of work to be completed and the estimated
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costs of the completion of such work, and (ii) the Common Council
must approve and file such certificate in the office of the Clerk
for public inspection.
Section 19. Additional Bonds. In addition to the
Completion Bonds authorized under Section 18, the City reserves
the right to authorize and issue additional bonds, payable out of
the revenues of the Waterworks, ranking on a parity with the Bonds
authorized by this Ordinance, for the purpose of financing the cost
of future additions, extensions and improvements to the Waterworks,
subject to the following conditions:
(a) The interest on and principal of all bonds
payable from the revenues of the Waterworks shall have
been paid to date in accordance with the terms thereof,
and all required payments into the Sinking Fund required
by this Ordinance shall have been made.
(b) The Net Revenues of the Waterworks in the
fiscal year immediately preceding the issuance of any
such bonds ranking on a parity with the bonds authorized
by this Ordinance shall be not less than one hundred
twenty-five percent (125%) of the maximum annual interest
and principal requirements of the then outstanding bonds
and the additional parity bonds proposed to be issued;
or, prior to the issuance of said additional parity
bonds, the water rates and charges shall be increased
sufficiently so that the increased rates and charges
applied to the previous fiscal year's operations would
have produced Net Revenues for the year equal to not less
than one hundred twenty-five percent (125%) of the
maximum annual interest and principal requirements of the
then outstanding bonds and the additional parity bonds
proposed to be issued. For purposes of this subsection,
the records of the Waterworks shall be analyzed and all
showings prepared by an independent certified public
accountant employed by the City for that purpose.
(c) To the extent required by law, the issuance of
the proposed additional parity bonds and any necessary
increase in water rates and charges shall have been
approved by the Indiana Utility Regulatory Commission,
or any successor body vested by law with authority to
approve bonds and water rates and charges of municipal
waterworks.
(d) The interest on the additional parity bonds
shall be payable semiannually on the first days of
January 1 and July 1 and the principal of the bonds shall
be payable annually on the first day of January 1 in the
years in which both principal and interest are payable.
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For purposes of this Section 19, the records of the
Waterworks shall be analyzed and all showings shall be prepared by
an independent certified public accountant retained by the City for
that purpose.
Section 20. Additional Covenants of the City. For
purposes of further safeguarding the interests of the owners of the
Bonds, the City additionally covenants, represents and agrees as
follows:
(a) All construction contracts let by the City in
connection with the Project shall be let to responsible
contractors who shall be required to furnish construction
bonds running to the City in an amount equal to one
hundred percent (100%) of the amount of such contracts
to insure the completion of such contracts in accordance
with their terms, and such contractors shall be required
to carry such amounts of employers' liability and public
liability insurance as are required under the laws of the
State of Indiana in the case of public contracts, and
shall be governed in all respects by the laws of the
State of Indiana relating to public contracts.
(b) The Project shall be contracted for and
constructed pursuant to the plans, specifications,
descriptions and estimates prepared by the Engineers and
constructed under the supervision of such engineers and
such other consulting engineers as may be employed by the
Board. All estimates for work done and materials
furnished shall first be checked by the Department of
Waterworks or the Engineers before being approved by the
City.
(c) The City, through the Board, shall at all times
maintain the Waterworks in good condition and operate the
Waterworks in an efficient manner and at a reasonable
cost.
(d) So long as any of the Bonds are outstanding,
the City, through the Board, shall maintain insurance on
the insurable parts of the Waterworks of a kind and in
an amount such as is customarily carried by private
companies engaged in a similar type of business. All
insurance shall be placed with responsible insurance
companies qualified to do business in the State of
Indiana. Any insurance proceeds collected shall be used
in replacing or repairing the property destroyed or
damaged; or if not used for such purpose, shall be
treated and applied as Net Revenues of the Waterworks.
(e) Except as provided in Section 19 of this
Ordinance, so long as any of the Bonds are outstanding,
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' no additional bonds or other obligations pledging any
portion of the revenues of the Waterworks shall be
authorized, executed or issued by the City except as
shall be made subordinate and junior in all respects to
the Bonds or unless the Bonds are defeased, redeemed and
retired coincidentally with the delivery of such
additional bonds or other obligations or, as provided in
Section 21 hereof, funds sufficient to effect such
redemption are available and set aside for such purpose
at the time of issuance of such additional bonds or
obligations.
(f) So long as any of the Bonds are outstanding,
the City and the Board shall not mortgage, pledge or
otherwise encumber the Waterworks or any part thereof,
except as authorized by the laws pursuant to which the
Bonds are issued, and shall not sell, lease or otherwise
dispose of any portion thereof except such equipment
which may become worn out or obsolete, and which shall
be replaced.
(g) The provisions of this Ordinance shall be
construed to create a trust in the proceeds of the sale
of the Bonds for the uses and purposes herein set forth
and, so long as any of the Bonds are outstanding, the
provisions of this Ordinance shall also be construed to
create a trust in the Net Revenues of the Waterworks
herein directed to be set apart and paid into the Sinking
Fund for the uses and purposes of such Fund as set forth
in this Ordinance.
(h) The provisions of this Ordinance shall
constitute a contract by and between the City and the
owners of the Bonds, all of the terms of which shall be
enforceable at law or in equity, and after the issuance
of the Bonds this Ordinance shall not be repealed or
amended in any respect which would adversely affect the
rights and interests of the owners of the Bonds, and the
Common Council and the Board shall not adopt any law,
ordinance or resolution which in any way would adversely
affect the rights of such owners so long as any of the
principal of or interest on the Bonds remains unpaid;
provided, that the City shall have the right to amend
this Ordinance, under certain circumstances, without
notice to or approval by any owners of the Bonds in
accordance with Section 24 of this Ordinance. The owners
of the Bonds shall have all of the rights, remedies and
privileges provided in the Act and under Indiana law,
including without limitation the making and collection
of reasonable and sufficient rates lawfully established
for the use of the services and facilities of the
Waterworks, the segregation of the revenues of the
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' Waterworks and the application of funds as provided in
this Ordinance.
Section 21. Defeasance of the Bonds. If, when the Bonds
or a portion thereof shall have become due and payable in
accordance with their terms, or shall have been duly called for
redemption, or irrevocable instructions to call the Bonds or a
portion or portions thereof for redemption shall have been given,
and the whole amount of the principal of, redemption premium, if
any, on and the interest due and payable on all of the Bonds then
outstanding shall be paid; or (i) sufficient moneys, or (ii) direct
obligations of, or obligations the principal of and interest on
which are unconditionally guaranteed by, the United States of
America, the principal of and the interest on which when due will
provide sufficient moneys for such purpose, or (iii) time
certificates of deposit fully secured as to both principal and
interest by obligations of the kind described in clause (ii) above
of a bank or banks, the principal of and interest on which when due
will provide sufficient moneys for such purpose, shall be held in
trust, and provision shall also be made for paying all fees and
expenses for the redemption, then and in such event the Bonds shall
no longer be deemed outstanding or entitled to the pledge of the
revenues of the Waterworks.
Section 22 . Tax Covenants. In order to preserve the
excludability from gross income of interest on the Bonds under
Section 103 of the Code, the City hereby represents, covenants and
agrees as follows:
(a) No person or entity or any combination thereof,
other than the City or any other governmental unit within
the meaning of Section 141(b) (6) and Section 150 (a) (2)
of the Code ("Governmental Unit") will use proceeds of
the Bonds or property financed by such proceeds of the
Bonds other than as a member of the general public. No
person or entity or any combination thereof other than
a Governmental Unit will own property financed out of the
proceeds of the Bonds or will have actual or beneficial
use of such property pursuant to a lease, a management
or incentive payment contract or any other type of
arrangement that differentiates that person's or entity's
use of such property from the use of such property by the
public at large.
(b) No Bond proceeds will be lent to any entity or
person other than a Governmental Unit. No Bond proceeds
will be transferred directly or indirectly, or be deemed
transferred, to a person or entity other than a
Governmental Unit in a fashion that would in substance
constitute a loan of such Bond proceeds.
(c) The City will not take, or cause or permit to
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be taken by it or by any party under its control, or fail
to take or cause or permit to fail to be taken by it or
by any party under its control, any action that would
result in the loss of the excludability from gross income
for federal income tax purposes of interest on the Bonds
pursuant to Section 103 of the Code. The City further
covenants that it will not make any investment or do any
other act or thing during the period that any Bond is
outstanding hereunder which would cause any Bond to be
an "arbitrage bond" within the meaning of Section 148 of
the Code and the regulations applicable thereto as in
effect on the date of delivery of the Bonds. In
furtherance of the foregoing, the Controller is hereby
authorized to invest or to cause to be invested moneys
pursuant to the provisions of this Ordinance at a
restricted yield, to the extent permitted by and
consistent with the provisions for such investments under
the Code and to the extent necessary or advisable to
preserve the excludability from gross income of interest
on the Bonds for federal income tax purposes.
(d) With respect to the Bonds, the Controller shall
keep full, complete and accurate records of all
investment income and other earnings on the amounts held
in the funds and accounts created or referred to in this
Ordinance. The City and the Board shall further take all
actions necessary and appropriate to comply with the
arbitrage rebate requirements under Section 148 of the
Code to the extent applicable, including, without
limitation, accounting for and making provision for the
payment of any and all amounts that may be required to
be paid to the United States of America from time to time
pursuant to Section 148 of the Code.
(e) All officers, employees and agents of the City
and the Board are hereby authorized and directed to
provide certifications of facts and estimates that are
material to the reasonable expectations of the City as
of the date that the Bonds are issued, and to make
covenants on behalf of the City evidencing the City's
recognition of and compliance with the covenants and
commitments made herein. In particular and without
limiting the foregoing, any and all appropriate officers,
employees and agents of the City and the Board are
authorized to certify and/or enter into covenants on
behalf of the City regarding (i) the facts and
circumstances and reasonable expectations of the City as
of the date that the Bonds are issued and (ii) the
representations and covenants made herein by the City
regarding the amount and use of the proceeds of the
Bonds.
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(f) The Controller is hereby authorized to employ
consultants and attorneys from time to time to advise the
City with respect to the requirements under federal law
for the continuing preservation of the excludability of
interest on the Bonds from gross income for purposes of
federal income taxation, as described in this Section 22.
Section 23. Waiver of Tax Covenants. Notwithstanding
any other provision of this Ordinance, any of the covenants and
authorizations contained in Section 22 of this Ordinance (the "Tax
Covenants") which are designed to preserve the excludability of
interest on the Bonds from gross income for purposes of federal
income taxation need not be complied with if the City receives an
opinion of nationally recognized bond counsel to the effect that
compliance with such Tax Covenant is unnecessary to preserve such
excludability of interest.
Section 24. Supplemental Ordinances. Without notice to
or consent of the owners of the bonds herein authorized, the City
may, from time to time and at any time, adopt an ordinance or
ordinances supplemental hereto (which supplemental ordinance or
ordinances shall thereafter form a part hereof) for any of the
following purposes:
(a) To cure any ambiguity or formal defect or
omission in this Ordinance or in any supplemental
ordinance or to make any other change authorized herein;
(b) To grant to or confer upon the owners of the
bonds herein authorized and any other bonds ranking on
a parity with such bonds any additional benefits, rights,
remedies, powers, authority or security that may lawfully
be granted to or conferred upon the owners of the bonds
herein authorized or to make any change which, in the
judgment of the City, is not to the prejudice of the
owners of the bonds herein authorized;
(c) To modify, amend or supplement this Ordinance
to permit the qualification of the bonds herein
authorized for sale under the securities laws of the
United States of America or of any of the states of the
United States of America or to obtain or maintain bond
insurance or other credit enhancement with respect to
payments of principal of and interest on bonds herein
authorized;
(d) To provide for the refunding or advance
refunding of the bonds herein authorized;
(e) To procure a rating on the bonds herein
authorized from a nationally recognized securities rating
agency or agencies designated in such supplemental
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' ordinance if such supplemental ordinance will not
adversely affect the owners of the bonds herein
authorized or any other bonds ranking on a parity with
such bonds;
(f) To accomplish any other purpose which, in the
judgment of the City, does not adversely affect the
interests of the owners of the Bonds or any other bonds
ranking on a parity with such bonds.
This Ordinance and the rights and obligations of the City
and the owners of the bonds herein authorized may be modified or
amended at any time by supplemental ordinances adopted by the City
with the consent of the owners of the bonds herein authorized
holding sixty-six and two-thirds percent (66 2/3%) in aggregate
principal amount of the outstanding bonds herein authorized
(exclusive of any such bonds owned by the City) ; provided, however,
that no such modification or amendment shall, without the express
consent of the owners of the bonds herein authorized, reduce the
interest rate or any redemption premium payable thereon, advance
the earliest redemption date, extend the maturity or the times for
paying interest on any bond or bonds herein authorized, permit a
privilege or priority of any bond or bonds herein authorized,
permit a privilege or priority of any bond or bonds herein
authorized over any other bond or bonds herein authorized, create
a lien securing any bonds herein authorized other than a lien
ratably securing all of the outstanding bonds herein authorized,
change the monetary medium in which principal and interest is
payable, or reduce the aggregate principal amount of bonds required
for consent required for amendment or modification of this
Ordinance.
Any act done pursuant to a modification or amendment so
consented to shall be binding upon all the owners of the bonds
herein authorized and shall not be deemed an infringement of any
of the provisions of this Ordinance or of the Act, and may be done
and performed as fully and as freely as if expressly permitted by
the terms of this Ordinance, and, after such consent relating to
such specified matters has been given, no owner shall have any
right or interest to object to such action or in any manner to
question the propriety thereof or to enjoin or restrain the City
or any officer thereof from taking any action pursuant thereto.
If the City shall desire to obtain any such consent, it
shall cause the Registrar and Paying Agent to mail a notice,
postage prepaid, to the respective owners of the Bonds herein
authorized at their addresses appearing on the registration books
of the Registrar and Paying Agent. Such notice shall briefly set
forth the nature of the proposed supplemental ordinance and shall
state that a copy thereof is on file at the office of the Registrar
and Paying Agent for inspection by all owners of the Bonds herein
authorized. The Registrar and Paying Agent shall not, however, be
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subject to any liability to any owners of the Bonds herein
authorized by reason of its failure to mail the notice described
in this Section 24, and any such failure shall not affect the
validity of such supplemental ordinance when consented to and
approved as provided in this Section 24.
Whenever, at any time within one (1) year after the date
of the mailing of such notice, the City shall receive an instrument
or instruments purporting to be executed by the owners of the Bonds
herein authorized of not less than sixty-six and two-thirds percent
(66 2/3%) in aggregate principal amount of the bonds herein
authorized and then outstanding (exclusive of any such bonds owned
by the City) , which instrument or instruments shall refer to the
proposed supplemental ordinance described in such notice and shall
specifically consent to and approve the adoption thereof in
substantially the form of the copy thereof referred to in such
notice as on file with the Registrar and Paying Agent thereupon,
but not otherwise, the City may adopt such supplemental ordinance
in substantially such form, without liability or responsibility to
any owners of the Bonds herein authorized, whether or not such
owner shall have consented thereto.
Upon the adoption of any supplemental ordinance pursuant
to the provisions of this Section 23, this Ordinance shall be, and
be deemed to be, modified and amended in accordance therewith, and
the respective rights, duties and obligations under this Ordinance
shall thereafter be determined, exercised and enforced hereunder,
subject in all respects to such modifications and amendments.
Section 25. Rates and Charges. The estimate of the
rates and charges which will be needed and charged to the general
classes of users or property to be served by the Waterworks in
order to provide sufficient moneys to make payments of principal
of and interest on the Bonds and other bonds which by their terms
are payable from the revenues of the Waterworks, as described
herein, along with the other payments identified in this Ordinance,
is set forth in Ordinance No. 8305-92 entitled "AN ORDINANCE OF THE
COMMON COUNCIL OF THE CITY OF SOUTH BEND ESTABLISHING A NEW
SCHEDULE OF RATES AND CHARGES FOR SERVICES RENDERED BY THE CITY OF
SOUTH BEND WATER WORKS AND THE AMENDING OF CHAPTER 17, ARTICLE 4,
SECTIONS 17-45, 17-46, 17-47, 17-48 OF THE SOUTH BEND MUNICIPAL
CODE" adopted by the Common Council on October 12, 1992.
Section 26. Payments on Holidays. If the date of making
any payment or the last date for performance of any act or the
exercising of any right, as provided in this Ordinance, shall be
a legal holiday or a day on which banking institutions in the City
in which the Registrar and Paying Agent is located are typically
closed, such payment may be made or act performed or right
exercised on the next succeeding day not a legal holiday or a day
on which such banking institutions are typically closed, with the
same force and effect as if done on the actual date established in
25
1
1P 7
t
this Ordinance, and no interest shall accrue for the period after
such nominal date.
Section 27. Repeal of Other Ordinances. All ordinances
in conflict herewith are expressly repealed to the extent of such
conflict.
Section 28. Reimbursement. The Common Council hereby
declares that the City and the Board reasonably expect to reimburse
certain expenditures as may be incurred in connection with the
Project prior to the issuance of the Bonds, with proceeds of the
Bonds, and that no funds from sources other than the Bonds are, or
are reasonably expected to be, reserved, allocated on a long-term
basis, or otherwise set aside by the City or the Board pursuant to
the budgetary or financial policies with respect to the
expenditures to be reimbursed, and further the Common Council
hereby establishes its intent, pursuant to Indiana Code 5-1-14-6,
that the City and the Board be reimbursed for expenditures incurred
prior to the issuance of the Bonds by the City in connection with
the Project, from the proceeds of the Bonds.
Section 29. Captions. The captions in this Ordinance
are inserted only as a matter of convenience and reference, and
such captions are not intended and shall not be construed to
define, limit, establish, interpret or describe the scope, intent
or effect of any provision of this Ordinance.
Section 30. Effective Date. This Ordinance shall be in
full force and effect from and after its passage and approval by
the Common Council signing by the Mayor.
COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA
By: ' U/
Member of 6/ Common Council
T agmc1 only to prcvi_ e gp.
opportunity for public dI. _ i ots
and CctIncl i. action on the issue.,
rrrompola\sthbend\waterwor.ks\bond.ord;drf;11-4-92
Filed in Clerk's Office
//- 9- 92) 26
1st READING " e2.9-9Q
NOV - 4i
PUBLIC HEARING
3 rd READING //- .013 "9 A
NOT APPROVED IRENE GAMMON
REFERRED CITY CLERK,SO.BEND,IN.
PASSED //- o?. 2-9
APPENDIX A
TO THE BOND ORDINANCE
FORM OF REGISTERED BOND
(Form of Face of Bond)
UNITED STATES OF AMERICA
STATE OF INDIANA, COUNTY OF ST. JOSEPH
CITY OF SOUTH BEND, INDIANA,
WATERWORKS REVENUE BOND OF 1993
No. 93R--
Interest Maturity
Rate Date
Original Authentication
Date Date CUSIP
% 11 _ 1, 1993
Registered Owner:
Principal Amount:
The City of South Bend (the "City "), in St. Joseph
County, State of Indiana, for value received, hereby promises to
pay to the Registered Owner specified above, or registered assigns,
upon surrender hereof, solely out of the special revenue fund
hereinafter referred to, the Principal Amount stated above on the
Maturity Date specified above (unless this bond be subject to and
shall have been called for redemption prior to maturity as
hereinafter provided), and to pay interest hereon until the
Principal Amount is fully paid at the Interest Rate per annum
specified above from the interest payment date to which interest
has been paid next preceding the Authentication Date of this bond
unless this bond is authenticated after the fifteenth day of the
month preceding an interest payment date and on or before such
interest payment date, in which case it shall bear interest from
such interest payment date, or unless this bond is authenticated
on or before June 15, 1993, in which case it shall bear interest
from the Original Date, which interest is payable semiannually on
January 1 and July 1 of each year, commencing July 1, 1993.
Interest shall be calculated on the basis of twelve (12) thirty -
day months for a three hundred sixty -day year.
The principal of and premium, if a
payable at the principal corporate
, in the City of
"Registrar" and the "Paying Agent "). Interest
by check or draft mailed or delivered by the
Registered Owner hereof at the address as
registration books of the Registrar as of the
ay, on this bone
trust office
, Indiana
hereon will be
Paying Agent to
it appears on
fifteenth day of
3 is
of
(the
paid
the
the
the
month immediately preceding the applicable interest payment date
or at such other address as is furnished to the Paying Agent in
writing by such Registered Owner. All payments on this bond shall
be made in any coin or currency of the United States of America
which, on the dates of such payments, shall be legal tender for the
payment of public and private debts.
This bond and the other bonds of this issue, together
with the interest payable hereon and thereon, are payable solely
from and secured by an irrevocable pledge of and constitute a first
charge upon all of the net revenues (defined to be gross revenues
after deduction only for the payment of the reasonable expenses of
operation, repair and maintenance) derived from the Waterworks of
the City, including the existing works, the improvements and
extensions acquired or constructed in part out of the proceeds of
this bond and the issue of which it is a part, and all additions
and improvements thereto and replacements thereof subsequently
acquired or constructed. The City shall not be obligated to pay
the principal of or interest on this bond except from the special
fund, entitled the "Waterworks Sinking Fund" (heretofore created
by Ordinance No. adopted , 1992, described herein
below) , provided from the net revenues of such Waterworks, and
neither this bond nor any of the bonds of the issue of which this
bond is a part shall constitute an indebtedness of the City within
the meaning of the provisions and limitations of the constitution
of the State of Indiana.
The City, the Registrar and the Paying Agent may deem and
treat the Registered Owner hereof as the absolute owner hereof for
the purpose of receiving payment of or on account of principal
hereof and the interest due hereon and for all other purposes, and
none of the City, the Registrar or the Paying Agent shall be
affected by any notice to the contrary.
This bond shall not be valid or become obligatory for any
purpose or entitled to any security or benefit under the Ordinance
herein described unless and until the certificate of authentication
hereon shall have been executed by a duly authorized representative
of the Registrar.
THE TERMS AND PROVISIONS OF THIS BOND ARE CONTINUED ON
THE REVERSE SIDE HEREOF AND SUCH TERMS AND PROVISIONS SHALL HAVE
THE SAME EFFECT FOR ALL PURPOSES AS THOUGH FULLY SET FORTH AT THIS
PLACE.
The City hereby certifies, recites and declares that
all acts, conditions and things required to be done precedent to
and in the preparation, execution, issuance and delivery of this
bond have been done and performed in regular and due form as
required by law.
-2-
IN WITNESS WHEREOF, the City of South Bend, in St. Joseph
County, State of Indiana, has caused this bond to be executed in
its corporate name by the manual or facsimile signature of its
Mayor, countersigned by the manual or facsimile signature of its
Controller and its corporate seal to be hereunto affixed, imprinted
or impressed by any means and attested by the manual or facsimile
signature of its City Clerk.
By:
CITY OF SOUTH BEND
Mayor
Countersigned:
Controller
(Seal of the City)
ATTEST:
City Clerk
City of South Bend, Indiana
REGISTRAR'S CERTIFICATE OF AUTHENTICATION
This bond is one of the City of South Bend, Indiana,
Waterworks Revenue Bonds of 1993, described in the within - mentioned
Ordinance.
as Registrar
By:
Authorized Representative
(Form of Reverse Side of Bond)
This bond is one of an authorized issue of bonds of the
City of South Bend, Indiana, of like, tenor and effect, except as
to numbering, interest rates and date of maturity, in the total
amount of and 00/100 Dollars
($ ) numbered from 93R -1 upward, issued for the purpose of
providing funds to pay the cost of certain improvements and
-3-
extensions to the waterworks of the City (the "Waterworks ") and
all expenses necessarily incurred in connection with the issuance
of such bonds, as authorized by an ordinance adopted by the City
Council of the City of South Bend on the day of November,
1992, entitled "AN ORDINANCE AUTHORIZING THE ACQUISITION AND
CONSTRUCTION OF EXTENSIONS, ADDITIONS AND IMPROVEMENTS TO THE
MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA,
AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS TO PROVIDE FUNDS
FOR THE PAYMENT OF THE COSTS THEREOF, AND AUTHORIZING THE
COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH
WATERWORKS AND OTHER RELATED MATTERS" (the "Ordinance "), and in
strict compliance with the provisions of Indiana Code, Title 8,
Article 1.5, and the laws amendatory thereof and supplemental
thereto (the "Act ").
This bond is issuable only in fully registered form in
the denomination of Five Thousand and 00 /100 Dollars ($5,000.00)
or any integral multiple thereof not exceeding the aggregate
principal amount of the bonds of this issue maturing in any one
year.
Pursuant to the provisions of the Act and the Ordinance,
the principal of and interest on this bond and all other bonds of
this issue and any bonds hereafter issued on a parity therewith,
are equally and ratably secured by and constitute a first charge
upon and are payable solely from the Waterworks Sinking Fund to be
provided from the net revenues (herein defined as the gross
revenues after deduction only for the payment of the reasonable
expenses of operation, repair and maintenance) derived from the
Waterworks, including the existing works, the improvements and
extensions acquired or constructed in part out of the proceeds of
this bond and the issue of which it is a part, and all additions
and improvements thereto and replacements thereof subsequently
constructed and acquired. This bond does not and shall not
constitute an indebtedness of the City within the meaning of the
provisions and limitations of the constitution of the State of
Indiana, and the City is not and shall not be obligated to pay this
bond or the interest thereon except from such special fund provided
from such net revenues.
The City of South Bend irrevocably pledges the entire net
revenues of the Waterworks to the extent necessary for such
purposes, to the prompt payment of the principal of and interest
on the bonds authorized pursuant to the Ordinance, of which this
is one, and any bonds hereafter issued on a parity herewith. The
City covenants that it will to the fullest extent permitted by law
cause to be fixed, maintained and collected such rates and charges
for services rendered by such works as are sufficient in each year
to: (a) pay all legal and other necessary expenses incident to the
operation of the Waterworks, including maintenance costs, operating
charges, upkeep, repairs, depreciation, and interest charges on
bonds or other obligations, including leases; (b) make all required
-4-
deposits into the Waterworks Sinking Fund to provide for the
liquidation of bonds or other obligations, including leases; (c)
provide a debt service reserve for bonds or other obligations,
including leases, as required by the terms of such obligations; (d)
provide adequate money for working capital; (e) make all required
deposits into the Waterworks Improvement Fund to provide adequate
money for making extensions and replacements for the Waterworks;
and (f) provide money for the payment of any taxes that may be
assessed against the Waterworks.
The owner of this bond shall have all of the rights,
remedies and privileges provided in the Act, and under Indiana law,
including the making and collecting of reasonable and sufficient
rates lawfully established for the use of the services and
facilities of the Waterworks, the segregation of the revenues of
the Waterworks and the application of funds as provided in the
Ordinance.
The bonds of this issue maturing on or after January 1,
2004, are subject to redemption prior to maturity, at the option
of the City, in whole or in part, on January 1, 2003, or at any
time thereafter, in inverse order of maturity and by lot within any
such maturity or maturities by the Registrar at a redemption price
expressed as a percentage of the principal amount of each bond to
be redeemed in accordance with the following schedule, plus accrued
interest to the date of redemption:
Redemption
Period
(Both Dates
Inclusivej
Redemption Price
January 1, 2003
through December 31, 2003
102%
January 1, 2004
through December 31, 2004
101%
January 1, 2005
through December 31, 2005
100%
Notice of any such redemption identifying the Bonds shall be sent
by registered or certified mail to the Registered Owner of this
bond not more than sixty (60) and not less than thirty (30) days
prior to the date fixed for redemption, unless such notice is
waived by the Registered Owner; provided, however, that failure to
give such notice by mailing, or any defect therein, with respect
to any such bond will not affect the validity of any proceedings
for redemption of any other such bonds. The notice shall specify
the redemption price, the date and place of redemption, and the
registration numbers (and in case of partial redemption, the
respective principal amounts) of the bonds called for redemption.
Interest on bonds so called for redemption shall cease to accrue
on the redemption date fixed in such notice, so long as sufficient
funds are available at the place of redemption to pay the
redemption price on the redemption date or when presented for
payment.
-5-
Prior to the date fixed for redemption, funds shall be
deposited with the Paying Agent to pay, and the Paying Agent is
hereby authorized and directed to apply such funds to the payment
of the bonds or portions thereof called, together with accrued
interest thereon to the redemption date and any required premium.
No payment shall be made by the Paying Agent upon any bond or
portion thereof called for redemption until such bond shall have
been delivered for payment or cancellation or the Registrar shall
have received the items required by the Ordinance with respect to
any mutilated, lost, stolen or destroyed bond.
If this bond shall have become due and payable in
accordance with its terms or this bond or a portion hereof shall
have been duly called for redemption or irrevocable instructions
to call this bond or a portion hereof for redemption shall be given
and the whole amount of the principal and the premium, if any, and
interest, so due and payable upon this bond or such portion hereof
shall be paid, or (i) sufficient moneys, or (ii) direct obligations
of, or obligations the principal of and interest on which are
unconditionally guaranteed by the United States of America, the
principal of and the interest on which when due will provide
sufficient moneys for such purpose, or (iii) time certificates of
deposit of a bank or banks, fully secured as to both principal and
interest by obligations of the kind described in (ii) above, the
principal of and interest on which when due will provide sufficient
moneys for such purpose, shall be held in trust for such purpose,
then and in that case this bond or such portion hereof shall no
longer be deemed outstanding, entitled to the pledge of the net
revenues of the Waterworks or an obligation of the City.
If this bond shall not be presented for payment or
redemption on the date fixed therefor, the City may deposit in
trust with the Paying Agent an amount sufficient to pay such bond
or the redemption price, as appropriate, and thereafter the
Registered Owner shall look only to the funds so deposited in trust
with the Paying Agent for payment, and the City shall have no
further obligation or liability with respect thereto.
All bonds which have been redeemed shall be cancelled and
cremated or otherwise destroyed and shall not be reissued and a
counterpart of the certificate of cremation or other destruction
evidencing such cremation or other destruction shall be furnished
by the Registrar to the City; provided, however, that one or more
new registered bonds shall be issued for the unredeemed portion of
any bond without charge to the holder thereof.
Subject to the provisions of the Ordinance regarding the
registration of such bonds, this bond and all other bonds of the
issue of which this bond is a part are fully negotiable instruments
under the laws of the State of Indiana. This bond is transferable
or exchangeable only on the books of the City maintained for such
purpose at the principal office of the Registrar, by the Registered
The Registrar or Paying Agent may at any time resign as
registrar or paying agent by giving thirty (30) days' written
notice to the City and by first -class mail to the registered owners
of bonds then outstanding, and such resignation will take effect
at the end of such thirty (30) days or upon the earlier appointment
of a successor registrar or paying agent, as the case may be, by
the City. Such notice to the City may be served personally or be
sent by registered mail. The Registrar or Paying Agent may be
removed at any time as registrar or paying agent by the City, in
which event the City may appoint a successor registrar or paying
agent, as the case may be. The City shall notify the registered
owners of this bond, if then outstanding, by first -class mail of
the removal of the Registrar or Paying Agent. Notices to
registered owners of bonds shall be deemed to be given when mailed
by first -class mail to the addresses of such registered owners as
they appear in the registration books kept by the Registrar.
In the manner provided in the Ordinance, (a) without
notice to or consent of the owners of the Bonds authorized
thereunder, including this Bond, the City may, from time to time
and at any time, adopt a supplemental ordinance or ordinances for
specified purposes, and (b) the Ordinance and the rights and
obligations of the City and the owners of the bonds authorized
thereunder, including this bond, may (with certain exceptions as
stated in the Ordinance) be modified or amended with the consent
of the owners of at least sixty -six and two - thirds percent (66
2/3 %) in aggregate principal amount of such bonds exclusive of any
such bonds which may be owned by the City.
The bonds authorized and issued pursuant to the
Ordinance, including this bond, are subject to defeasance prior to
redemption or payment as provided in the Ordinance, and the
Registered Owner of this bond, by the acceptance hereof, hereby
agrees to all the terms and provisions contained in the Ordinance.
The following abbreviations, when used in the inscription
on the face of the within Bond, shall be construed as though they
were written out in full according to applicable laws or
regulations.
TEN. COM. as tenants in common
TEN. ENT. - as tenants by the entireties
JT. TEN. - as joint tenants with right of
survivorship and not as tenants in common
UNIF. GIFT MIN. ACT -
Custodian
(Cust) (Minor)
under Uniform Gifts to Minors Act
-8-
(State)
e
I
R
Additional abbreviations may also be used though not in
the list above.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns
and transfers unto
(insert name and
address) the within bond and all rights thereunder, and hereby
irrevocably constitutes and appoints
attorney to transfer the within bond on the
books kept for the registration thereof with full power of
substitution in the premises.
Dated:
NOTICE: The signature to this
assignment must correspond with the
name as it appears on the face of the
within bond in every particular,
without alteration or enlargement or
any change whatsoever.
Signature Guarantee:
NOTICE: Signature(s) must
be guaranteed by a broker -
dealer or a commercial bank
or trust company.
(End of Bond Form)
rrrompol \sthbend\ waterwor .ks \bondform;drf;11 -4 -92
04 5D111Tl''...8�t� •,
d
d City of South Bend
\;
Joseph E. Kernan, Mayor
' 1865
Department of Public Works
John E. Leszczynski, Director
November 2, 1992
Mr. Stephen Luecke, President
South Bend Common Council
4th Floor, County -City Building
South Bend, IN 46601
RE: An Ordinance Authorizing the Issuance of Revenue Bonds to
Provide for the Costs of Acquistion and Construction of
Extensions, Additions, and Improvements to the Municipal
Waterworks of the City of South Bend, Indiana.
Dear Mr. Luecke:
I am attaching for filing an Ordinance authorizing the issuance
of revenue bonds to provide for the costs of acquisition and
construction of extensions, additions, and improvements to the
municipal waterworks of the City of South Bend, Indiana.
Your consideration and approval is respectfully requested.
Attachment
JEB3 /2LUECKE
Sincerely,
John E. Leszczynski
Director
County -City Building • South Bend, Indiana 46601 • 219/284 -9251
Engineering Environmental Services Equipment Services
Michael Meeks, P.E. John J. Dillon, Ph. D. Phil St. Clair
284 -9251 277 -8515 284 -9316
FAX (219) 284 -9171 FAX (219) 277 -8980 FAX (219) 284 -9007
Transportation
Bill Penn
284 -9444
FAX (219) 284 -9007
Water Works
Joseph Agostino
284 -9322
( 11mutturr
(To toe fgommou Moumii of top (tits of #out# JI-pnd:
Your Committee
to whom was referred of the Whole
r� T r r LTe%
93 -92 SECOND READING ON A BILL OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE
ACQUISITION AND CONSTRUCTION OF EXTENSIONS, ADDITIONS
AND IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE
CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE
OF REVENUE BONDS TO PROVIDE FOR THE COSTS THEREOF, AND
AUTHORIZING THE COLLECTION, SEGREGATION AND
DISTRIBUTION OF THE REVENUES OF SUCH WATERWORKS AND
OTHER RELATED MATTERS.
Respectfully report that they have examined the matter and that in their opinion
This bill should be recommended to the Council favorable.
Ann Puzzello
FREE PRESS AQ99.9AD PUBLISHING CO.
Chairman