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120ON COUNTY -CITY BUILDING <br />227 W. JEFFERSON BLVD. <br />SOUTH BEND, INDIANA 46601 -1830 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />PHONE 574/ 235 -7678 <br />FAX 574/ 235 -9928 <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />November 9, 2016 <br />Mr. Tim Scott <br />President, South Bend Common Council <br />4th Floor, County -City Building <br />South Bend, IN 46601 <br />Filed in Clerk's Office <br />E NOV a 9 2016 <br />KAREEMAH FOUR <br />CITY CLERK, SOUTH REND, IN <br />Re: 2016 Waterworks Bond Refunding Ordinance — Substitute Bill No. 67 -16 <br />Dear President Scott: <br />Attached please find a substitute ordinance authorizing the refunding of outstanding Waterworks <br />Revenue Bonds of 2000 and Waterworks Revenue Bonds of 2006. The principle amount <br />outstanding on the bonds is currently $3,788,431. It is anticipated that the refunding will reduce <br />the interest rates paid on the bonds and will result in annual debt service savings to the Water <br />Utility of approximately $35,000 per year or a net present value savings of approximately <br />$250,000 over the remaining life of the bonds. <br />Bond Counsel Phil Faccenda and I will present this bill to the Common Council at the appropriate <br />committee and council meetings. It is requested that this bill be filed for 1St reading on October 24, <br />2016 and 2nd reading, public hearing and 3rd reading scheduled for November 14, 2016. <br />If you have any further questions or need additional information, please let me know. <br />Thank you for your consideration. <br />Sincerely, <br />T H�, <br />. Murphy <br />City Controller <br />