HomeMy Public PortalAbout004-2023 - Issuance of Sanitary Bonds - Stormwater RESOLUTION NO. 4-2023
A RESOLUTION OF THE CI FY OF RICIIMONI) COMMON
COUNCIL RE: ISSUANCE OF SANITARY DISTRICT BONDS
AND PLEDGE OF STORM WATER REVENUES BY THE
STORM WATER MANAGEMENT BOARD
WEIEREAS, the Board of Sanitary Commissioners of the Richmond Sanitary District
("Sanitary District") adopted a resolution on February 28, 2023 ("Bond Resolution") approving
the issuance of its Sanitary District Bonds of (to he completed with the year in which issued
and appropriate series designation, if any), in the name of the City ("Bonds"), in an aggregate
principal amount not to exceed $11,500,000, payable annually on January 1 over a period not to
exceed twenty-five (25) years after their date of issuance to fund the cost of construction of
additions and improvements to the sewage works as more fully set forth on Exhibit A to the Bond
Resolution; and
WHEREAS, the Board of Directors ("Storm Water Board") of the Department of Storm
Water Management of the Storm Water District ("Storm Water 11)istrict") of the City of Richmond,
Indiana ("City") established fees for storm water service pursuant to IC 8-1.5-5 ("Act"); and
WHEREAS, the Storm Water Board adopted a resolution on February 28, 2023 ("Pledge
Resolution") pledging storm water net revenues ("Storm Water Revenues") to the payment of debt
service on the Bonds, on a parity with the Outstanding Storm Water Revenue Bonds (as defined
in the Bond Resolution);
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF 'ITHE
CITY OF RICHMOND, INDIANA, THAT:
Section 1. The Common Council hereby approves the Stonn Water Board's pledge of Storm
Water Revenues pursuant to its Pledge Resolution to the City for the payment of the principal of
4854-1721-5568.2
and interest on the Bonds, on a parity with the Outstanding Storm Water Revenue Bonds (as
defined in the Bond Resolution).
Section 2. The Common Council hereby approves the issuance of the Bonds in the aggregate
principal amount not to exceed l,500,000 payable on January 1 over a period not to exceed
twenty-five (25) years after their date of issuance.
Section 3. This resolution shall he in full force and effect from and after its passage and
approval by the Mayor.
APPROVED AND ADOPTED this 6th day of March, 2023.
COMMON COUNCIL OF TIIE CITY OF
RICIIMQND, INDIANA
Presi en
AlTEST:
City Clerk
Presented by me to the Mayor of the City of Richmond, Indiana, on the clay of
March, 2023 at _
City Clerk
Presented to and approved by me, the Mayor of the City of Richmond, Indiana,
this 08/Vday of March, 2023 at _4 ::1-,(9„.m.
Mayor
ATTEST:
)
City Clerk
4854-1721-5568 2