HomeMy Public PortalAbout1995-11 BondsAMENDED AND RESTATED
® ORDINANCE NO. S' //
(An Ordinance Amending Ordinance No. 1995 -9)
An Amended and Restated Ordinance of the City of Greencastle authorizing the
issuance of waterworks revenue bonds for the purpose of providing funds to pay
the cost of certain additions, extensions and improvements to the municipal
waterworks of said City, providing for the safeguarding of the interests of the
owners of said bonds, other matters connected therewith, including the issuance
of notes in anticipation of bonds, and repealing ordinances inconsistent herewith
WHEREAS, the City of Greencastle (the "City ") now owns and operates an
unencumbered municipal waterworks in accordance with the provisions of Title 8, Article 1.5
of the Indiana Code, as in effect on the date of delivery of the bonds herein authorized (the
"Act "), furnishing the public water supply to said City and its inhabitants; and
WHEREAS, the Common Council of the City now finds that certain improvements and
• extensions to said works are necessary; and that plans, specifications, and engineering estimates
have been prepared and filed by the engineers employed by the City for the construction of said
improvements and extensions, as more fully described on Exhibit A attached hereto (the
"Project "), which plans, specifications and engineering estimates have been or will be approved
by the Common Council and by all governmental authorities having jurisdiction; and
WHEREAS, the City has obtained engineers' estimates of the costs for the construction
of said Project and has advertised for and received bids for the Project, which bids are subject
to the City's obtaining funds to pay for said Project; that on the basis of said engineering
estimates and construction bids, the cost of the Project, including incidental expenses, is in the
estimated amount of $5,112,393; and
WHEREAS, the Common Council now finds that funds on hand in the
• amount of $192,393 will be available to apply to the . cost of said Project,
the balance to be funded by the issuance and sale of waterworks revenue bonds in an amount
not to exceed Four Million Nine Hundred Twenty Thousand Dollars ($4,920,000) payable out
of the Net Revenues (as hereinafter defined) of said waterworks and, if necessary, bond
anticipation notes (the 'BANS "); and
WHEREAS, the City has heretofore issued certain Waterworks Refunding Revenue
Bonds of 1991, dated February 1, 1991 (the "1991 Bonds "), pursuant to an ordinance adopted
February 12, 1991, which 1991 Bonds are now outstanding in the aggregate principal amount
of $360,000, maturing annually on January 1 over a period ending January 1, 1999, and which
1991 Bonds constitute a first charge upon the Net Revenues of the waterworks; and
WHEREAS, the terms and conditions of the ordinance authorizing the issuance of the
now outstanding 1991 Bonds provide that additional revenue bonds may be issued on a parity
with the 1991 Bonds provided certain tests are met, and the City finds that the finances of said
waterworks are such as will enable meeting the conditions for the issuance of additional panty
bonds and that, accordingly, the additional revenue bonds to be issued hereunder shall be on a
panty with the now outstanding 1991 Bonds; and
WHEREAS, the City desires to authorize the issuance of BANS hereunder, if necessary,
payable solely from the proceeds of waterworks revenue bonds issued to finance the
aforementioned cost of the Project, and to authorize the refunding of said BANS, if issued; and
WHEREAS, all conditions precedent to the adoption of an ordinance authorizing the
issuance of said bonds and BANS have been complied with in accordance with the provisions
of the Act; now therefore,
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" B E I T O R D A I N E D B Y T H E C O M M O N C O U N C I L O F T H E C I T Y O F
G R E E N C A S T L E , I N D I A N A T H A T :
S e c . 1 . I s s u a n c e o f B o n d s a n d B A N s
( a ) T h e C i t y , b e i n g t h e o w n e r o f a n d e n g a g e d i n o p e r a t i n g a m u n i c i p a l w a t e r w o r k s
f u r n i s h i n g t h e p u b l i c w a t e r s u p p l y t o s a i d C i t y a n d i t s i n h a b i t a n t s , n o w p r o c e e d w i t h t h e P r o j e c t ,
t h e c o s t o f w h i c h s h a l l n o t e x c e e d $ 5 , 1 1 2 , 3 9 3 , p l u s i n v e s t m e n t e a r n i n g s o n t h e B A i \ a n d b o n d
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t h e i s s u a n c e o f r e v e n u e b o n d s p u r s u a n t t o a n d i n t h e m a n n e r p r e s c r i b e d b y t h e A c t , w h i c h
r e v e n u e b o n d s s h a l l b e p a y a b l e s o l e l y o u t o f t h e N e t R e v e n u e s o f s a i d w a t e r w o r k s ( h e r e i n
d e f i n e d a s g r o s s r e v e n u e s a f t e r d e d u c t i o n o n l y f o r t h e p a y m e n t o f t h e r e a s o n a b l e e x p e n s e s o f
o p e r a t i o n , r e p a i r a n d m a i n t e n a n c e ) o f t h e w a t e r w o r k s . T h e t e r m s "