WARSAW - NOTICE OF ADOPTION AND PURPORT OF AN ORDINANCE (2025)

July 28, 2016 at 4:25 p.m.

NOTICE OF ADOPTION AND PURPORT OF AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF WARSAW, INDIANA, AUTHORIZING THE ACQUISITION AND CONSTRUCTION BY THE
CITY OF WARSAW, INDIANA, OF CERTAIN IMPROVEMENTS AND EXTENSIONS TO THE CITY'S SEWAGE WORKS, THE ISSUANCE AND SALE OF ADDITIONAL REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF, THE ISSUANCE AND
SALE OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE SALE OF THE BONDS, AND THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH SEWAGE WORKS AND OTHER RELATED MATTERS
Notice is hereby given that the Common Council of the City of Warsaw, Indiana (the "Common Council"), on October 17, 2011, adopted Ordinance No. 2011-10-03 entitled " AN ORDINANCE AUTHORIZING THE ACQUISITION AND CONSTRUCTION BY THE CITY OF WARSAW, INDIANA, OF CERTAIN IMPROVEMENTS AND EXTENSIONS TO THE CITY'S SEWAGE WORKS, THE ISSUANCE AND SALE OF ADDITIONAL REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF, THE PLEDGE OF SEWAGE WORKS REVENUES TO THE PAYMENT OF LEASE RENTALS, THE ISSUANCE AND SALE OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE SALE OF THE BONDS, AND THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH SEWAGE WORKS AND OTHER RELATED MATTERS" (the "Ordinance").
The Ordinance authorizes the City of Warsaw, Indiana (the “City”) to provide for the acquisition and construction of improvements and extensions to the sewage works of the City, consisting of the acquisition, construction and installation of necessary improvements and extensions to the City's sewage works, including any or all of the following: (i)a new biosolids facility; (ii)Center Street and Anchorage Road Pump Station force main and Fox Farm portion of force main; (iii)Center Street Pump Station, bar screen, and washer and clarifier; (iv)demolition of the existing Wastewater Plant No. 1; and (v)related improvements (the "Project").
The Ordinance further authorizes the issuance of a maximum total of Four Million Seven Hundred Thousand and 00/100 Dollars ($4,700,000.00) of sewage works revenue bonds (the "Bonds") and authorizes the issuance of bond anticipation notes (the “BANs”) in anticipation of the Bonds. The proceeds of the Bonds (and BANs, if issued) are to be applied to the cost of the Project, and incidental related expenses.
The Ordinance provides that the Bonds shall be special revenue obligations of the City payable solely from and secured by an irrevocable pledge of and constituting a charge upon all of the net revenues derived from the City's sewage works. The Bonds shall rank on a parity with: (i)the City's Sewage Works Refunding and Improvement Revenue Bonds, Series 2003 (the "2003 Bonds"), dated April15, 2003, and outstanding after July1, 2011, in the aggregate principal amount of $8,375,000.00; (ii)the City's pledge (the "Lease Pledge") of the net revenues of the Sewage Works (and to the extent available, (a)the City's distributive share of County Economic Development Income Tax revenues and (b)tax increment revenues received by the Warsaw Redevelopment Commission from the Northern Economic Development Area made available for such purpose) for the payment of the lease rentals due under a lease between the City of Warsaw, Indiana, Building Corporation (the "Building Corporation") and the City, dated as of October1, 2001, as amended (the “Lease”), which lease rentals are used to pay debt service on the Building Corporation's Lease Rental Refunding Revenue Bonds, Series 2005 (the "2005 Lease Obligations"), outstanding after July15, 2011, in the aggregate principal amount of $8,375,000.00; and (iii)the City's Sewage Works Revenue Bond of 2008 (the "2008 Bonds" and with the 2003 Bonds and the Lease Pledge, the "Prior Obligations"), dated July1, 2008 and presently outstanding in the aggregate principal amount of $2,710,000.00. The Bonds shall not constitute an indebtedness of the City within the meaning of the provisions and limitations of the constitution of the State of Indiana.
The BANs, if issued, shall be retired out of the proceeds of the Bonds. The interest on the BANs shall be payable from the net revenues of the sewage works subject to the prior lien thereon of the Prior Obligations, and from capitalized interest.
The Ordinance sets forth provisions governing the Bonds and the BANs including, without limitation, redemption rights, transfer and exchange privileges, provisions concerning the sale of the Bonds and the BANs, the collection, segregation, and distribution of the revenues of the sewage works, provisions concerning the issuance of additional bonds and covenants of the City relating to the Bonds.
Forty (40) or more owners of property connected or to be connected to and served by the City's sewage works may file a written petition with the Common Council within twenty (20) days after the date of publication of this notice, objecting to the construction and acquisition of the Project in the manner provided by law.
Dated this 21st day of October, 2011.
COMMON COUNCIL OF THE
CITY OF WARSAW, INDIANA
By: Clerk-Treasurer
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