#2005-6: SEWAGE WORKS REVENUE BONDS (11/?/2005)

ORDINANCE NO. 6-2005

AN ORDINANCE AUTHORIZING THE ACQUISITION AND CONSTRUCTION BY THE TOWN OF BUNKER HILL, INDIANA, OF CERTAIN IMPROVEMENTS AND EXTENSIONS TO THE TOWN'S SEWAGE WORKS, THE ISSUANCE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF, THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH SEWAGE WORKS AND OTHER RELATED MATTERS

WHEREAS, the Town of Bunker Hill, Indiana (the "Town"), has heretofore established and constructed and currently owns and operates a sewage works for the collection and treatment of sewage and other wastes (the "Sewage Works"), pursuant to the provisions of Indiana Code 36-9-23 (the "Act"); and

WHEREAS, this Town Council of the Town (the "Town Council") hereby finds that certain improvements and extensions to the Sewage Works are necessary; and Burgess and Niple Inc., the engineers employed by the Town (the "Engineers), have prepared and filed plans, specifications, detailed descriptions and estimates of the costs of the necessary improvements and extensions to the Sewage Works, which plans and specifications, to the extent required by law, have been or will be duly submitted to and approved by all governmental authorities having jurisdiction thereover, particularly the Indiana Department of Environmental Management (the improvements and extensions to the Sewage Works as described in the Engineers' plans and specifications, as more fully described in Exhibit A, are referred to herein as the "Project"); and

WHEREAS, this Town Council further finds that the estimates prepared and delivered by the Engineers with respect to the costs (as defined in Indiana Code 36-9-23-11) of acquisition and construction of such improvements and extensions to the Sewage Works (as defined in Indiana Code 36-9-1-8 and in the Act), and including all authorized expenses relating thereto, including the costs of issuance of bonds on account thereof, will be in the estimated amount of One Million Nine Hundred Fifty-Nine Thousand Six Hundred and Fifteen Dollars ($1,959,615), to be financed by the issuance of revenue bonds of the Town under the provisions of the Act; and

WHEREAS, the Town has entered into an agreed order with the Indiana Department of Environmental Management, dated April 12, 2005, (the "Agreed Order"), to make improvements to the sewage utility; and

WHEREAS, the Town Council finds that there are insufficient funds available in the sewage works in order to pay the costs of the Project, and that it is necessary to issue revenue bonds of the sewage works for the payment of the costs of the Project including incidental expenses; and

WHEREAS, the Town has applied to the wastewater loan program established and existing pursuant to IC 4-4-11 and IC 13-18-13, as amended (the "SRF Program") for a below market loan to pay for the costs of the Project; and

Editor's Note: Per agreement, only the first page of large bond ordinances is converted. Photos of all the pages of the ordinance are available through the following links: