AN ORDINANCE CONCERNING THE CONSTRUCTION OF ADDITIONS AND IMPROVEMENTS TO THE SEWAGE WORKS OF THE CITY OF BLOOMINGTON, INDIANA;
THE CURRENT REFUNDING BY THE CITY OF ITS SEWAGE WORKS REVENUE BONDS OF 1999, SERIES A; THE FUNDING OF SEWAGE WORKS RESERVE FUNDS AND REIMBURSEMENTS TO THE CITY; AUTHORIZING THE ISSUANCE OF SEWAGE WORKS REVENUE AND REFUNDING REVENUE BONDS FOR SUCH PURPOSES;
PROVIDING FOR THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF THE SEWAGE WORKS AND THE SAFEGUARDING OF THE INTERESTS OF THE OWNERS OF SAID SEWAGE WORKS REVENUE AND REFUNDING REVENUE BONDS; OTHER MATTERS CONNECTED THEREWITH, INCLUDING THE ISSUANCE OF NOTES IN ANTICIPATION OF BONDS; AND REPEALING ORDINANCES INCONSISTENT HEREWITH
Ordinance 11-14 authorizes the sale of taxable Sewage Works Revenue Bonds which will cover payment of all obligations currently owed to the Civil City and will allow the Sewage Works to cash fund debt service reserves in place of surety bonds on outstanding bonds. It also authorizes sale of tax-exempt Sewage Works Revenue Bonds to finance the construction projects described in Exhibit A attached to the bond ordinance. It further authorizes refunding of Sewage Works Revenue Bonds of 1999
Series A to obtain a lower interest rate and reduce debt service payments on those bonds for significant savings to the City.