HomeMy WebLinkAbout2017-R-1 RESOLUTION NO. 2017-_�
A RESOLUTION OF THE
SANITARY BOARD OF THE
CITY OF JEFFERSONVILLE
WHEREAS, the City of Jeffersonville, Indiana ("City") owns, operates and maintains a
municipal sewage works ("Utility"), by and through the Jeffersonville Sanitary Sewer Board
(`Board");
WHEREAS, the City has previously issued bonds to provide for improvements to the
Utility, such bonds identified as follows: (i) Sewage Works Refunding Revenue Bonds of 2009,
now outstanding in the amount of$935,000, and maturing annually over a period ending January
1, 2019; and the (ii) Sewage Works Revenue Bonds of 2010, Series B (Taxable Build America),
now outstanding in the amount of $16,430,000, and maturing annually over a period ending
January 1, 2031 (collectively, the "Refunded Bonds");
WHEREAS, the Board has received reports from the Board's financial advisor indicating
that refunding the Refunded Bonds will produce a savings to the Utility;
WHEREAS, the Board after careful and due consideration, finds it to be in the best
interests of the Utility and the customers thereof, that the Utility proceed to refund the Refunded
Bonds of the City,hereafter(collectively referred to as the"Refunding");
WHEREAS, the Board has been advised that it is necessary to complete the Refunding
through the issuance of sewage works refunding revenue bonds, in one or more series;
WHEREAS, the Board finds that the legal determination to authorize the issuance of such
refunding bonds rests exclusively with the Common Council of the City of Jeffersonville,
Indiana("Common Council"); and,
WHEREAS, the Board desires to take such steps as are necessary and convenient to
permit the Refunding to proceed.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE JEFFERSONVILLE
SANITARY BOARD THAT:
Section 1. It is in the best interests of the Utility and the customers thereof that the
Refunding proceed to lower the interest costs and effect a savings to the Utility.
Section 2. The Board does hereby recommend to the Common Council that it adopt a
bond ordinance to authorize the Refunding and establish the terms for the City's sewage works
refunding revenue bonds as recommended by the Board's financial advisor.
Section 3. All resolutions or parts thereof in conflict herewith are hereby repealed.
Section 4. This resolution shall be in full force and eft upon adoption.
Passed and adopted this day of July, 2017.
JEFFERSONVILL NIJARYSEER BOARD
President
ATTEST:
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Secretary
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