Details for Loogootee City Bonds
TO THE CITY OF
SEWAGE WORKS AND
THE ADOPTION AND
PURPORT OF THE
AUTHORIZING THE SAME
Property owners, ratepayers and other interested parties in or served or to be served by the wastewater systems and stormwater systems of the City of Loogootee, Indiana (the “City”) are hereby notified that on August 10, 2020, the City’s Common Council adopted Ordinance No. 2020-05 (the “Ordinance”), determining to construct and undertake certain wastewater and stormwater improvements.
Wastewater system improvements include but are not limited to the following: a new chemical feed equipment building, collection system improvements including sewer main replacement and manhole relining, a wastewater system asset management plan, a new maintenance building, upgrading of the City’s closed-circuit television (CCTV) equipment, upgrading of existing lift station electrical systems/controls, replacement of the wastewater treatment plants oxidation ditch air brush covers/weatherhoods, and system wide smoke testing (the “Wastewater Projects”).
Stormwater system improvements include but are not limited to the following: the replacement of aging stormwater infrastructure and asphalt paving associated with said improvements located on various streets throughout the City (the “Stormwater Projects and, together with the Wastewater Projects, collectively, the “Project”), all pursuant to plans and specifications prepared by Midwestern Engineering of Loogootee, Indiana, the consulting engineers employed by the City, which plans are available at the office of the Clerk-Treasurer of the City, and authorizing the issuance of the City’s revenue bonds payable solely from the net revenue of the sewage works (“Bonds”) to pay the cost of the Project.
The total estimated cost of the Project is presently estimated to not exceed $5,832,000. The Ordinance directed that the Project be financed by the issuance of Project Bonds (and/or BANs as hereafter defined) in an amount not to exceed $4,860,000. 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 BANs shall be payable from the proceeds of the Bonds. 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 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 BANs, and covenants of the City relating to the Bonds and the BANs. Copies of the plans and cost estimates and the Ordinance are on file in the office of the Clerk-Treasurer of the City and are available for inspection by any interested parties during regular business hours.
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 objection to said Project and the Bonds may be filed in the time and manner provided by the IC 36-9-23-12.
Dated: August 26, 2020
City of Loogootee, Indiana