City of Warsaw Adoption
November 14, 2022 at 2:03 p.m.
By -
Notice is hereby given that the Common Council of the City of Warsaw, Indiana (the “City”), on November 21, 2022, adopted an Ordinance (the “Ordinance”) entitled “An Ordinance of the City of Warsaw, Indiana Authorizing the Restructuring and Reissuance of its Sewage Works Revenue Bonds, Series 2018, the Issuance of Revenue Bonds to Finance the Acquisition, Construction and Installation of Certain Improvements to the Sewage Works System of the City of Warsaw, Indiana, the Collection, Segregation and Distribution of the Revenues of Such System, the Safeguarding of the Interests of the Owners of Such Revenue Bonds and Other Matters Connected Therewith, Including the Issuance of Notes in Anticipation of Such Bonds, and All Matters Related Thereto.”
The Ordinance authorizes the City to undertake the Project which consists of (i) an Airport Lift Station Project that consists of a new submersible lift station, approximately 1,350 LFT of 4-inch HDPE force main; two new air release valves and structures; lift station piping and valves; coatings; electrical and mechanical controls; site work; the installation of approximately 1,100 LFT of new 8-inch PVC sanitary sewer pipe; jack and bore railroad crossing; the installation of 5 new sanitary sewer manholes, and all related dewatering, pavement repair and restoration and (ii) a Chemical Site Remediation Project that consists of the final remediation of groundwater contamination at and emanating from the Warsaw Chemical site located at 390 Argonne Road in order to obtain regulatory closure from the Indiana Department of Environmental Management (IDEM) for State Cleanup Site No. 0000021, EPA ID No. IND005430244, including two years of groundwater sampling to monitor remediation progress (4 site-wide events, 2 semi-annual sampling events, and 12 bi-monthly for treatment area wells), two years of vapor intrusion assessment of nearby structures and preferential pathways (30 indoor air, 22 sub-slab, 14 ambient air, 4 crawl space, 30 soil gas, and 14 QA/QC samples) to verify no completed exposure pathways, recording Environmental Restrictive Covenants for residual-impacted property, and developing the necessary lines of evidence to demonstrate that there are no unacceptable risks to human health and the environment, all in accordance with the Engineering Contract Documents and Specifications, (collectively, the “Project”). The estimated costs of the Project are $3,500,000.
The Ordinance directs that all or a portion of the costs of the Project be financed by (i) the issuance of revenue bonds (the “Bonds”) In an amount not to exceed $3,500,000 and (ii) bond anticipation notes (“BANs”) in an amount not to exceed $3,500,000. The Bonds will be payable at an interest rate not to exceed 5.00% per annum to be determined by bidding or, alternatively, the Bonds may be sold to the Indiana Finance Authority or the Indiana Bond Bank. The Bonds will mature semiannually on January 1 and July over a period ending no later than 35 years after the issue date of the Bonds). The Ordinance provides that the Bonds shall be special revenue obligations of the City payable on a parity with the Prior Bonds (as defined in the Ordinance) from and secured by an irrevocable pledge of and constituting a first charge upon all of the net revenues derived from the City's Sewage System, and such 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 including, without limitation, the final maturity of the Bonds, redemption rights, transfer and exchange privileges, provisions concerning the sale of the Bonds, the collection, segregation and distribution of the revenues of the Sewage Works, defeasance provisions, provisions concerning the issuance of additional bonds, and covenants of the City relating to the Bonds. The Ordinance also provides that the BANS shall be issued of an interest rate not exceeding 5.0%, that the BANs shall mature no later than five (5) years after their date of delivery and that the proceeds of the Bonds shall be pledged by the City to the repayment of the BANs.
A copy of the Ordinance is on file in the office of the Clerk-Treasurer of the City located in City Hall, 102 South Buffalo Street, Warsaw, Indiana, and is available for inspection by any interested parties during regular business hours. Objections to the Project or the Bonds may be filed in the time and manner provided by Indiana Code Section 36-9-23-12.
Dated the 22nd day of November, 2022.
CITY OF WARSAW, INDIANA
By: Clerk-Treasurer
11-22 hspaxlp
Latest News
E-Editions
Notice is hereby given that the Common Council of the City of Warsaw, Indiana (the “City”), on November 21, 2022, adopted an Ordinance (the “Ordinance”) entitled “An Ordinance of the City of Warsaw, Indiana Authorizing the Restructuring and Reissuance of its Sewage Works Revenue Bonds, Series 2018, the Issuance of Revenue Bonds to Finance the Acquisition, Construction and Installation of Certain Improvements to the Sewage Works System of the City of Warsaw, Indiana, the Collection, Segregation and Distribution of the Revenues of Such System, the Safeguarding of the Interests of the Owners of Such Revenue Bonds and Other Matters Connected Therewith, Including the Issuance of Notes in Anticipation of Such Bonds, and All Matters Related Thereto.”
The Ordinance authorizes the City to undertake the Project which consists of (i) an Airport Lift Station Project that consists of a new submersible lift station, approximately 1,350 LFT of 4-inch HDPE force main; two new air release valves and structures; lift station piping and valves; coatings; electrical and mechanical controls; site work; the installation of approximately 1,100 LFT of new 8-inch PVC sanitary sewer pipe; jack and bore railroad crossing; the installation of 5 new sanitary sewer manholes, and all related dewatering, pavement repair and restoration and (ii) a Chemical Site Remediation Project that consists of the final remediation of groundwater contamination at and emanating from the Warsaw Chemical site located at 390 Argonne Road in order to obtain regulatory closure from the Indiana Department of Environmental Management (IDEM) for State Cleanup Site No. 0000021, EPA ID No. IND005430244, including two years of groundwater sampling to monitor remediation progress (4 site-wide events, 2 semi-annual sampling events, and 12 bi-monthly for treatment area wells), two years of vapor intrusion assessment of nearby structures and preferential pathways (30 indoor air, 22 sub-slab, 14 ambient air, 4 crawl space, 30 soil gas, and 14 QA/QC samples) to verify no completed exposure pathways, recording Environmental Restrictive Covenants for residual-impacted property, and developing the necessary lines of evidence to demonstrate that there are no unacceptable risks to human health and the environment, all in accordance with the Engineering Contract Documents and Specifications, (collectively, the “Project”). The estimated costs of the Project are $3,500,000.
The Ordinance directs that all or a portion of the costs of the Project be financed by (i) the issuance of revenue bonds (the “Bonds”) In an amount not to exceed $3,500,000 and (ii) bond anticipation notes (“BANs”) in an amount not to exceed $3,500,000. The Bonds will be payable at an interest rate not to exceed 5.00% per annum to be determined by bidding or, alternatively, the Bonds may be sold to the Indiana Finance Authority or the Indiana Bond Bank. The Bonds will mature semiannually on January 1 and July over a period ending no later than 35 years after the issue date of the Bonds). The Ordinance provides that the Bonds shall be special revenue obligations of the City payable on a parity with the Prior Bonds (as defined in the Ordinance) from and secured by an irrevocable pledge of and constituting a first charge upon all of the net revenues derived from the City's Sewage System, and such 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 including, without limitation, the final maturity of the Bonds, redemption rights, transfer and exchange privileges, provisions concerning the sale of the Bonds, the collection, segregation and distribution of the revenues of the Sewage Works, defeasance provisions, provisions concerning the issuance of additional bonds, and covenants of the City relating to the Bonds. The Ordinance also provides that the BANS shall be issued of an interest rate not exceeding 5.0%, that the BANs shall mature no later than five (5) years after their date of delivery and that the proceeds of the Bonds shall be pledged by the City to the repayment of the BANs.
A copy of the Ordinance is on file in the office of the Clerk-Treasurer of the City located in City Hall, 102 South Buffalo Street, Warsaw, Indiana, and is available for inspection by any interested parties during regular business hours. Objections to the Project or the Bonds may be filed in the time and manner provided by Indiana Code Section 36-9-23-12.
Dated the 22nd day of November, 2022.
CITY OF WARSAW, INDIANA
By: Clerk-Treasurer
11-22 hspaxlp
Have a news tip? Email [email protected] or Call/Text 360-922-3092