Details for NOTICE OF ADOPTION AND PURPORT OF AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF ELBERFELD, INDIANA, AUTHORIZING THE ACQUISITION, CONSTRUCTION, INSTALLATION AND EQUIPPING OF CERTAIN IMPROVEMENTS AND EXTENSIONS TO THE SEWAGE WORKS SYSTEM OF THE TOWN, THE ISSUANCE AND SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF, AND OTHER RELATED MATTERS

NOTICE OF ADOPTION AND PURPORT OF AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF ELBERFELD, INDIANA, AUTHORIZING THE ACQUISITION, CONSTRUCTION, INSTALLATION AND EQUIPPING OF CERTAIN IMPROVEMENTS AND EXTENSIONS TO THE SEWAGE WORKS SYSTEM OF THE TOWN, THE ISSUANCE AND SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF, AND OTHER RELATED MATTERS

Notice is hereby given that the Town Council of the Town of Elberfeld, Indiana (the "Town"), on April 17, 2018, adopted its Ordinance (the "Ordinance"), entitled "AN ORDINANCE AUTHORIZING THE ACQUISITION, CONSTRUCTION, INSTALLATION AND EQUIPPING BY THE TOWN OF ELBERFELD, INDIANA, OF CERTAIN IMPROVEMENTS AND EXTENSIONS TO THE TOWN'S SEWAGE WORKS, THE ISSUANCE AND SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF, THE ISSUANCE AND SALE OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF SUCH BONDS, AND THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH SEWAGE WORKS AND OTHER RELATED MATTERS."

The Ordinance, among other things, authorizes the Town to acquire, construct, install and equip improvements and extensions to the sewage works system of the Town, consisting of the construction of a new influent screening structure, two new raw sewage lift stations, conversion of the existing aerobic digester to a new SBR Basin, construction of two complete new SBR Basins, construction of a new aerobic digester, construction of a new wet weather flow equalization basin, new aeration blowers, new blower building, new UV and cascade aeration structure, and all other work required to fully complete and make operational the improvements at the Town's wastewater treatment facility (collectively, the "Project"). A copy of the Ordinance containing a more detailed description of the Project can be obtained at the office of the Clerk-Treasurer of the Town, located at 175 Sycamore Street, Elberfeld, Indiana.

The Ordinance further authorizes the issuance of (a) one or more series of sewage works revenue bonds (the "Bonds") in an amount not to exceed Two Million Five Hundred Seventy-One Thousand Dollars ($2,571,000), and (b) bond anticipation notes (the "BANs") in an amount not to exceed Two Million Five Hundred Seventy-One Thousand Dollars ($2,571,000) in anticipation of the issuance of and to provide interim financing with respect to the Bonds. The proceeds of the Bonds (and the BANs, if issued) are to be applied to the cost of the Project and incidental related expenses, including costs of issuance.

The Ordinance provides that the Bonds shall be special limited revenue obligations of the Town payable from and secured by an irrevocable pledge of and constituting a charge upon all of the net revenues derived from the Town's sewage works. The Bonds may be issued on a parity with, or subordinate to, the Town's outstanding bonds payable from the net revenues of the Town's sewage works. The Bonds shall not constitute an indebtedness of the Town within the meaning of the provisions and limitations of the constitution of the State of Indiana.

The principal of the BANs (if issued) is payable from the proceeds from the Bonds. The interest on the BANs shall be payable either from the net revenues of the Town's sewage works (subject to the prior payment of the Town's outstanding bonds payable from such net revenues) or the proceeds from the Bonds.

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 BANs, the collection, segregation and distribution of the revenues of the Town's sewage works, provisions concerning the issuance of additional Bonds and BANs, and covenants of the Town relating to the Bonds and the BANs.

Forty (40) or more owners of property connected or to be connected to and served by the Town's sewage works may file a written petition objecting to the construction or acquisition of the Project in the manner and within the time provided by law.

TOWN COUNCIL OF THE

TOWN OF ELBERFELD, INDIANA

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