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AN ORDINANCE TO AMEND ORDINANCE NO. 82, ENTITLED:
"An Ordinance To Continue the Operation of Water Supply System and the Sewage Disposal
System of the City of Hastings as a Single System To Be Operated on a Combined Rate
Basis; To Provide for Refunding Outstanding Water and Sewer Revenue Bonds; To Provide
for the Acquisition and Construction of a New Two-Stage Sewage Treatment Plant as
a Part of Said System; Authorizing and Providing for the Issuance of Self-Liquidating
Revenue Bonds To Provide Part of the Cost Thereof Under the Provisions of Act No.
94 of the Public Acts of Michigan of 1933 (MCL 141.101 et seq., MSA 5.2731 et seq.),
as Amended; Pledging the Full Faith and Credit of the City for the Payment of Said
Bonds and the Interest Thereon; Providing for the Fixing, Collection, Segregation
and Disposition of the Revenues of Said Combined System and Payment of Said Bonds
Out of the Revenues Thereof; and To Provide for Other Matters Relative to Said System
and Said Bonds."
AS AMENDED BY ORDINANCE NO. 87, ENTITLED:
"An Ordinance To Continue the Operation of Water Supply System and the Sewage Disposal
System of the City of Hastings as a Single System To Be Operated on a Combined Rate
Basis; To Provide for Refunding Outstanding Water and Sewer Revenue Bonds; To Provide
for the Acquisition and Construction of a New Two-Stage Sewage Treatment Plant as
a Part of Said System; Authorizing and Providing for the Issuance of Self-Liquidating
Revenue Bonds To Provide Part of the Cost Thereof Under the Provisions of Act No.
94 of the Public Acts of Michigan of 1933 (MCL 141.101 et seq., MSA 5.2731 et seq.),
as Amended; Pledging the Full Faith and Credit of the City for the Payment of Said
Bonds and the Interest Thereon; Providing for the Fixing, Collection, Segregation
and Disposition of the Revenues of Said Combined System and Payment of Said Bonds
out of the Revenues Thereof; and to Provide for Other Matters Relative to Said System
and Said Bonds."
AND BY ORDINANCE NO. 255, ENTITLED:
"An Ordinance Authorizing the Acquisition and Construction of Additions, Extensions
and Improvements to the Existing Water Supply and Sewage Disposal System of the City
of Hastings; To Provide for the Issuance and Sale of Self-Liquidating Revenue Bonds
of Equal Standing with the Revenue Bonds Now Outstanding for the Purpose of Paying
the Cost of Said Additions, Extensions and Improvements Under the Provisions of Act
No. 94 of the Public Acts of Michigan of 1933 (MCL 141.101 et seq., MSA 5.2731 et
seq.), as Amended, and Ordinance No. 82, as Amended by Ordinance No. 87, of the City
of Hastings."
This Ordinance Is Enacted To Provide for the Construction of Improvements and Repairs
to the Wastewater Treatment Plant of the Existing Water Supply and Sewage Disposal
System of the City of Hastings, Michigan; To Provide for the Issuance and Sale of
Revenue Bonds of Equal Standing with the Revenue Bonds Now Outstanding To Pay the
Cost of the Improvements and Repairs; To Provide for the Retirement and Security of
the Bonds Herein Authorized; and To Provide for Other Matters Relative to the System
and Bonds.
WHEREAS, the City of Hastings, Michigan, by Ordinance No. 82 ("Ordinance 82") adopted
June 8, 1970, as amended by Ordinance No. 87 ("Ordinance 87") adopted November 9,
1970, and Ordinance No. 255 ("Ordinance 255") adopted July 25, 1992 (together, the
"original ordinance"), has heretofore issued and sold its water supply and sewage
disposal system revenue bonds, series 1992, dated September 1, 1992 (the "outstanding
bonds"); and
WHEREAS, the issuer has reserved the right to issue bonds of equal standing and priority
of lien with the outstanding bonds; and
WHEREAS, it is now deemed necessary by the city council of the issuer to acquire and
construct improvements to the sewage disposal portion of the system (the "project"
as hereafter further defined); and
WHEREAS, the issuer intends to issue water supply and sewage disposal system revenue
bonds for the purpose of paying for the project; and
WHEREAS, section 14 of Ordinance 255 authorizes the issuance of bonds of equal standing
and priority of lien with the outstanding bonds for subsequent improvements to the
system if the adjusted net revenues of the system (hereinafter defined) for the last
two completed operating years, or the last completed operating year, whichever is
lower, equals 125 percent of the largest annual principal and interest requirements
on the outstanding bonds and on the additional bonds then being issued; and
WHEREAS, the issuer has met or will meet all the conditions and requirements of section
14 of Ordinance 255 for the issuance of the proposed bonds; and
WHEREAS, all things necessary to the authorization and issuance of the proposed bonds
under the constitution and laws of the State of Michigan, and the charter and ordinances
of the issuer and particularly Act No. 94 of the Public Acts of Michigan of 1933 (MCL
141.101 et seq., MSA 5.2731 et seq.), as amended, and the original ordinance have
been done or will be done and the council is now empowered and desires to authorize
the issuance of bonds;
NOW, THEREFORE, THE CITY OF HASTINGS ORDAINS:
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