NOTICE OF DETERMINATION TO CONSTRUCT AND FINANCE IMPROVEMENTS TO THE SEWAGE WORKS OF THE TOWN OF SYRACUSE, INDIANA AND THE ADOPTION AND PURPORT OF THE ORDINANCE AUTHORIZING THE SAME
Property owners and other interested parties in the Town of Syracuse, Indiana (the ?Town?) are hereby notified that on April 15, 2014, the Town Council of the Town adopted Ordinance No. 2014-04 (the ?Ordinance?) thereby making a determination and order to establish and construct additions and improvements to the Town?s sewage works consisting of the following and other related improvements to, equipping and construction of; (i) pumps; (ii) aerators; (iii) clarifiers and digesters; (iv) buildings; (v) control and disinfection technology; (vi) sludge and line improvement; and (vii) lift station and other improvements or equipment related to the construction set forth above (collectively, the ?Project?).
The cost of the Project, including incidental expenses, is estimated to be $3,000,000, which will be funded from bond proceeds in an amount not to exceed $3,000,000 and available funds on hand. The Ordinance further directed and ordered the cost of the Project to be financed by the issuance of sewage works revenue bonds in an amount not to exceed $3,000,000 and, if necessary, bond anticipation notes (?BANs?) in an amount not to exceed $2,500,000. The BANs will be payable from the proceeds of the bonds and the bonds will be payable solely from the net revenues of the sewage works. The BANs will be sold at a rate of interest not to exceed five percent (5.0%), and the bonds will be sold at public sale pursuant to IC 5-1-11. The bonds will mature annually over a period ending no later than March 1, 2035.
A copy of the Ordinance may be examined at the office of the Town?s Clerk-Treasurer, 310 North Huntington Street, Syracuse, IN 46567. Objections to this project and the bonds may be filed in the time and manner provided by IC 36-9-23-12.
Dated this 23rd day of April, 2014.
Town of Syracuse, Indiana