Notice is hereby given to property owners, ratepayers and any other interested parties in, or served or to be served by the sewage works of the Town of Syracuse, Indiana (“Town”) that the Town Council of the Town (“Council”) adopted Ordinance No. 2022-15 on October 18, 2022 (the “Ordinance”), authorizing the issuance of sewage works revenue bonds in the maximum principal amount of $1,150,000 (“Bonds”). The Bonds are to be issued pursuant to the Ordinance and Indiana Code 36-9-23, as amended (“Act”), for the purpose of providing funds to pay for the costs of: (1) constructing additions and improvements to the sewage works system of the Town as described in the paragraph below (“Project”); (2) refunding any bond anticipation notes issued by the Town in anticipation of the Bonds (“BANs”); and (3) issuing the Bonds and the BANs, if issued, all as authorized by the Ordinance. The estimated cost of the Project, including incidental expenses, is anticipated not to exceed $1,150,000.
The Project consists of a new submersible lift station and 6-inch force main extension from Lakeview Drive to Harkless Drive along Palm Drive, including all appurtenances and related expenses in connection therewith. The Project will improve the capacity to serve development in the Oakwood Area, and offloa the Smokey’s and CR 530 N lift stations.
The Bonds will be sold at competitive or negotiated sale by the Clerk-Treasurer of the Town or may be sold directly to the Indiana Bond Bank. The Bonds shall be sold at a price not less than 99.75% of the par value thereof. The final maturity date of the Bonds shall be on or before 20 years from the date of issuance of the Bonds. In any event, 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 Bonds are payable solely from and secured by an irrevocable pledge of the net revenues of the sewage works. The maximum interest rate on the Bonds shall be 6.0% per annum. The Bonds are subject to optional redemption by the Town at the par amount of the Bonds redeemed plus accrued interest to the date of redemption.
Copies of the plans, specifications, cost estimates and of the Ordinance are on file in the office of the Clerk-Treasurer and are available for inspection by any interested parties during regular business hours. Objections to said Project and the Bonds may be filed in the time and in the manner provided by the Act.
Dated this 27th day of October, 2022.
TOWN OF SYRACUSE, INDIANA