Ordinance 1433-88 - Laserfiche WebLink

improvements are legally required and/or economically sound, and will contribute to the conduct of the business of the System in an efficient manner. The Council hereby further finds that it is in the best interests of the City and the users of the System that the City issue the Refunding Bonds to refund the Refunded 1985 Bonds and to pay the costs incident to the refunding and the issuance of the Refunding Bonds. The Council further finds and determines that refunding the Refunded 1985 Bonds by the sale and issuance of the Refunding Bonds as provided in this ordinance will effect a present value savings to the City and the users of the System. In making such finding and determination this Board has given con- sideration to the interest to the fixed maturities of the Refunding Bonds and the Refunded 1985 Bonds being refunded, the costs of issuance of the Refunding Bonds, including the sale discount, and the known earned income from the investment of the proceeds of sale of the Refunding Bonds pending redemption of the Refunded 1985 Bonds. Section 3 . Plan of Additions to the System. The following plan for the acquisition, construction and installation of addi- tions and betterments to the System is hereby specified and adopted, to wit: The City shall acquire, construct, install and equip capital improvements for the expansion of the City' s secondary sewer treatment plant to improve the efficiency of the existing lagoon- based treatment system and shall acquire, construct and equip a 16, 000, 000-gallon per day mechanical treatment plant using a trickling filter/solids contact system of secondary treatment. Said facility and improvements will require the construction or installation of the following: ( 1) inboard recirculation channels constructed of concrete within the existing diked area around the west and east -13- KR180 88/01/11