03/21/88 Board of Public Works Minutes

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ma REGULAR MEETING MARCH 21, 1988 Therefore, upon Mr. Leszczynski was adopted: a motion made by Mrs. DeClercq, seconded by and carried, the following Resolution No. 7-1988 RESOLUTION NO. 7-1988 RESOLUTION OF THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS WHEREAS, on March 14, 1988, the City of South Bend Common Council (the "Common Council") adopted an ordinance entitled "AN ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1988" (the "Ordinance") which authorized the City of South Bend (the "City") to make temporary loans to meet current expenses pursuant to the provisions of Indiana Code 36-4-6 for the use and benefit of the General Fund, the Park District Bond Fund, and the Park Maintenance Fund of the City, which loans were further authorized to be evidenced by tax anticipation time warrants of the City in the following amounts: Amount Fund $5,200,000 General Fund 600,000 Park District Bond Fund 580,000 Park Maintenance Fund and; WHEREAS, the Ordinance authorized and directed the City Controller to have tax anticipation time warrants (the "Warrants") prepared and to sell the Warrants at a price not less than the par value thereof to a purchaser or purchasers pursuant to a Purchase Agreement in accordance with the terms and conditions of the Ordinance; and WHEREAS, the Ordinance further authorized and directed the City Controller to make such filings and requests, deliver such certifications, execute and deliver such documents and instruments and otherwise take such actions as are necessary or appropriate to carry out the terms and conditions of the Ordinance; and WHEREAS, an "Official Statement" relating to the sale of the Warrants has been prepared by Springsted Incorporated as the financial advisor to the City and presented to the City of South Bend Board of Public Works (the "Board") and the Board desires to approve the "Official Statement" as presented to it and authorize its distribution to facilitate the sale of the Warrants. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS THAT: 1. The "Official Statement" relating to the sale of the Warrants by the City is hereby approved in the form presented to the Board at this meeting. 2. Springsted Incorporated is hereby authorized and directed to cause to be distributed the "Official Statement", substantially in the form presented to the Board at this meeting, with such changes which are approved by the City's legal counsel as Springsted Incorporated might recommend to describe adequately such Warrants and information related thereto to all parties who in their judgment may be interested in purchasing the Warrants and to the purchaser or purchasers of the Warrants. 3. This resolution shall be in full force and effect from and upon compliance with the procedures required by law.