05-17 Eddy Street Commons Phase II Bond Issuance

Home Browse Search

NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: SECTION I. Pursuant to the Act and subject to all of the terms and provisions contained in the Indenture, the Common Council hereby approves the issuance of the Bonds in the amount not to exceed $25,000,000 for the purpose of financing the construction of the Project. All of the terms and provisions related to the Bonds referenced in I.C. 36- 7 -12 -27 shall be as described in the Indenture and are incorporated herein by reference. SECTION II. The Common Council approves the issuance of up to $25,000,000 in Bonds bearing interest at an annual interest rate not to exceed six percent (6 %) and maturing in not more than twenty -five (25) years, payable from TIF Revenues pledged to the payment of principal of and interest on the Bonds by the RDC of the City, on a parity with any other bonds issued and payable from a first lien on the TIF Revenues. SECTION III. The Common Council further approves all prior actions and findings of the RDC and EDC related to the issuance of the Bonds and authorizes the President of this Common Council and the Controller to approve and execute all documents necessary to effect the issuance of the Bonds. SECTION IV. The Common Council further approves the Report and the substantially final forms of the Bonds and the Indenture presented at this meeting and all of the terms and provisions contained in such documents. SECTION V. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Member, South Bend Common Council ATTEST: City Clerk Presented by me to the Mayor of the City of South Bend, Indiana on the day of 2 at o'clock m. Approved and signed by me on the o'clock at m. READING 'JBLIC HEARING rd READING -10T APPROVED :PERKED 'ASSED City Clerk day of ,2 ,at Mayor, City of