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10495-17 Issuing of Taxable Economic Development Bonds for Eddy St Phase II to not Exceed $25 million, Approving Other Actions Thereto
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10495-17 Issuing of Taxable Economic Development Bonds for Eddy St Phase II to not Exceed $25 million, Approving Other Actions Thereto
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4/26/2017 8:35:51 AM
Creation date
1/24/2017 12:58:46 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/23/2017
Ord-Res Number
10495-17
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NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: <br />SECTION I. Pursuant to the Act and subject to all of the terms and provisions <br />contained in the Indenture, the Common Council hereby approves the issuance of the Bonds <br />in the amount not to exceed $25,000,000 for the purpose of financing the construction of the <br />Project. All of the terms and provisions related to the Bonds referenced in I.C. 36- 7 -12 -27 <br />shall be as described in the Indenture and are incorporated herein by reference. <br />SECTION Il. The Common Council approves the issuance of up to $25,000,000 in <br />Bonds bearing interest at an annual interest rate not to exceed six percent (6 %) and maturing <br />in not more than twenty -five (25) years, payable from TIF Revenues pledged to the payment <br />of principal of and interest on the Bonds by the RDC of the City, on a parity with any other <br />bonds issued and payable from a first lien on the TIF Revenues. <br />SECTION III. The Common Council further approves all prior actions and findings <br />of the RDC and EDC related to the issuance of the Bonds and authorizes the President of this <br />Common Council and the Controller to approve and execute all documents necessary to effect <br />the issuance of the Bonds. <br />SECTION IV. The Common Council further approves the Report and the <br />substantially final forms of the Bonds and the Indenture presented at this meeting and all of <br />the terms and provisions contained in such documents. <br />SECTION V. This ordinance shall be in effect from and after its passage <br />by the Common Council and approval by the Mayor. <br />/ Member, South Ben Common Council <br />ATTEST: <br />Presented by me to the Mayor of the City of South d, Indiana on the a <br />day ofh. , 2 p =�, at CV. 3 D o'clock l�.m. <br />(� City Jerk <br />Approved and signed by me on the ash day of , 2 n n , at <br />o'clock at A.m. <br />READING I- Li - 11 Mayor, y of S2 ana <br />'JELIC HEARING 1-23 -r1 <br />A READING <br />0T APPROVED <br />=ERRED 1 -9-1 -1 ('.iyl'Y1,. Drw. <br />rrnMr=�=NhA►4 f:r?iA,1� <br />MASSED ►- 23 r l� CITY CLERK, SOUTH BENID, IN <br />
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