Reaserting the South Bend Common Council's intent to issue mortgage-backed housing revenue bonds

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RESOLUTION NO. 73 / % A RESOLUTION OF THE SOUTH BEND COMMON COUNCIL REASSERTING ITS INTENT TO ISSUE MORTGAGE- BACKED HOUSING REVENUE BONDS. WHEREAS, the City of South Bend, Indiana has previously and by resolution indicated its intent to issue Single Family Mortgage Revenue Bonds, it hereby affirms and reasserts such intent. WHEREAS, there is a shortage of moderately priced, safe, sanitary housing in the City of South Bend, Indiana; and, WHEREAS, the City of South Bend, Indiana desires to assist low and moderate income citizens in obtaining the goal of home ownership where they are currently precluded from that goal; and, WHEREAS, Kirchner, Moore and Company and local underwriting firm(s) (the Underwriters) are experienced in structuring Single Family Mortgage Revenue Bond issues; and WHEREAS, it is deemed necessary and advisable to indicate the City's intent to pursue an issue of Single Family Mortgage Revenue Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF SOUTH BEND, INDIANA: SECTION I. The City intends to issue its Single Family Housing Revenue Bonds, Series 1980, (the Bonds) in an amount not to exceed $50 million and will sell the Bonds to the Underwriters subject to terms and conditions to be determined on a mutually agreeable basis between the City and the Underwriters of the Bonds. In this respect the City directs the Underwriters and appropriate City officials to proceed with the preparation of documents to implement such a financing. SECTION II. This resolution shall be in full force and effect from and after its passage by the Common Council of the City of South Bend and approval by the Mayor. PRESENTED /U y2 f NOT APPROVED ADOPTED /Q --a _? - ;) off the Common C:ounci lAigned only to provide an opportu-riit;, for ?ublic discussion and Council action on the issue. OkCT 17 1979 lr4ne Gammon C'.'Y CLERK. SUIT!! BE�D, !ND.