Resolution of the City of South Bend

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RESOLUTION NO. OF THE CITY OF SOUTH BEND, INDIANA WHEREAS, newly enacted legislation permits the issuance of mortgage - backed housing revenue bonds (the "Bonds ") by municipalities in the State of Indiana in order to finance residential dwelling units; and WHEREAS, Kirchner, Moore and Company has presented information and background material relating to the issuance of such Bonds demon- strating that such bonds are in the best interest of the City in providing adequate, safe, sanitary housing which persons of low and moderate income can afford; and WHEREAS, The City desires to issue such Bonds for the aforesaid purpose and desires to show intent to do the same. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, that: SECTION I. The City agrees to issue such Bonds and to sell the same to Kirchner, Moore and Company pursuant to the terms of a Bond Purchase Agreement to be mutually acceptable to the City and Kirchner, Moore and Company. SECTION II. The issuance of such Bonds is found to be for a public purpose, and shall benefit the residents of the City. SECTION III. The obligation of the City to issue such Bonds as set forth in Section I above is subject to: (a) final approval of the issuance of such Bonds, (b) receipt of an unqualified approving opinion with respect to such Bonds of nationally recognized bond counsel, which opinion shall also be to the effect that interest on the Bonds shall be exempt from federal taxation, and (c) execution of a Bond Purchase Agreement between the City and Kirchner, Moore and Company. SECTION IV. This resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Member of the Commo ncil R1I signed only to provide an oppor cur for Iic d;_scl!ssion and Council action on the issue. FILED IN CLERK'S OFFICE MAY 91979 Irene Gammon CITY CLERK, SOUTH BEND, IND, PMSENTED J -,4V -;I NOT APPROVED ADOPTED