Relating to Parking Facilities for South Bend Inc.

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RESOLUTION NO. 6 ay- ?9' A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA RELATING TO PARKING FACILITIES OF SOUTH BEND, INC. WHEREAS, the City of South Bend, Indiana ( "City ") has hereto- fore acquired and constructed certain off - street parking facilities ( "Parking Facilities ") situated on the following real estate: Site I located at the Southeast Corner of Colfax and Main Streets in the City of South Bend, Indiana, more particularly Lots 22, 23 and 24 as shown on the recorded original plat of the Town, now City, of South Bend; Site III located at the northwest corner of St. Joseph Street and Jefferson Boulevard in the City of South Bend, Indiana, more particularly Lots 38, 39 and 40 as shown on the recorded original plat of the Town, now City, of South Bend; WHEREAS, for the purpose of paying the cost of constructing the Parking Facilities the City has heretofore issued its Off- Street Parking Revenue Bonds, Series 1969 Project ( "1969 Bonds "), which bonds are now outstanding in the principal amount of $3,250,000.00; and WHEREAS, it has been determined that it would be advantageous to the City to refinance the 1969 Bonds pursuant to the provisions of Indiana Code 18- 5- 3.3 -8.5, by the conveyance of the Parking Facilities to Parking Facilities of South Bend, Inc. ( "Corporation "), an Indiana corporation not - for - profit organized for the purpose of effecting such refinancing, and the leasing of the Parking Facilities from the Corporation to the City at rentals sufficient to retire revenue bonds issued by the Corporation for the purpose of acquiring the Parking Facilities; and WHEREAS, this Common Council did on April 24, 1978, after public notice and hearing, adopt Ordinance No. 6327 -78 authorizing the execution of a Lease Agreement ( "Lease ") of the Parking Facilities between the Corporation as lessor and the City as lessee; authorizing the conveyance of the Parking Facilities to the Corpora- tion; requesting the Corporation to acquire and refinance the Parking Facilities on behalf of the City; approving the Articles of Incorporation and proposed Bylaws of the Corporation; approving the proposed financing by the Corporation of its acquisition of the Parking Facilities; agreeing to accept the gift of the Parking Facilities from the Corporation at the time the same shall be tendered to the City; and directing officers of the City to obtain from the State Board of Tax Commissioners its approval of the con- veyance of the Parking Facilities to the Corporation and the leasing of the same by the City from the Corporation; and WHEREAS, the Corporation proposes to issue the following bonds to effect the financing of its acquisition of the Parking Facilities: $3,630,000 Parking Facilities Bonds, Series 1978 ( "Series 1978 Revenue Bonds "), payable from rentals paid under the Lease and additionally secured by a mortgage on the Parking Facilities; $1,230,000 Special Obligation Bonds ( "Special Obligation Bonds "), payable from investment income derived from money deposited in trust for the payment of the 1969 Bonds.