17-73 Authorizing the issuance of bonds for the Park Districts

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RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING AND AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF SOUTH BEND PARK DISTRICT AND RELATED MATTERS WHEREAS,the City of South Bend, Indiana(the "City") has, by Ordinance No. 7108-82 adopted pursuant to Indiana Code 36-10-4 (the "Act"), established the Board of Park Commissioners of the City ("Board") through its Department of Parks and Recreation which has jurisdiction over the Park District of the City(the"District"); and WHEREAS, the Board adopted Resolution No. 0006-2017 at a meeting held on September 25, 2017, preliminarily determining to issue park district bonds, in eleven(11) series, to finance (i) each of the projects described at Exhibit A hereto and made a part hereof, (ii) other park improvements throughout the geographic boundaries of the District, and (iii) all projects related to any of the projects described in clauses (i) or (ii) (clauses (i) through and including (iii), collectively, the "Projects") which resolution the Board confirmed following a public hearing with the adoption of Resolution No. 0007-2017 at a meeting held on October 16, 2017; and WHEREAS, the Board adopted Resolution No. 0008-2017 at a meeting held on October 16, 2017, determining to issue bonds designated "City of South Bend, Indiana, Park District Bonds, Series 2017_" (with the series designation to be completed to match the series designations set forth at Exhibit A hereto (collectively, the`Bonds")in eleven(11) series with an original aggregate principal amount for each series not to exceed the amount set forth at Exhibit A hereto for each series (for each series, the "Authorized Amount") for the purpose of providing for the payment of (i) costs of the each of the Projects, (ii) reimbursement of preliminary expenses related thereto and all incidental expenses incurred in connection therewith, including necessary engineering, design, supervisory and related activities (all of which are deemed to be a part of the Projects), and(iii)the costs of selling and issuing each series of the Bonds; and WHEREAS, the Bonds are not corporate obligations or indebtedness of the City, but are an indebtedness of the District as a special taxing district and the Bonds and the interest thereon are payable solely out of a special tax levied upon the taxable property located in the District pursuant to the Act; and WHEREAS, Section 35 of the Act and Indiana Code 6-1.1-17-20.5 require the approval of the legislative and fiscal body of the City before the Bonds may be issued and the Common Council, as the legislative and fiscal body of the City, now desires to approve of the issuance of the Bonds; - NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: