17-72 Authorizing the issuance of bonds for the Redevelopment Districts

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NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby approves of the issuance of the Bonds, in one or more series, in an aggregate principal amount not to exceed Twelve Million Two Hundred Thousand Dollars ($12,200,000), to provide for the Projects and to pay all incidental expenses incurred in connection therewith, including the costs of issuance of the Bonds. SECTION II. The interest rate on the Bonds shall not exceed five percent (5.00%) per annum. A portion of the Bond proceeds may be applied to to fund a reserve fund for the Bonds if determined to be necessary or appropriate by the Controller of the City with the advice the Commission's financial advisor. The final maturity date of the Bonds shall not be later than February 1, 2033. The Bonds may be subject to redemption prior to maturity on terms determined by the President of the Commission prior to the sale of the Bonds, with the advice of the Commission's financial advisor, provided that the Bonds may be subject to optional redemption not earlier than August 1, 2026. SECTION III. The proper officers of the City are hereby authorized and directed, for and on behalf of the City, to execute and deliver any contract, agreement, certificate, instrument or other document and to take any action as such person determines to be necessary or appropriate to accomplish the purposes of this Resolution, such determination to be conclusively evidenced by such person's execution of such contract, agreement, certificate, instrument or other document or such person's taking of such action. SECTION IV. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor as required by law. Member of the Common Council i DMS 10999608 OU 8 2017 PRESENTED NOT APPROVED 2 %DWTOD