Resolution No 54-2017 - Intent to Reimburse Expenditures

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RESOLUTION NO. 54- 2017 A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, DECLARING AN OFFICIAL INTENT TO REIMBURSE EXPENDITURES WHICH MAY BE INCURRED WITH RESPECT TO CERTAIN PROJECTS, AND ALL MATTERS RELATED THERETO WHEREAS, the City of South Bend, Indiana (the "City"), is considering proceeding with the (i) replacement of current Fire Station 9 with a newly constructed station at the corner of Mishawaka Avenue and 21 st Street in the City which new station would be approximately 10,000 square feet and would house Engine 9, Medic 9, and Boat 2 and accommodate up to 7 assigned firefighters per day and (ii) construction of an additional classroom building on the grounds of the Luther J Taylor Sr. Fire Training Center which proposed building would be an approximately 3,000 square foot building and would house a rugged, divisible classroom with capacity for 100 personnel and additional training props and storage areas (collectively, the "Project"); and WHEREAS, the City reasonably expects to reimburse expenditures for the Project with proceeds of bonds issued by or on behalf of the City (the "Bonds"), in an estimated not to exceed aggregate principal amount of $5,610,000, to be issued by the City for the purpose of financing the Project; and WHEREAS, the Board of Public Works of the City (the "Board") desires to establish its intent on behalf of the City, pursuant to Treas. Reg. §1.150-2 and IC 5-1-14-6(c), that costs of the Project which may be incurred by or on behalf of the City prior to the issuance of the Bonds may be reimbursed from the proceeds of the Bonds; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: 1. The Board hereby declares the intent of the City to reimburse expenditures for the Project which may be incurred prior to the issuance of the Bonds with proceeds of the Bonds when and if issued. 2. This resolution shall be in full force and effect from and after its passage. [Signatures follow on next page.]