10576-18 Authorizing the issuance of General Obligation Bonds

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NOTICE TO TAXPAYERS REGARDING DECISION TO ISSUE GENERAL OBLIGATION BONDS OF THE CITY OF SOUTH BEND,INDIANA The taxpayers of the City of South Bend, Indiana (the "City"), are hereby given notice that the Common Council of the City (the "Common Council"), at its meeting held January 22, 2018, determined to issue general obligation bonds pursuant to Indiana Code 36-4-6-19 in an original aggregate principal amount not to exceed $5,430,000 (the "Bonds"). The proceeds of the Bonds will be used to finance the (i) replacement of current Fire Station 9 with a newly constructed station at the corner of Mishawaka Avenue and 21st 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 and to pay related and incidental expenses to be incurred in connection therewith and on account of the issuance of the Bonds. The proposed Bonds will have a final maturity date not later than January 15, 2038, and will bear interest at a rate or rates not exceeding 6.00% per annum. The Common Council anticipates that sufficient funds will be available to the City to make the payments of the principal of and interest on the Bonds with such funds being derived from EMS revenues, local income tax revenues and tax increment finance revenues from the River East Development Area (collectively, the "Revenues") without such Revenues being formally pledged; however, if such funds, including the Revenues, are insufficient for such purpose, the Bonds will be payable from ad valorem property taxes levied and collected upon all taxable property of the City. Dated this 26th day of January, 2018. CITY OF SOUTH BEND, INDIANA BY : CITY CLERK �6 1-41 X. FBACE�/�ay r s X865 DMS 11498204x1