10577-18 Appropriating the proceeds of the City of South Bend General Obligation Bonds, Series 2018

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Bill No. 03-18 ORDINANCE NO. 10577-18 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING THE PROCEEDS OF THE CITY OF SOUTH BEND GENERAL OBLIGATION BONDS, SERIES 2018 STATEMENT OF PURPOSE AND INTENT WHEREAS,the Common Council(the"Council")of the City of South Bend,Indiana(the "City"),has,on January 22,2018,adopted an ordinance,the provisions of which are hereby included herein by this reference thereto, determining to issue general obligation bonds of the City in an original aggregate principal amount of not to exceed Five Million Four Hundred Thirty Thousand Dollars ($5,430,000) (the "Bonds"), for the purpose of providing funds for undertaking (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 "Projects") in the City; and WHEREAS,the Council did not include the proceeds of the Bonds in the regular budget for the City for the year 2018; and WHEREAS, there are insufficient funds available or provided for in the City's existing budget and tax levy which may be applied to the cost of the Project, and the issuance of the Bonds has been authorized to procure the necessary funds and an extraordinary emergency and necessity exists for the making of the additional appropriation set out herein; and WHEREAS,the City has caused notice of a hearing on said appropriation to be published as required by law; and WHEREAS, such public hearing was held on January 22,2018,at 7:00 p.m. (local time)in the Common Council Meeting Room,4t'Floor of the County-City Building in South Bend,Indiana, on said appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views regarding such additional appropriation. NOW,THEREFORE,BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,INDIANA,AS FOLLOWS: