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REGULAR MEETING MARCH 22, 2010 <br /> <br /> <br /> <br /> <br />ORDINANCE NO. 10004-10 AN ORDINANCE OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, APPROPRIATING <br /> $10,200 FROM THE MORRIS <br /> PERFORMING ARTS CENTER AND <br /> PALAIS ROYALE MARKETING FUND <br /> (FUND NUMBER 273) FOR A ONE <br /> YEAR BILLBOARD LEASE TO <br /> MARKET THE MORRIS PERFORMING <br /> ARTS CENTER <br /> <br />This bill had third reading. Councilmember Varner made a motion to pass this bill. <br />Councilmember Kirsits seconded the motion which carried. The bill passed by a roll call <br />vote of nine (9) ayes. <br /> <br /> <br />RESOLUTIONS <br /> <br /> <br />RESOLUTION NO. 4019-10 A RESOLUTION OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, DESIGNATING THE <br /> CITY AS A RECOVERY ZONE <br /> <br /> WHEREAS, the American Recovery and Reinvestment act of 2009 (Pub. L. No. <br />111-5) (the “ARRA”) modifies the Internal Revenue Code of 1986, as amended (the <br />“Code”) to authorize, among others, two new types of bonds entitled “recovery zone <br />economic development bonds” and “recovery zone facility bonds;” and <br /> <br /> WHEREAS, “recovery zone economic development bonds” are a subcategory of <br />taxable build America bonds (as defined in section 54AA(d) of the Code), issued under <br />provisions of ARRA that have been codified as Section 1400U-2 of the Code, the <br />proceeds of which are to be used for qualified economic development purposes in a <br />recovery zone; and <br /> <br /> WHEREAS, qualified economic development purposes include expenditures for <br />the purpose of promoting development o other economic activity in a recovery zone, <br />including capital expenditures for property located in the zone or expenditures for public <br />infrastructure and construction of public facilities in the zone; and <br /> <br /> WHEREAS, the ARRA also authorizes a new type of federally tax exempt private <br />activity bonds entitled “recovery zone facility bonds” in Sections 1400U-1 and 1400U-3 <br />of the Code to finance construction, renovation, or acquisition of depreciable property by <br />a private taxpayer of a qualified business in a recovery zone, with “qualified business” <br />defined to include any trade or business other than residential rental property and certain <br />prohibited uses outline in the Code; and <br /> <br /> WHEREAS, Sections 1440-U-1 through 1400U-3 of the Code and related Notice <br />2009-50 issued by the U.S. Treasury Department (collectively, the “Recovery Zone Act”) <br />define a recovery zone as any area designed by the City of South Bend, Indiana (the <br />“City) as an area having significant poverty, unemployment, rate of home foreclosure, or <br />general distress; and <br /> <br /> WHEREAS, the City has determined that it is in the best interest of the City and <br />its citizens to designate the entire area within the boundaries of the City as a “recovery <br />zone” for purposes of the Recovery Zone Act; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana as follows: <br /> <br /> 9 <br /> <br />