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9712-06 Authorizing the Issuance and Sale of CED Income Tax Rev Bonds to Previously issued and current Outstanding CED Bonds
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9712-06 Authorizing the Issuance and Sale of CED Income Tax Rev Bonds to Previously issued and current Outstanding CED Bonds
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Last modified
10/4/2010 4:04:09 PM
Creation date
11/7/2007 9:24:09 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/23/2006
Ord-Res Number
9712-06
Bill Number
68-06
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ORDINANCE NO. ~ ~ ~ 2-O~o <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE AND SALE <br />OF COUNTY ECONOMIC DEVELOPMENT INCOME TAX <br />REFUNDING REVENUE BONDS OF THE CITY OF SOUTH BEND, <br />INDIANA TO PROVIDE FUNDS FOR THE REFUNDING PRIOR TO <br />MATURITY OF CERTAIN PREVIOUSLY ISSUED AND CURRENTLY <br />OUTSTANDING COUNTY ECONOMIC DEVELOPMENT INCOME TAX <br />REVENUE BONDS, TOGETHER WITH EXPENSES INCURRED IN <br />CONNECTION THEREWITH, INCLUDING THE COSTS OF THE <br />ISSUANCE OF THE REFUNDING BONDS <br />STATEMENT OF PURPOSE AND INTENT <br />Pursuant to Ordinance No. 8778-97, adopted by the Common Council of the City <br />of South Bend, Indiana (the "City") on April 28, 1997 (" 1997 Ordinance") and Indiana Code 6- <br />3.5-7 et sec . (the "Act"), the City has heretofore issued its bonds designated as (i) the "City of <br />South Bend, Indiana, County Economic Development Income Tax Revenue Bonds of 1997, <br />Series A" (the "1997 Series A Bonds"), currently outstanding in the aggregate principal amount <br />of Four Million Two Hundred Ninety-Five Thousand Dollars ($4,295,000) and (ii) the "City of <br />South Bend, Indiana, County Economic Development Income Tax Revenue Bonds of 1997, <br />Series B" (the "1997 Series B Bonds" and with the 1997 Series A Bonds, the "Prior Bonds"), <br />currently outstanding in the aggregate principal amount of Three Million Eight Hundred Twenty- <br />Five Thousand Dollars ($3,825,000), and which Prior Bonds mature semiannually in varying <br />principal amounts on February 1 and August 1 in the years 2007 through and including <br />February 1, 2017. <br />Under the original bond financing a capital improvement plan, formally titled <br />"1997-2001 Capital Improvements Program," specified how the revenues were to be used by the <br />City. The proceeds of the Prior Bonds were used to construct and equip the parking garage <br />located at the northwest corner of Michigan and Jefferson Streets and extending along Michigan <br />Street, which included parking spaces both above and below ground and retail space fronting <br />Michigan Street; to improve the surface parking lot located at the southwest corner of the <br />Michigan and Washington Streets intersection; and to construct sidewalks and a public plaza in <br />the block bounded by Michigan, Washington, Main and Jefferson Streets. <br />Indiana Code 5-1-5-1, et sec . (the "Refunding Law"), authorizes the issuance of <br />bonds to refund outstanding bonds and to pay redemption premiums and costs of refunding in <br />order to effect a savings. <br />BDDBOI 4539793v1 <br />
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