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11-22-10 Council Agenda & Packet
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11-22-10 Council Agenda & Packet
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11/18/2010 11:36:24 AM
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cause to be taken such actions pursuant to the Act as may be required to implement the <br />aforesaid financing, or as it may deem appropriate in pursuance thereof; and (ii) it will <br />adopt such ordinances and resolutions and authorize the execution and delivery of such <br />instrument and the taking of such action as may be necessary and advisable for the <br />authorization issuance and sale of said economic development revenue bonds; and that <br />the aforementioned purposes comply with the provisions of the Act; and (iii) it will use <br />its best efforts to assist Applicant in procuring additional Recovery Zone Facility Bond <br />volume including requesting allocation authority from St. Joseph Count y and from the <br />Indiana Finance Authority for completion of the Project, including the costs of issuance, <br />provided that all of the foregoing shall be mutually acceptable to the Issuer and the <br />Applicant. <br />4. All costs of the Project incurred after the date permitted by applicable <br />federal tax and state laws, including reimbursement or repayment to the Applicant of <br />moneys expended by the Applicant for planning engineering, a portion of the interest <br />paid during construction and equipping, underwriting expenses, attorney and bond <br />counsel fees, acquisition, renovation and equipping of the Project will be permitted to be <br />included as part of the bond issue to finance the Project, and the Issuer will lend the <br />proceeds from the sale of the bonds to the Applicant for the same purpose. Also, certain <br />indirect expenses, including but not limited to, planning, architectural work and <br />engineering incurred prior to this inducement resolution will be permitted to be included <br />as part of the bond issue to finance the Project. <br />S. This resolution shall constitute "official action" for purposes of <br />compliance with federal and state laws requiring governmental action as authorization for <br />future reimbursement from the proceeds of bonds. <br />Adopted this 22nd day of November, 2010. <br />COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND <br />E <br />V , Y. <br />�. :; <br />Member of the Common C6Uncil <br />(SEAL) <br />Attest: <br />
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