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1 ( <br /> � f � � <br /> ORDTNANCE NO. ; �D'�� <br /> An Ordinance of the Common Council of the City of South Bend, Indiana, <br /> Authorizing the Issuance and Sale of County Economic Development <br /> Income Tax Revenue Bonds of the City Payable Solely From County <br /> Economic Development Income Tax Revenues to be Received by the City <br /> in the Principal Amount not to exceed Eleven Million Nine Hundred Sixty <br /> Thousand and 00/100 Dollars ($11,960,000.00) for the Purpose of <br /> Financing Costs of a Proposed Economic Development Project of the City, <br /> Together with Expenses in Connection With the Issuance of Bonds <br /> STATEMENT OF PURPOSE AND INTENT <br /> The following members of the St. Joseph County Income Tax Council (the <br /> "Income Tax Council"), constituting a majority of the Income Tax Council, took the following <br /> actions to impose the County Economic Development Income Tax in St. Joseph County pursuant <br /> to I.C. 6-3.5-7-5: (i) on March 2, 1995, the St. Joseph County Council (the "County Council") <br /> adopted its Resolution No. R295, entitled "A Resolution of the County Council of the County of <br /> , St. Joseph Proposing and Voting in Favor of an Ordinance of the St. Joseph County Income Tax <br /> Council Imposing the County Economic Development Income Tax in St. Joseph County" and (ii) <br /> on March 28, 1995, the Common Council (the "Common Council") of the City of South Bend, <br /> Indiana (the "City"), adopted its Resolution 2226-95, entitled "A Resolution of the Common <br /> Council of the City of South Bend, Indiana, Voting in Favor of an Ordinance of the St. Joseph <br /> County Income Tax Council Imposing the County Economic Development Income Tax in St. <br /> Joseph County." <br /> The following members of the Income Tax Council, constituting a majority of the <br /> Income Tax Council, took the following actions to increase the rate of the County Economic <br /> Development Income Tax in St. Joseph County pursuant to I.C. 6-3.5-7-6: (i) on March 4, 1997, <br /> the County Council adopted Resolution No. 597 entitled "A Resolution of the County Council <br /> of the County of St. Joseph Proposing and Voting in Favor of an Ordinance of the St. Joseph <br /> County Income Tax Council Imposing the County Economic Development Income Tax in St. <br /> Joseph County" and (ii) on March 24, 1997, the Common Council adopted its Resolution <br /> No. 2444-97, entitled "A Resolution of the Common Council of the City of South Bend, Indiana, <br /> Voting in Favor of an Ordinance of the St. Joseph County Income Tax Council Imposing the <br /> County Economic Development Income Tax in St. Joseph County." <br /> The Common Council and the Mayor of the City (the "Mayor"), approved a capital <br /> improvement plan (the "Plan") pursuant to I.C. 6-3.5-7-15 specifying the uses of the revenues to <br /> be received by the City under I.C. 6-3.5-7. The Plan sets forth the City's intention to use the <br />