Appropriation- Proceeds from Sale of Revenue Bonds

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Y , • 4 ORDINANCE NO. D / � / ` / An Ordinance of the City of South Bend, Indiana, Appropriating the Proceeds Derived from the Sale of Bonds Heretofore Authorized to Be Issued and Designated as "City of South Bend, Indiana, County Economic Development Income Tax Revenue Bonds of 1997" (Together with Investment Earnings Thereon), for the Purpose of Financing Costs of All or Any Portion of a Proposed Economic Development Project of the City, Together with Expenses in Connection with the Issuance of the Bonds STATEMENT OF PURPOSE AND INTENT The Common Council and the Mayor have previously approved a capital improvement plan (the "Plan") pursuant to I.C. 6-3.5-7-15 specifying the uses of the revenues to be received by the City of South Bend, Indiana (the "City") under I.C. 6-3.5-7. The Plan sets forth the City's intention to use the revenues to be received under I.C. 6-3.5-7 for, among other projects, the construction and equipping of a parking garage to be located at the northwest corner of Michigan and Jefferson Streets and extending along Michigan Street which will include approximately Six Hundred Eighty (680) spaces for parking above and below ground and approximately Eleven Thousand(11,000) square feet of retail space fronting Michigan Street, the construction of improvements to the surface parking lot located at the southwest corner of Michigan and Washington Streets, and the construction of public improvements including sidewalks and a public plaza in the block bounded by Michigan, Washington, Main and Jefferson Streets (collectively, the "Economic Development Project") or for the retirement of bonds issued under I.C. 6-3.5-7-14 to finance such Economic Development Project. Based on preliminary engineering and technical studies, the cost of the Economic Development Project, together with expenses in connection with the issuance of bonds therefor, is in excess of Eleven Million Nine Hundred Sixty Thousand and 00/100 Dollars ($11,960,000.00). The proposed Economic Development Project constitutes an "economic development project" as defined in I.C. 6-3.5-7-13(c) in that it will promote significant opporiunities for the gainful employment of the citizens of the City and will involve expenditures for various costs relating to site improvements and structures. Such Economic Development Project and the financing by the City of the costs of such Economic Development Project are necessary and will be of general benefit to the City and its citizens. The City has no funds available or provided for in the existing budgets or tax levies that may be applied to the costs of the Economic Development Project, together with expenses in connection with the issuance of bonds, and the issuance of such bonds of the City in the amount of Eleven Million Nine Hundred Sixty Thousand and 00/100 Dollars ($11,960,000.00) (the "Bonds") to finance the costs of the Project, together with expenses in connection with the issuance of the Bonds, has been heretofore authorized to procure the