9645-05 Authorizing the city to issue its adjustable rate demand for the Stanley Clark School

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ORDINANCE NO. ~ ~O~ 5 ` ©~ ~. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE CITY OF SOUTH BEND, INDIANA, TO ISSUE ITS ADJUSTABLE RATE DEMAND ECONOMIC DEVELOPMENT REVENUE BONDS FOR THE STANLEY CLARK SCHOOL, INCORPORATED AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE AND INTENT: Indiana Code Title 36, Article 7, Chapter 11.9 and 12, as amended (the "Act"), declares that the financing of economic development facilities constitutes a public purpose. The Act provides that an issuer may, pursuant to the Act, issue revenue bonds and lend the proceeds thereof to a corporation, partnership, limited liability company or individual for the purpose of financing costs of acquisition or construction of facilities, including real and personal property, for diversification of economic development and promotion of job opportunities in or near such issuer. The Act further provides that such bonds may be secured by a trust indenture between an issuer and a corporate trustee. The Stanley Clark School, Incorporated (the "Borrower"} has proposed that the City of South Bend, Indiana (the "City") issue and sell its economic development revenue bonds under the Act in one (1) or more series in an aggregate principal amount not to exceed Fifteen Million and 00/100 Dollars ($15,000,000.00) (the "Bonds") and that the City lend the proceeds of the Bonds to the Borrower (the "Loan") under the Loan Agreement (as defined herein) in a form substantially similar to that presented to the Common Council of the City (the "Common Council") whereby the proceeds of the Bonds will be utilized for (a)(i) the improvement, expansion, and renovation of the educational facility commonly known as Fannin Hall to include four kindergarten rooms, three preschool rooms, alarge-motor multipurpose room and an atelier; (ii) the improvement, expansion and renovation of the educational and administrative facility commonly known as Martin Hall to provide for, among other improvements, additional classrooms, common rooms and office space; (iii} improvements to roads, walkways, parking lots and other educational facilities on the same site, including site improvements and landscaping; and (iv) water retention improvements (collectively, the "2005 Project"), all of which are to be located on the Borrower's approximately thirty-two (32) acre site at 3123 Miami Street in the City (the "Site"} and (b)(i) the rebuilding of the educational facility on the Site commonly known as the Lower School to provide for up-to-date technology and amenities; (ii) the construction of a fine arts center and an improved media center on the Site which may include an auditorium, additional fine arts and music classrooms and improved media equipment and technology; and (iii) the relocation and construction of athletic fields or facilities on the Site or on an approximately four (4} acre site located on the northeast corner of High Street and Donmoyer Avenue, near and including 744 Donmoyer Avenue and the property across from the Site on High Street (collectively, the "Additional Projects" and with the 2005 Project, the "Projects"). BDDB01 4206748v1