10127-11 Issuance Reveneu Bonds 2011 - $1,500,000 South Bend Career Academy

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ORDINANCE NO. ��I'-< < AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,INDIANA,AUTHORIZING TI3E CITY OF SOUTH BEND TO ISSUE ITS ECONOMIC ll�VELOPMENT REVENUE BONDS OF 2011 AND APPROVING AND AUTHORIZING OTIIER ACTIONS IN RESPECT TI-IERETO $1,500,000 SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2011 (SOUTH BEND CAREER ACADEMY PROJECT) STATEMENT OF PURPOSE AND INTENT The South Bend Economic Development Commission (the "Commission") has previously conducted a public hearing and adopted a resolution on September 19, 2011, which resolution has been transmitted to this Common Council, finding that the financing of certain economic development facilities of South Bend Career Academy, Inc. ("Borrower") compliPs with the purposes and provisions of Indiana Code 36-7-11.9 and Indiana Code 36-7-12, each as amended (collectively, the "Act"); and that such financing will be of benefit to the health and welfare of the City of South Bend, Indiana ("City") and its citizens. The South Bend Redevelopment Commission ("Redevelopment Commission") has adopted a resolution on September 12, 2011 (the "Pledge Resolution") approving of a pledge of Pledged Tax Increment (as defined in the Pledge Resolution) to be used to pay debt service on the City's Economic Development Revenue Bonds of 2011 (South Bend Career Academy Project) ("Bonds"), to offset payments required to be made by the Borrower, to be issued by the City pursuant to this Ordinance. The Bonds are being issued to finance the construction of economic development facilities consisting of a 106,000 square foot charter school located at 3801 Crescent Circle in the Blackthorn office park on South Bend's northwest side ("Project"). The Commission has heretofore approved and recommended the adoption of this form of ordinance by this Common Council, has considered the issue of adverse competitive effect and has approved the forms of and has transmitted for approval by the Common Council the Bond Purchase and Loan Agreement (including form of Note and Bonds) among the Issuer, the Bonower and the purchaser of the Bonds. NOW, T�-IEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF TIIE CITY OF SOUTH BENll,INDIANA,AS FOLLOWS: Section I. It is hereby found that: (i) the financing of the Project referred to in the Loan Agreement approved by the Commission and presented to this Common Council; (ii) the issuance and sale of the City's Economic Development Revenue Bonds of 2011 ("South Bend