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01-28-08 Council Meeting Agenda & Packet
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01-28-08 Council Meeting Agenda & Packet
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9/12/2012 9:17:23 AM
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City Council - City Clerk
City Counci - Date
1/28/2008
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— (S-�A� P6- <br />RESOLUTION NO. <br />A RESOLUTION OF THE COMMON COUNCIL <br />OF THE CITY OF SOUTH BEND, INDIANA, REGARDING THE <br />AMENDMENT OF THE LEASE WITH THE CITY OF SOUTH BEND <br />BUILDING CORPORATION DATED AS OF MARCH 1, 2001, AS <br />AMENDED BY AN ADDENDUM TO LEASE DATED AS OF APRIL 23, <br />2001, PREVIOUSLY ENTERED FOR THE CONSTRUCTION AND <br />EQUIPPING OF A NEW PUBLIC WORKS SERVICE CENTER <br />FACILITY AND REGARDING CERTAIN RELATED MATTERS <br />WHEREAS, the Common Council of the City of South Bend, Indiana (the <br />"Common Council ") previously approved of the sale and issuance by the City of South Bend <br />Building Corporation (the "Building Corporation ") of its lease rental revenue bonds in one or more <br />series in an aggregate principal amount not to exceed $10,000,000 to finance the costs of the <br />construction and equipping of a new public works service center facility (the "Project "), pursuant <br />to Ordinance No. 9203 -01 adopted on March 12, 2001; and <br />WHEREAS, the City of South Bend, Indiana (the "City ") previously entered into a <br />lease upon the Project between the City and the Building Corporation dated as of March 1, 2001, <br />as amended by an addendum to lease dated as of April 23, 2001 (the "Lease "); and <br />WHEREAS, the Building Corporation issued and sold its County Option Income <br />Tax Lease Rental Revenue Bonds of 2001 in the aggregate principal amount of Nine Million Two <br />Hundred Fifty Thousand and 00 /100 Dollars ($9,250,000.00) (the 'Prior Bonds ") to finance the <br />costs of the Project; and <br />WHEREAS, the Common Council desires to have the Building Corporation <br />proceed to refund the Prior Bonds outstanding after February 1, 2008 in the aggregate principal <br />amount of Seven Million One Hundred Forty -five Thousand and 00 /100 Dollars ($7,145,000.00) <br />to result in a savings, the proceeds of which will be used to (i) finance the refunding of the Prior <br />Bonds, and (ii) to pay the costs of issuance of the refunding bonds which bonds would be issued in <br />an aggregate principal amount not to exceed Seven Million Two Hundred Thousand and 00 /100 <br />Dollars ($7,200,000.00) (the 'Refunding Bonds "); and <br />WHEREAS, the Common Council desires that the Lease be amended to reduce the <br />semiannual lease rentals to correspond to the actual debt service as established pursuant to the <br />terms of the sale of the Refunding Bonds; <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City <br />of South Bend, Indiana, as follows: <br />1. The Common Council hereby authorizes the Building Corporation to <br />proceed with the refunding of its previously issued County Option Income Tax Lease Rental <br />BDDB01 5104519v2 <br />
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