60-18 Bond Financing for the Community Center Project

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provisions of the Act; (iv) approving the financing a portion of the cost of the Project, certain of the costs of issuing the Bonds, and funding a debt service reserve for the bonds if determined to be required, including the form and terms of the Financing Documents (defined herein) and the Bonds from the City to the bondholders,more fully described below,and this Ordinance,presented to the Commission; and (v) recommending that this Common Council find that the proposed financing of a portion of the cost of the Project will be of benefit to the health and general welfare of the City and its citizens, and complies with the purposes and provisions of the Act, and that this Common Council adopt an ordinance approving such financings. The Commission has adopted a resolution on November 8,2018(the"Pledge Resolution"), pledging tax increment revenues expected to be received from the River West Economic Development Area Allocation Area on parity with the Prior Bonds (as defined in the Pledge Resolution)to the payment of the principal of and interest on the Bonds. This Common Council believes it is in the best interests of the City and its citizens to provide a program for financing economic development projects and economic development facilities for developers or users thereof through the issuance of economic development revenue bonds. The City, as requested by the Library, has determined to issue, sell and deliver economic development tax increment revenue bonds in one or more series to be designated the"City of South Bend, Indiana, Economic Development Tax Increment Revenue Bonds, Series 20_(Community Education Center Project)" (with the blank to be filled in with the year in which such bonds are issued) in an aggregate principal amount not to exceed $4,800,000 (the"Bonds") for the purpose of making make funds available for the Project, funding a debt service reserve fund, if required, and the cost of selling and issuing the Bonds as permitted by law. There have been submitted to this Common Council proposed forms of the Financing Agreement, by and between the Library and the City(the "Financing Agreement"), and the Trust Indenture,by and between the City and a trustee to be selected (the"Trust Indenture"). NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,AS FOLLOWS: SECTION I. Recitals. The recitals contained in this Ordinance are true and correct and are incorporated in this Ordinance by this reference. SECTION IL Findings. This Common Council finds that the facilities that constitute the Project to be financed as described in said Financing Documents are "economic development projects" and "economic development facilities"within the meaning of the Act and that such projects and facilities will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City. This Common Council further finds that the proposed financing of the Project will be of benefit to the health and general welfare of the City and its citizens. This Common Council further finds that the proposed financing of the Project complies with the purposes and provisions of the Act. SECTION III. Authorization of Bonds. The Common Council hereby authorizes,as part of a program for financing the aforementioned economic development facilities, the issuance of an aggregate principal amount not to exceed Four Million Eight hundred Dollars 2