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05-14-12 Council Agenda & Packet
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05-14-12 Council Agenda & Packet
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ORDINANCE NO. <br /> AN ORDINANCE OF THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND, INDIANA, <br /> AUTHORIZING THE EXECUTION OF AN AMENDMENT TO THE <br /> LEASE WITH THE CITY OF SOUTH BEND BUILDING <br /> CORPORATION DATED AS OF APRIL 1,2003, AS AMENDED, <br /> PREVIOUSLY ENTERED INTO FOR THE CONSTRUCTION AND <br /> EQUIPPING OF A NEW CENTRAL FIRE STATION AND <br /> RENOVATING AND EXPANDING THE POLICE STATION AND <br /> REGARDING CERTAIN RELATED MATTERS <br /> STATEMENT OF PURPOSE AND INTENT <br /> The Common Council (the "Common Council") of the City of South Bend, Indiana (the <br /> "City"), previously approved and authorized the issuance and sale by the City of South Bend <br /> Building Corporation (the "Building Corporation") of its first mortgage revenue bonds to finance <br /> the costs of the construction and equipping of a new central fire station and the renovation and <br /> expansion of the police station (collectively, the "Project") pursuant to Ordinance No. 9415-03 <br /> adopted by the Common Council on April 28, 2003. The City previously entered into a lease for <br /> the Project with the Building Corporation, which lease is dated as of April 1, 2003, and which <br /> lease has been subsequently amended(the "Lease"). <br /> The Building Corporation issued its first Mortgage Revenue Bonds, Series 2003, in the <br /> aggregate principal amount of Twenty-one Million Three Hundred Thirty-five Thousand and <br /> 00/100 Dollars ($21,335,000.00), which bonds are presently outstanding in an aggregate <br /> principal amount of Fourteen Million Five Hundred Five Thousand and 00/100 Dollars <br /> ($14,505,000.00) (the "Prior Bonds") to finance the costs related to the Project. The Common <br /> Council desires that the Building Corporation proceed to refund the Prior Bonds to permit the <br /> City and the Building Corporation to reduce the lease rentals payable by the City under the terms <br /> of the Lease with the Building Corporation. The proceeds of such refunding bonds will be used <br /> to refund of the Prior Bonds and to pay the costs of issuance of the refunding bonds, which <br /> refunding bonds would be issued in an aggregate principal amount not to exceed Sixteen Million <br /> One Hundred Thousand and 00/100 Dollars ($16,100,000.00) (the "Refunding Bonds"). <br /> Additionally, the Common Council desires that the City and the Building Corporation amend the <br /> Lease following the sale of the Refunding Bonds to reduce the semiannual lease payments <br /> payable under the Lease by the City to correspond to the debt service for the Refunding Bonds as <br /> established pursuant to the terms of sale of the Refunding Bonds. <br /> BDDB01 9217911 v I <br />
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