10161-12 Amendment to Lease South Bend Building Corporation Centra Fire Station & Police Station

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ORDINANCE NO. [ () ( (0(— C AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE EXECUTION OF AN AMENDMENT TO THE LEASE WITH THE CITY OF SOUTH BEND BUILDING CORPORATION DATED AS OF APRIL 1, 2003, AS AMENDED, PREVIOUSLY ENTERED INTO FOR THE CONSTRUCTION AND EQUIPPING OF A NEW CENTRAL FIRE STATION AND RENOVATING AND EXPANDING THE POLICE STATION AND REGARDING CERTAIN RELATED MATTERS STATEMENT OF PURPOSE AND INTENT The Common Council (the "Common Council ") of the City of South Bend, Indiana (the "City "), previously approved and authorized the issuance and sale by the City of South Bend Building Corporation (the "Building Corporation ") of its first mortgage revenue bonds to finance the costs of the construction and equipping of a new central fire station and the renovation and expansion of the police station (collectively, the "Project ") pursuant to Ordinance No. 9415 -03 adopted by the Common Council on April 28, 2003. The City previously entered into a lease for the Project with the Building Corporation, which lease is dated as of April 1, 2003, and which lease has been subsequently amended (the "Lease "). The Building Corporation issued its first Mortgage Revenue Bonds, Series 2003, in the aggregate principal amount of Twenty -one Million Three Hundred Thirty -five Thousand and 00 /100 Dollars ($21,335,000.00), which bonds are presently outstanding in an aggregate principal amount of Fourteen Million Five Hundred Five Thousand and 00 /100 Dollars ($14,505,000.00) (the "Prior Bonds ") to finance the costs related to the Project. The Common Council desires that the Building Corporation proceed to refund the Prior Bonds to permit the City and the Building Corporation to reduce the lease rentals payable by the City under the terms of the Lease with the Building Corporation. The proceeds of such refunding bonds will be used to refund of the Prior Bonds and to pay the costs of issuance of the refunding bonds, which refunding bonds would be issued in an aggregate principal amount not to exceed Sixteen Million One Hundred Thousand and 00 /100 Dollars ($16,100,000.00) (the "Refunding Bonds "). Additionally, the Common Council desires that the City and the Building Corporation amend the Lease following the sale of the Refunding Bonds to reduce the semiannual lease payments payable under the Lease by the City to correspond to the debt service for the Refunding Bonds as established pursuant to the terms of sale of the Refunding Bonds. BDDB01 9217411v1