05/15/12 Board of Public Works Minutes

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AGENDA REVIEW SESSION MAY 10, 2012 157 Officers") executing the same, the execution of such documents being conclusive evidence of such approval. The Authorized Officers of the Lessee are each hereby authorized and directed to sign and deliver the Master Lease, each Lease Schedule thereto, each Payment Schedule relating thereto, each Escrow Agreement relating thereto and any related exhibits attached thereto if and when required; provided, however; that, without further authorization from the governing body of the Lessee, (a) the aggregate principal component of Rent Payments under all Leases entered into pursuant to the Master Lease shall not exceed $945,674.38; (b) the maximum term under any Lease entered into pursuant to the Master Lease shall not exceed Five (5) years; and (c) the maximum interest rate used to determine the interest component of Rent Payments under each Lease shall not exceed the lesser of the maximum rate permitted by law. The Authorized Officers may sign and deliver Leases to the Lessor on behalf of the Lessee pursuant to the Master Lease on such terms and conditions as they shall determine are in the best interests of the Lessee up to the maximum aggregate principal component, maximum term and maximum interest rate provided above. The foregoing authorization shall remain in effect for a period of two years from the date hereof during which the Authorized Officers are authorized to sign and deliver Leases pursuant to the Master Lease and related Escrow Agreements on the terms and conditions herein provided and to be provided in each such Lease. Section 3. The Authorized Officers and other officers and employees of the Lessee shall take all action necessary or reasonably required to carry out, give effect to and consummate the transactions contemplated by the Master Lease and each Lease Schedule (including, but not limited to, the execution and delivery of the certificates contemplated therein, including appropriate arbitrage certifications) and to take all action necessary in conformity therewith, including, without limitation, the execution and delivery of any closing and other documents required to be delivered in connection with the Master Lease, each Lease Schedule and each Escrow Agreement. Section 4. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. Section S. Effective Date. This Resolution shall be effective immediately upon its approval and adoption. ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana held on May 10, 2012 at 1308 County -City Building, 227 W. Jefferson Boulevard, South Bend, Indiana 46601. CITY OF SOUTH BEND BOARD OF PUBLIC WORKS s/ Donald E. Inks S/ Kathryn E. Roos ATTEST: s /Linda M. Martin, Clerk TABLE HOLD HARMLESS LETTER — INDOT AND MICHAEL C. FOX Chief Stephen Cox, Fire Department, submitted a request for the Board's approval of a Hold Harmless Letter for INDOT and Michael C. Fox, releasing them of liability for the Fire Department to hold live fire practice at forty -five (45) vacant properties in the Triangle Neighborhood. Mr. Toy Villa, Engineering, stated he met with INDOT in the morning and they have released possession of all of the properties so this should not be approved. Therefore, Mr. Inks made a motion that the Hold Harmless Letter be tabled. Ms. Roos seconded the motion, which carried. APPROVE USE AND OCCUPANCY LICENSE AGREEMENT — POLICE DEPARTMENT TO LEASE PROPERTY AT 119 SOUTH MICHIGAN STREET FOR A DOWNTOWN SUB- STATION REDEVELOPMENT COMMISSION POLICE DEPT. In a memorandum to the Board, the Redevelopment Commission stated the above occupancy license agreement was for the rental of space at 119 South Michigan Street for the Police Department substation. The cost is $895.49 per month for a total $10,745.88 per year, plus