9597-05 Approving and Authorizing the execution of a lease Addendum for the construction of an addition to O'Brien Recreation Center

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The Building Corporation desires to finance a portion of the costs related to the construction of the Project through the sale and issuance of its lease rental revenue bonds in one or more series in an aggregate principal amount not to exceed $950,000.00. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I. The petition of taxpayers of the City filed with the Common Council at this meeting is hereby approved. SECTION II. The Common Council hereby determines that a need exists for the completion of the Project and the funds needed therefor exceed the funds presently available to the City. SECTION III. Having held a public hearing regarding the Lease Addendum for which notice was provided in accordance with Indiana Code 5-1-3, the Common Council hereby approves the Lease Addendum in the form presented to this meeting. The Lease Addendum with the Building Corporation as lessor provides for a fair and reasonable rental, and further, the execution of the proposed Lease Addendum is necessary and wise. The Mayor and Clerk of the City are hereby authorized to execute and attest, respectively, the Lease Addendum in the form presented to this meeting with such changes as may be necessary or appropriate on the advice of counsel with such execution and attestation to evidence approval of such changes; provided, however, that any such changes may not (i) increase the term of the Lease Addendum with respect to the Project or increase the rentals payable by the City under the Lease Addendum with respect to the Project or (ii) alter the scope and nature of the Project described in the Lease Addendum. SECTION IV. The Clerk of the City shall cause to be published a notice of execution of the Lease Addendum according to law following such execution. SECTION V. All actions taken to publish the notice of the public hearing regarding the Lease Addendum are hereby approved and ratified. SECTION VI. The Common Council hereby approves of the sale and issuance by the Building Corporation of its lease rental revenue bonds in one or more series in an aggregate principal amount not to exceed $950,000.00 (the "Bonds"). Following the sale of the Bonds, the Common Council authorizes the Mayor and Clerk of the City to enter into a further addendum if necessary to reduce the amount of the rentals payable with respect to the Project to an amount equal to the principal of and interest on the Bonds plus any expenses to be paid by the City pursuant to the terms of the Lease as additional rental. BDDBOl 4069475v3 - 2 -