8438-93 Appropriating $99,500 General Fund

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SUBSTITUTE ORDINANCE NO. to3g--Q 3 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING NINETY-NINE THOUSAND FIVE HUNDRED DOLLARS ($99,500.00) FROM THE CITY OF SOUTH BEND GENERAL FUND STATEMENT OF PURPOSE AND INTENT On May 28, 1985, the City of South Bend entered into a land contract with the Freeman-Spicer Company, Inc. , to purchase certain real property and all improvements thereon, situated in downtown South Bend, commonly known as 520 South Lafayette Boulevard, South Bend, St. Joseph County, Indiana, and more particularly described as: Lots Numbered 46, 47, and 48 as shown on the recorded Plat of Samuel Martin' s Addition to the City of South Bend, and Lots Numbered 58, 59 and 60 as shown on the recorded Plat of Samuel Martin's Addition to the City of South Bend. The land contract established a purchase price for the property of $480,000.00, plus interest at the rate of 8% APR, payable in 120 equal monthly payments of $5,823 .72, the first such payment being due May 1, 1985. The City has, to date, made 103 of the 120 monthly payments. A total of $99,107.48 as of November 29, 1993, remains to be paid under the terms of the land contract. The terms of the land contract provide for prepayment, at the City' s election, of any amount due hereunder, without payment of a penalty or premium. The Common Council of the City of South Bend has determined that it is in the best interests of the City that the City exercise its right under the land contract to prepay the remaining balance and proceed with the purchase of the property and improvements. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: SECTION I. The sum of $99,500.00 shall be and hereby is ordered set apart and within the City of South Bend General Fund for the purpose of paying all remaining sums due under the land contract between the City of South Bend, Indiana, and the Freeman-Spicer Company, Inc. , dated May 28, 1985, and all closing costs, as indicated below: ACCOUNT NO. DESCRIPTION AMOUNT 101-0409-453-41-02 General Fund $99,500.00 SECTION II. This ordinance shall be in full force and effect from and after its adoption.