Amend the Amended Agreement of Operations between St Joseph County Hotel Motel Tax Board of Managers

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-s • ��\\\\\ Az A. ' it�,�/ pl 11/ City of South Bend fi ls,`l.1$ .-.ra},� Joseph E. Kernan, Mayor Department of Administration and Finance Kevin C. Horton July 8, 1992 Mr. Steve Luecke South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 RE: An Ordinance Authorizing the City of South Bend, Indiana, to Amend the "Amended Agreement of Operations Between St. Joseph County Hotel-Motel Tax Board of Managers and South Bend Civic Center Board of Managers and City of South Bend" Dear Mr. Luecke: I am enclosing an ordinance authorizing the City of South Bend to amend the "Amended Agreement of Operations between St. Joseph County Hotel-Motel Tax Board of Managers and the South Bend Civic Center Board of Managers and City of South Bend." As you are probably aware, St. Joseph County intends to issue bonds repayable from hotel-motel tax revenues in order to finance certain improvements to Century Center and the Studebaker National Museum. The bond issue has been approved by the Hotel-Motel Tax Board, Board of County Commissioners of St. Joseph County, and Civic Center Board of Managers. The final approval needed in order to allow for sale and closing on the bonds is that of the South Bend Common Council. An existing agreement with the Hotel-Motel Tax Board of Managers, makes the annual payment to the Civic Center Board of Managers of $150,000 in hotel-motel tax revenues a priority use of those funds. The City, by this ordinance, is approving an amendment to that agreement in order to apply the collection of hotel-motel tax revenues first to the payment of these bonds. County-City Building • South Bend, Indiana 46601 • 219/284-9742 Fax 219/284-9892 Catherine A. Hubbard John D. Leisenring C. J. Cowsert Personnel Director Chief Deputy Controller Safety & Risk Manager 284-9124 284-9483 284-9482