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oUTH \l <br /> \\\,,,,,,� City of South Bend <br /> �I V i`;,,_ �f►r/j Joseph E. Kernan, Mayor <br /> �\\ 6` <br /> \ <br /> Department of Law <br /> Richard A. Nussbaum, II, City Attorney <br /> June 7, 1988 <br /> Mr. John Voorde, President <br /> South Bend Common Council <br /> 4th Floor, County-City Building <br /> South Bend, Indiana 46601 <br /> RE: Stanley Coveleski Regional Stadium Refinancing <br /> Dear Mr. Voorde: <br /> The Tax Equity and Fiscal Responsibility Act "T.E.F.R.A. " <br /> requires that for "Private Activity Bonds" to be tax exempt the <br /> fiscal body of the issuing unit shall conduct a public hearing and <br /> pass an ordinance approving the issuance of such bonds. Therefore, <br /> we are filing with this letter an ordinance approving the issuance <br /> of such bonds in order to refinance the lease purchase of the <br /> Stanley Coveleski Regional Stadium. <br /> While it is unlikely that any transition rule will be passed <br /> prior to the proposed September 1, 1988 closing on the stadium <br /> refinancing, the adoption of this ordinance will preserve our <br /> ability to qualify the refinancing as tax exempt in the event that <br /> a transition rule is passed. <br /> We wish to thank you as well as the other members of the Common <br /> Council for the cooperation we have received throughout this <br /> refinancing process. We ask for favorable consideration of this <br /> ordinance in order to maximize the savings to the tax payers of the <br /> City of South Bend. <br /> Thank you for your cooperation. <br /> Sincerely, <br /> ki)MIL V-Z"4141-4'n-Y4-1 <br /> Richard A. Nussbaum, II <br /> City Attorney <br /> RANII:kls <br /> 1400 County-City Building • South Bend, Indiana 46601 • 219/284-9241 <br /> Thomas L. Bodnar Sandra A. Boyd David C. Chapleau Marva Leonard-Dent <br /> Jenny Pitts Manier Carolyn V. Pfotenhauer Robert C. Rosenfeld <br />