4998-23 Approving a Lease Between S.B Redevelopment Authority & S.B Redvelopment Commission

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SECTION 1. The Common Council hereby approves of the issuance of the Bonds by the Authority pursuant to Indiana Code 36-7-14.5-19 and the execution and delivery of the Lease, as approved by the Commission,pursuant to Section 25.2 of the Act,in order to provide for the financing of the Projects,all upon the following conditions: (a)the maximum aggregate principal amount of the Bonds shall not exceed $69,000,000; (b) the Bonds shall have a final maturity date which is not later than twenty (20) years from the date of their issuance; (c) the maximum annual lease rental payment during the term of the Lease shall not exceed $10,500,000; (d) the maximum interest rate on any tax-exempt series of the Bonds shall not exceed seven and one-half percent (7.50%) per annum and on any taxable series of the Bonds the maximum interest rate shall not exceed nine percent(9.00%)per annum; (e)the Bonds will be subject to optional redemption prior to maturity not earlier than five(5) years after the date of issuance of the Bonds; (f) the maximum term of the Lease shall not exceed twenty (20) years; and(g)interest on the Bonds may be capitalized or paid from the proceeds of the Bonds for a period up to three (3) years from the date of issuance of the Bonds based upon the recommendation of the Municipal Advisor. SECTION 2. The Common Council hereby finds and determines that the transfer of the Leased Premises from the City to the Authority for no consideration, in connection with the financing of the Projects by the Authority and lease of the Leased Premises to the Commission pursuant to the Act, is in the best interests of the City and its citizens. The Common Council approves of the transfer of all of the City's interest to the Leased Premises to the Authority and authorizes the Board of Public Works of the City to take such action that may be necessary to effectuate the transfer of the Leased Premises to the Authority as authorized herein. SECTION 3. This Resolution shall be in full force and effect from and after its adoption by the Common Council. SA4itink `M aitl/- Sharon L. McBride, Council President South Bend Common Council Attest: /6666--- ` tr, , Dawn M. Jones, City Cle Office of the City Clerk Presented by me, the undersigned Clerk of the.city of South Bend, to the Mayor of the City of South Bend, Indiana on the 7 day of r�2K , 2023, at // o'clock 7 . m. 9:0,e/i j / 72. . Dawn M. Jones, City Clerk Office of the City Clerk Approved and signed by me on the 9 day of Fury , 2023, at5- o'clock fm. Js Mueller, Mayor er City of South Bend, Indiana DMS 24705239v3 3