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<br /> <br />IC 6-1.1-18.5. The Rentals shall rank on a parity with lease rentals payable pursuant to that <br />certain lease entered into by and between the City and the Building Corporation dated March 1, <br />2001, pertaining to the Public Works Service Center Project (the "Outstanding Lease <br />Obligation"), the revenues from which are security for the payment of the City of South Bend <br />Building Corporation County Option Income Tax Lease Rental Revenue Bonds of 2001 (the <br />"Prior Bonds"). <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL <br />OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />1. The petition of taxpayers of the !City filed with the Common Council at <br />this meeting is hereby approved. <br />2. The Common Council hereby determines that a need exists for the <br />completion of the Project and the funds needed therefor exceed the funds presently available to <br />the City. <br />3. Having held a public hearing regarding the Lease for which notice was <br />provided in accordance with Indiana Code 5-1-3, the Common Council hereby approves the <br />Lease in the form presented to this meeting. The Lease with the Building Corporation as lessor <br />provides for a fair and reasonable rental, and further, the execution of the proposed lease is <br />necessary and wise. The Mayor and Clerk of the City are hereby authorized to execute and <br />attest, respectively, the Lease in the form presented to this meeting with such changes as may be <br />necessary or appropriate on the advice of counsel with such execution and attestation to evidence <br />approval of such changes; provided, however, that any such changes may not (i) increase the <br />term of the Lease or increase the rentals payable by the City under the Lease with respect to the <br />Project or (ii) alter the scope and nature of the Project described in the Lease. <br />4. The Clerk of the City shall cause to be published a notice of execution of <br />the Lease according to law following such execution. <br />5. All actions taken to publish the notice of the public hearing regarding the <br />Lease are hereby approved and ratified. <br />6. The Common Council hereby approves of the use of the Building <br />Corporation for purposes of financing and leasing the Project to the City. The Common Council <br />hereby further approves of the sale and issuance by the Building Corporation of its lease rental <br />revenue bonds in one or more series in an aggregate principal amount not to exceed $26,000,000 <br />(the "Bonds"). The Rentals and the Bonds payable therefrom shall be made on a parity with the <br />Outstanding Lease Obligation and none of the provisions of this Ordinance shall be construed to <br />affect the rights of the holders of the Prior Bonds. The Mayor of the City (the "Mayor") is <br />authorized to hire Crowe Chizek and Company LLP to perform any and all computations <br />necessary to confirm the preliminary evidence and findings demonstrating compliance with the <br />conditions set forth in Ordinance No. 9203-01 adopted by the Common Council on March 12, <br />2001 (the "Prior Ordinance") for the making of the pledge contained herein on a parity with the <br />Outstanding Lease Obligation. The City shall not complete the execution of the Lease without <br />first receiving a certificate from Crowe Chizek in form and substance satisfactory to the Mayor <br />SBIMANI 148291v1 _ 2 _ <br />