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04-08-13 Agenda & Packet
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04-08-13 Agenda & Packet
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
4/8/2013
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NOW, THEREFORE, BE IT ORDAINED, BY THE COMMON COUNCIL <br />OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />Section I. The petition of taxpayers of the City filed with the Common Council at <br />this meeting is hereby approved. <br />Section II. The Common Council hereby determines that a need exists for the <br />completion of the Projects and the funds needed therefor exceed the funds presently available to <br />the City. <br />Section III. Having held a public hearing regarding the Lease for which notice <br />was provided in accordance with Indiana Code 5 -3 -1, 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 />Projects or (ii) alter the scope and nature of the Projects described in the Lease. <br />Section IV. The Clerk of the City shall cause to be published a notice of <br />execution of the Lease according to law following such execution. <br />Section V. All actions taken to publish the notice of the public hearing regarding <br />the Lease are hereby approved and ratified. <br />Section VI. The Common Council hereby approves of the use of the Building <br />Corporation for purposes of financing and leasing the Projects to the City. The Common <br />Council hereby further approves of the sale and issuance by the Building Corporation of its first <br />mortgage bonds in one or more series in an aggregate principal amount not to exceed $6,215,000 <br />(the 'Bonds ") to pay the costs of completing the Projects. <br />Section VIII. The Common Council expects that the Rentals payable under the <br />Lease will be payable from the EMS Revenues and any other revenues that the Common Council <br />may make available for such purpose. To the extent that such funds are not expected to be <br />sufficient to pay such Rentals when due, the City covenants to levy a tax for such purpose. On <br />the July 15 immediately following the date of issuance of the Bonds by the Building <br />Corporation, and on each July 15 thereafter (the "Determination Date "), the Controller of the <br />City (the "Controller ") will determine if the EMS Funds and any other revenues that the <br />Common Council may make available for such purpose are sufficient on such Determination <br />Date to pay the Rentals payable under the Lease in the twelve (12) month period beginning on <br />July 1 in the next following year and each twelve (12) month period beginning on each July 1 <br />thereafter (the 'Pledge Period "). If such revenues are expected to be sufficient, an amount of <br />such revenues necessary to pay the Rentals during the Pledge Period will be set aside in a <br />separate account for such purpose. If such revenues are insufficient for such purpose, the <br />-2- <br />DMS_US 51840778v2 <br />
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