04-08-2024 AGENDA PACKET FINAL - Laserfiche WebLink

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approved by the Commission, pursuant to Section 25.2 of the Act, in order to provide for the financing of the Project, all upon the following conditions: (a) the maximum aggregate principal amount of the Bonds shall not exceed $50,250,000; (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 $4,476,000; (d) the maximum interest rate on the Bonds shall not exceed six percent (6.00%) per annum; (e) the Bonds will be subject to optional redemption prior to maturity not earlier than seven (7) years after the date of issuance of the Bonds; (f)the maximum term of the Lease shall not exceed twenty (20) years; and g) no interest on the Bonds shall be capitalized or paid from the proceeds of the Bonds. 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 Project 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. The appropriate officers of the Board of Park Commissioners and the Mayor, Clerk, and Controller of the City are each hereby authorized to execute or attest, as the case may be, such instruments or documents and to take such other actions that may be necessary to effectuate the transfer of the Leased Premises to the Authority as authorized herein. SECTION 3. The Common Council hereby finds and determines that it is reasonable and appropriate for the Commission to utilize the PSCDA Revenues pursuant to the PSCDA Act to pay the lease rentals due under the Lease and as such, the Council agrees that it will take, or authorize the taking of, such actions as may be necessary from time to time to provide for the use of the PSCDA Revenues by the Commission to pay the lease rentals due under the Lease. Any PSCDA Revenues remaining following the payment of the lease rentals due under the Lease each year during the term of the Lease may be used for any purpose authorized under the PSCDA Act as may be approved by the Common Council from time to time. SECTION 4. This Resolution shall be in full force and effect from and after its adoption by the Common Council. Sharon L. McBride, President South Bend Common Council Attest: Bianca Tirado, City Clerk Office of the City Clerk 3