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RESOLUTION 4253 -13 <br />RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND, INDIANA, REGARDING THE SETTING OF A PUBLIC <br />HEARING ON A LEASE FOR THE CONSTRUCTION AND EQUIPPING <br />OF A FIRE STATION AND A FIRE SAFETY TRAINING FACILITY, <br />AUTHORIZING THE PUBLICATION OF A NOTICE OF THE SAME, <br />AND REGARDING CERTAIN RELATED MATTERS <br />WHEREAS, the Common Council (the "Common Council ") of the City of South <br />Bend, Indiana (the "City ") has determined that it is necessary to undertake certain improvements <br />consisting of (i) the construction, erection, equipping and leasing of a fire station facility to <br />replace the existing Fire Station #5 located at 2221 Prairie Avenue in the City, and (ii) the <br />construction, erection, equipping and leasing of a fire safety training facility located generally on <br />a 5.5 acre parcel near Sample and High Streets in the City (collectively, the "Projects "); and <br />WHEREAS, the Common Council considers it necessary to pursue the financing <br />of the Projects by the issuance of first mortgage bonds (the "Bonds ") by the City of South Bend <br />Building Corporation (the "Building Corporation ") which would be paid from lease rental <br />payments made by the City to the Building Corporation; and <br />WHEREAS, said lease rental payments will be structured such that said lease <br />rental payments will be paid from the Emergency Medical Service Funds (the "EMS Funds ") <br />expected to be received by the City and, if such EMS Funds are ever insufficient, from a tax <br />levied by the City for such purpose; and <br />WHEREAS, the EMS Funds are expected to be sufficient to pay said lease <br />rentals, and the pledge of a tax levy will be used to provide additional security to obtain a more <br />favorable bond rating on the Building Corporation's bonds which will provide a significant <br />savings to the City because of the lower interest rates that a more favorable bond rating will <br />achieve; and <br />WHEREAS, because the City expects to pay said lease rentals from the EMS <br />Funds, the Projects do not constitute "controlled projects" as provided by Indiana Code 6- 1.1 -20- <br />1.1; and <br />WHEREAS, the Common Council desires to hold a public hearing regarding the <br />determination to enter into such a lease to provide for the financing of the Projects; and <br />WHEREAS, the Common Council further desires to initiate a petition of <br />taxpayers requesting the City enter into a lease of the Projects with the Building Corporation; <br />and <br />NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City <br />of South Bend, Indiana, as follows: <br />DMS_US 51827101v2 <br />