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ORDINANCE NO. 1a. ,311 —J�g
<br />AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA,
<br />AUTHORIZING THE ISSUANCE AND SALE OF BONDS OF
<br />SAID CITY IN ORDER TO PROVIDE FUNDS FOR PAYMENT
<br />OF JUDGMENTS AGAINST THE CITY
<br />STATEMENT OF PURPOSE AND INTENT:
<br />The Controller of the City of South Bend, Indiana
<br />(Controller), has certified that there has been judgments rendered
<br />against the City of South Bend, Indiana (City) in the case of Wilbur
<br />Smith and Associates v. City of South Bend, Cause No. K -3768, in
<br />the St. Josep uperior Court, May 2, in the principal sum of
<br />$15,000.00, together with prejudgment interest in the sum of
<br />$7,245.92, and the cost of the action; and in the case of Dennis M.
<br />Swanson, et al., V. City of South Bend, et al., Cause No. K-4975 in
<br />t e t. Joseph Circuit Court, on Decem er 982, in the amount of
<br />$112,806.00, together with the cost of the action; together with
<br />interest on those two money judgments from the date of each judgment
<br />until satisfaction of said judgment at an annual rate of 12 %.
<br />The Controller has also certified that the City has no
<br />funds available or provided for in the existing budget and tax levy
<br />with which to pay those two money judgments entered against it,
<br />together with interest on those judgments, and has requested the
<br />Common Council to authorize the issuance and sale of bonds of the
<br />City in order to procure the funds to pay the judgments rendered
<br />against the City.
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
<br />CITY OF SOUTH BEND, as follows:
<br />SECTION 1. The City, by and through its Controller, shall
<br />proceed to pay t e following money judgments rendered against the
<br />City, together with interest on said judgments from the date of the
<br />finding of the Court until satisfaction at an annual rate of 12 %,
<br />together with the incidental expenses in connection therewith:
<br />In the case of Wilbur Smith and Associates v. City of South
<br />Bend, Cause No. K -3768, in the St. Joseph Superior Court, jud ment
<br />entered May 19, 1982, in the principal sum of Fifteen Thousand
<br />Dollars ($15,000.00) together with prejudgment interest in the sum
<br />of Seven Thousand Two Hundred Forty -five Dollars and Ninety -two cents
<br />($7,245.92), and the costs of the action.
<br />In the case of Dennis M. Swanson, et al., v. City of South
<br />Bend, et al., Cause No. -4975, in the St. Joseph—Circuit Court,
<br />judgment entered December 8, 1982, in the amount of One Hundred
<br />Twelve Thousand Eight Hundred Six Dollars ($112,806.00), together
<br />with the cost of the action.
<br />SECTION 2. For the purpose of providing funds with which
<br />to pay the costs ot said money judgments plus all necessary expenses
<br />including the cost of the issuance and sale of the bonds and all
<br />incidental expenses necessary to be incurred in connection therewith,
<br />the City shall make a loan in an amount not to exceed One Hundred
<br />Fifty -five Thousand Dollars ($155,000.00). In order to procure said
<br />loan pursuant to I. C. 36- 4 -6 -19, the Common Council hereby
<br />determines to issue and sell the negotiable and general obligation
<br />bonds of the City, to be designated as "Judgment Funding Bonds of
<br />198311, in an aggregate principal amount not to exceed One Hundred
<br />Fifty -Five Thousand Dollars ($155,000.00), which bonds shall be
<br />issued in bearer form without coupons, in the denomination of Five
<br />Thousand Dollars ($5,000.00), shall be numbered consecutively from
<br />
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