Approving the Sale of Bonds of the Park District

Home Browse Search

ORDINANCE NO. 70 AN ORDINANCE. OF THE CITY OF SOUTH BEND, INDIANA, APPROVING THE SALE OF BONDS OF THE PARK DISTRICT OF THE CITY OF SOUTH BEND, INDIANA WHEREAS, the Board of Park Commissioners of the Park District of the City of South Bend, Indiana, has determined and found that it will be of public utility and benefit and for the best interests of the citizens and property in the Park District of the City of South Bend to provide for various improvements, works of construction and property acquisition in an amount not exceeding Five Million Eight Hundred Thousand Dollars ($5,800,000.00); and WHEREAS, a Petition has been filed under the provisions of I.C. 6- 1.1 -20 -3 by five thousand two hundred and eighty -nine (5,289) owners of taxable real estate located within the Park District of the City of South Bend, Indiana, requesting said Board of Park Commissioners to issue bonds in an amount not exceeding Five Million Eight Hundred Thousand Dollars ($5,800,000.00) for the purpose of providing funds to be applied on the costs of said improvements, works of construction and property acquisition, which Petition said Board of Park Commissioners found to be sufficient under the provisions of said statute; and WHEREAS, said Board of Park Commissioners by a Preliminary Bond Resolution passed on the 16th day of November, 1981, determined to proceed with a portion of the improvements and works of construction described in said Petition, those improvements and works of con- struction being construction and site development of a water related raceway (East Raceway) and the construction of a walkway with lighting beneath the west end of the Jefferson Street bridge and a walkway with lighting in Plaza Park and Howard Park, the estimated cost of said improvements and works of construction and the incidental expenses necessary to be incurred in connection with the projects and the issuance of bonds including architect and engineering fees and the cost of the sale of the bonds which is in the approximate amount of Two Million Nine Hundred Thousand Dollars ($2,900,000.00); and WHEREAS, said Board of Park Commissioners additionally determined by said Preliminary Bond Resolution passed the 16th day of November, 1981, to proceed with a portion of the property acquisition described in said Petition, the property acquisition being the purchase of the parcel of property described in the Confirming Resolution passed by said Board of Park Commissioners on the 30th day of December, 1980 as "Parcel IV - East Race" which purchase of land is necessary for the construction and site development of a water related raceway (East Raceway), the estimated cost of said purchase and the incidental expenses necessary to be incurred in connection with said purchase or acquisition and the issuance of bonds including architect and engineering fees and the cost of the sale of bonds, which is in the approximate amount of Six Hundred Thousand Dollars ($600,000.00); and WHEREAS, after the adoption of said Preliminary Bond Resolution on the 16th day of November, 1981, the Secretary of the Board of Park Commissioners gave Notice of Petition for and Determination to Issue Bonds, Notice of Determination to Issue Bonds and Notice of Proposed Additional Appropriation all as provided by Indiana law; and WHEREAS, said Board of Park Commissioners received a petition signed by three thousand five hundred and seventy -eight (3,578) owners of taxable real estate located within the Park District of the City of South Bend requesting said board not to issue bonds for the purpose of procurring funds to be applied on the cost of the