Approving the Sale of Bonds of the Park District

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improvements and works of construction and property acquisition on which said Board determined to proceed as described above; and WHEREAS, said Board of Park Commissioners determined by resolution passed on the 26th day of February, 1982, that the petition requesting that bonds not be issued was insufficient; and WHEREAS, said Board of Park Commissioners determined by Final Bond Resolution passed on the 26th day of February, 1982, to make a loan in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) for the purpose of providing funds with which to pay the costs of said improvements and works of construction and acquisition of property and the incidental expenses necessary to be incurred in connection with said projects and purchases and the issuance of bonds including architect and engineering fees and the cost of the sale of bonds; and WHEREAS, in order to procure said loan, said Board of Park Commissioners of the Park District of the City of South Bend determined by said Final Bond Resolution, pursuant to I.C. 36 -10 -4, that the bonds of the Park District of said City of South Bend shall be issued in the name of the City of South Bend in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) and designated as "Park District Bonds of 1982" which bonds shall be issued in the denomination of Five Thousand Dollars ($5,000.00) in not less than ten (10) substantially equal series, and shall be payable one (1) series each year, beginning on January 1st of the second year following the date of issue, and shall bear interest at a rate not exceeding fifteen per cent (15 %) (the exact rate or rates to be determined by bidding), and the interest payable semi - annually; and WHEREAS, by said Final Bond Resolution passed on the 26th day of February, 1982, the Board of Park Commissioners of the City of South Bend authorized and directed the City Controller to have prepared and to issue and sell said bonds as hereinabove described; and WHEREAS, the Council now finds that said improvements, works of construction and acquisition of property are necessary and will be of general benefit to the City, its citizens and the Park District of the City of South Bend; NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: SECTION 1. That the Board of Park Commisioners of the Park District of the City of South Bend is hereby authorized to issue the bonds of said Park District in the name of the City of South Bend in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) for the purpose of providing funds with which to pay the costs of the construction and site development of a water related raceway (East Raceway) and construction of a walkway with lighting beneath the west end of the Jefferson Street bridge and a walkway with lighting in Plaza Park and Howard Park and all equipment, appurtenances and incidentals relative thereto and the purchase of land for the construction of a water related raceway, (East Raceway) and the incidental expenses necessary to be incurred in connection with said projects and purchases and the issuance of bonds including architect and engineering fees and the cost of the sale of bonds, all in accordance with Resolution No. 1 -1982 authorizing such bonds adopted by the Board of Park Commissioners of the Park District of the City of South Bend on February 26, 1982. SECTION 2. This ordinance shall be in full force and effect immediately upon its passage and signing by the Mayor. I•JOT APPROVED FILED IN CLERK'S OFFICE FEB 21 1982 REFERRED PASSED 3- /S..$'Z Irene Gammon -2 CITY CLERK, SO= BEND, IND.