05-09-83 Council Meeting Minutes

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X54 REGULAR MEETING COMMITTEE OF THE WHOLE MAY 9, 1983 Be it remembered that the Common Council of the City of South Bend met in the Committee of the Whole on May 9, 1983, at 7:04 p.m., with nine members present. Chairman Zielinski presiding. BILL NO. 32 -83 A BILL CONSENTING TO THE ANNEXATION BY THE INCORPORATED TOWN OF ROSELAND, INDIANA, OF CERTAIN TERRITORY. This being the time heretofore set for public hearing on the above bill, proponents and opponents were given an opportunity to be heard. Eugenia Schwartz, assistant city attorney, made the presentation for the bill. She indicated this bill would give the Common Council's consent to the Town of Roseland for annexation of certain property which has long been considered to be within the town limits of Roseland. She indicated this was an easement for I &M and Conrail. Council Member Serge made a motion to recommend this bill to the Council favorable, seconded by Council Member Beck. 'The motion carried. There being no further business to come before the Committee of the Whole, Council Member Beck made a motion to rise and report to the Council, seconded by Council Member Harris. The motion carried. ATTEST: ATTEST: City Clerk REGULAR MEETING RECONVENED Cha' man Be it remembered that the Common Council of the City of South Bend reconvened in the Council Chambers on the fourth floor of the County -City Building at 7:07 p.m. Council President Beck presiding and nine members present. BILLS, SECOND READING ORDINANCE NO. 7187 -83 AN ORDINANCE CONSENTING TO THE ANNEXATION BY THE INCORPORATED TOWN OF ROSELAND, INDIANA, OF CERTAIN TERRITORY. This bill had second reading. Council Member Taylor made a motion to pass this bill, seconded by Council Member Harris. The bill passed by a roll call vote of nine ayes. RESOLUTIONS u RESOLUTION NO. 1048 -83 AN INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON COUNCIL FOR THE ISSUANCE OF $7.8 MILLION SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS FOR BRETHREN CARE OF SOUTH BEND, INC. PROJECT, TO REFINANCE A PORTION OF THE EXISITING DEBT STRUCTURE WHEREAS, the City of South Bend, Indiana (the "City "), pursuant to the approval and recommendation of the South Bend Economic Development Commission (the "Commission "), has heretofore issued City of South Bend, Indiana, Economic Development Revenue Bonds, Series A (Brethren Care of South Bend, Inc. Project) in the aggregate principal amount of eight million dollars (the "Series A Bonds "), the proceeds of which were loaned to Brethren Care of South Bend, Inc. ( "Brethren Care "), to finance the costs of acquisition, construction and equippping of the retirement village consisting of 254 apartment -units and an 80 bed health care facility (the "Project "); and WHEREAS, the Series A Bonds were issued pursuant to the terms of a Loan Agreement dated as of October 1, 1978 (the "Original Agreement "), between the City and Brethren Care and an Indenture of Trust dated as of October 1, 1978 (the "Original Indenture "), between the City and The National Bank and Trust Company of South Bend, as Trustee (the "Trustee "), which Original Agreement and Original Indenture were approved by the Commission and the Common Council (the "Original Resolution "); and WHEREAS, the original Resolution contemplates the issuance of tax- exempt obligations for the purpose of providing the Project at an estimated Project cost of approximately thirteen million dollars; and WHEREAS, Brethren Care has incurred certain indebtedness to pay the cost of acquisition and construction of the Project (the "Construction Indebtedness ") which was not financed from the proceds of the Series A Bonds, and now desire to refinance the Construction Indebtedness through the issuance of additional tax exempt obligations of the City; and WHEREAS, the Trustee has declared a default on the Series A Bonds and the Project is presently experiencing other financial difficulties and such refinancing of the Construction Indebtedness will improve the financial condition of Brethren Care and help alleviate its financial deficiencies; and WHEREAS, Brethren Care proposes to refinance the Construction Indebtedness with proceeds with the issuance of tax - exempt notes in an amount not to exceed Seven Million Eight Hundred Thousand Dollars ($7,800,000) to be issued by the City pursuant to the terms of a Loan Agreement and an Indenture of Trust; and [I 1 1 1 LJI