Amending Issuance of Revenue Bonds Provide for the Cost of Acquiring Land and Constructing Off-Street Parking Facilities

Home Browse Search

ORDINANCE NO. (037a-29 AN ORDINANCE OF THE CITY OF SOUTH BEND AMENDING AND SUPPLEMENTING ORDINANCE NO. 5089 -69 ADOPTED JUNE 9, 1969 PROVIDING FOR THE ISSUANCE OF REVENUE BONDS TO PROVIDE FOR THE COST OF ACQUIRING LAND AND CONSTRUCT- ING OFF- STREET PARKING FACILITIES . STATEMENT OF PURPOSE AND INTENT: This Common Council did on June 9, 1969 adopt Ordinance No. 5089 -69 ( "Ordinance ") entitled "An Ordinance of the City of South Bend concerning the purchase of land and the construction, maintenance, operation and financing of off street parking facilities thereon, the issuance of revenue bonds to provide the cost thereof, the collection, segregation and distribution of the revenues of said project, the safeguarding of the interests of the holders of said bonds, and other matters connected there- with"; and Section 17 of the Ordinance provides that the Ordinance may be supplemented and amended in certain respects upon the consent and approval of not less than 66 -213 percent in aggregate principal amount of the outstanding bonds issued pursuant to the Ordinance; and there have been filed in the Office of the City Controller Instruments of Consent executed by the holder of not less than 66 -2/3 percent in aggregate principal amount of said outstanding bonds requesting that the Ordinance be supplemented and amended to provide for the satisfaction and discharge of the bonds issued under the Ordinance upon certain conditions; and it appears that all of the conditions of said Section 17 of the Ordinance have been complied with; and it appears to this Common Council that it will be advantageous to the City of South Bend to adopt such amendment. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana as follows: SECTION I. Ordinance No. 5089 -69 adopted by this Common Council on June 9, 1969, and referred to in the preamble hereto, is hereby amended and supplemented by adding a new Section 17a to the Ordinance to read as follows: Section 17a. Discharge and Satisfaction of Bonds The covenants liens and pledges entered into, created or imposed urs puant to this ordinance may be fully discharged and satisfied with respect to outstanding bonds in any one or more of the follow- ing ways: (a) by -paying the Bonds when the same shall become due and payable or upon prior redemption in the manner herein provided; (b) by depositing with any paying agent designated hereunder, in trust for such purpose, at or before the date of maturity or redemption, money in the necessary amount to Ray or redeem such bonds, and to pay interest thereon to maturity or the date of redemption; or (c) by depositing with any paying agent or any trustee created for that purpose, at or before the date of maturity or redemption, money or direct obligations of, or obligations the principal of and interest on which are fully guaranteed by, the United States of America, in such amount as together with the income or increment to accrue thereon without consideration of