Approving the Leasing of Water Works Facilities of South Bend Federal Savings & Loan Assn

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ORDINANCE NO. (,t/O O --719 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING THE LEASING OF WATER WORKS FACILITIES OF SOUTH BEND FEDERAL SAVINGS AND LOAN ASSOCIATION STATEMENT OF PURPOSE AND INTENT: Negotiations have been conducted for the leasing of the water works facilities currently owned and operated by South Bend Federal Savings and Loan Association ( "Corporation ") by the City of South Bend, Indiana ( "City "), pursuant to the provisions of I.C. 19 -3 -11.5; Officers of the City have caused to be prepared a form of lease agreement between the Corporation as lessor and the City as lessee, the terms of which lease have been agreed upon by the Corporation and officers of the City. A public hearing was held on June 12, 1978 on the necessity for the execution of the lease and fairness and reasonableness of the rentals provided therein, notice of such hearing having been given in the matter required by I.C. 19 -3- 11.5 -6. It is now advisable to authorize the execution of the lease of the water works facilities and to give notice of the execution of the lease in the manner required by I.C. 19- 3- 11.5 -7. NOW, THEREFORE, BE IT ORDAINED BY the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The proposed lease, attached hereto as Exhibit A. provides for a fair and reasonable rental and the execution of said lease is necessary. SECTION II. The proposed lease is hereby approved and the Mayor and the City Clerk are hereby authorized to execute the lease on behalf of the City, and notice of the authorization and execution of the lease shall be given in the manner required by I.C. 19- 3- 11.5 -7. SECTION III. The Clerk of the City is authorized and directed to attest said lease and to initial and date a copy of the lease and to place the same in the minute book immediately following the minutes of the meeting at which this Ordinance is passed, and said lease is a part of this Ordinance as fully as if the same were set forth herein. SECTION IV. The President of the Common Council be, and he is hereby authorized and directed to execute the aforesaid lease on behalf of the Common Council of the City of South Bend, Indiana. SECTION V. This Ordinance shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. lst P.EADING .S- ,) g PUBLIC NEARING 2nd REAMING NOT APPROVED" REFERRED PASSED Membler of the Common Council pp or only to provide an �^�� IN CLERKS CLERKS ��l�E r for public discussion• i' and Council action on the issue.