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9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund
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9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund
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Last modified
9/24/2009 2:30:53 PM
Creation date
8/13/2008 2:40:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/24/2003
Ord-Res Number
9408-03
Bill Number
21-03
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ORDINANCE NO. l~o~ "~3 <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND, INDIANA AUTHORIZING THE ISSUANCE OF BONDS <br />TO EVIDENCE A LOAN FROM THE INDIANA DEPARTMENT OF <br />ENVIRONMENTAL MANAGEMENT BROWN-FIELDS CLEANUP <br />REVOLVING LOAN FUND ADMINISTERED BY THE INDIANA <br />DEVELOPMENT FINANCE AUTHORITY, PLEDGING A PORTION OF <br />THE CITY'S COUNTY OPTION INCOME TAX REVENUES TO <br />SECURE SUCH BONDS, AND OTHER MATTERS CONNECTED <br />THEREWITH <br />STATEMENT OF PURPOSE AND INTENT <br />The City of South Bend, Indiana (the "City") owns certain Brownfield property near <br />South Bend Avenue and Howard Street in the northeast portion of the City, commonly known as <br />Fredrickson Park, and more particularly described on Exhibit "A" hereto (the "Property"). <br />The City has previously investigated the environmental condition of the Property and has <br />determined to undertake certain non-time critical removal activities and other general <br />environmental activities in connection with the environmental remediation of the Property in <br />order to make the property suitable for future redevelopment (the "Project") <br />The City has determined to borrow an amount not to exceed One Million Dollars <br />($1,000,000) from the Indiana Department of Environmental Management ("IDEM") <br />Brownfields Cleanup Revolving Loan Fund (the "Fund"), administered by the Indiana <br />Development Finance Authority ("IDFA") for the purpose of providing funding from the Fund <br />for the assessment and general remediation of a "Brownfield site" located on the Property (the <br />"Loan"). <br />
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