Refinancing of the City's Off-Street Parking Revenue Bonds

Home Browse Search

ORDINANCE NO. (..5;Z7-?Jr AN ORDINANCE WITH RESPECT TO CERTAIN OFF- STREET PARKING FACILITIES OF THE CITY OF SOUTH BEND, INDIANA AND THE REFINANCING OF THE CITYtS OFF - STREET PARKING REVENUE BONDS, SERIES 1969 PROJECT; AND AUTHORIZING THE CONVEYANCE OF SAID PARKING FACILITIES TO PARKING FACILITIES OF SOUTH BEND, INC. AND THE EXECUTION OF A LEASE AGREEMENT. STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana ( "City ") has heretofore acquired and constructed certain off - street parking facilities ( "Parking Facilities ") situated on the following real estate: Site I located at the Southeast Corner of Colfax and Main Streets in the City of South Bend, Indiana, more particularly Lots 22, 23 and 24 as shown on the recorded original plat of the Town, now City, of South Bend; Site III located at the northwest corner of St. Joseph Street and Jefferson Boulevard in the City of South Bend, Indiana, more particularly Lots 38, 39 and 40 as shown on the recorded original plat of the Town, now City, of South Bend; For the purpose of paying the cost of constructing the Parking Facilities the City has heretofore issued its Off- Street Parking Revenue Bonds, Series 1969 Project ( "1969 Bonds "), which bonds are now outstanding in the principal amount of $3,250,000. Officers of the City have determined that it would be advantageous to the City to refinance the 1969 Bonds pursuant to the provisions of Indiana Code 18- 5- 3.3 -8.5, by the conveyance of the Parking Facilities to Parking Facilities of South Bend, Inc. ( "Corporation "), an Indiana corporation not - for - profit organized for the purpose of effecting such refinancing, and the leasing of the Parking Facilities from the Corporation to the City at rentals sufficient to retire revenue bonds issued by the Corporation for the purpose of acquiring the Parking Facilities. Officers of the City have caused to be prepared a form of Lease Agreement ( "Lease ") between the Corporation as lessor and the City as lessee, theterms of which Lease have been agreed upon by the Corporation and officers of the City. A petition requesting such refinancing and leasing, signed by not less than 50 tax - paying citizens of the City, has been filed with the Mayor and this Common Council. A public hearing was held on April 24, 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 manner required by the first paragraph of Indiana Code 18-5-3.3-7 . It is now advisable to authorize the execution of the Lease and the conveyance of the Parking Facilities to the Corporation; to give notice of the authorization of the Lease in the manner required by the second paragraph of Indiana Code 18- 5- 3.3 -7; to