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

Home Browse Search

approve the proposed financing by the Corporation on behalf of the City; and to seek approval of the State Board of Tax Commis- sioners for the conveyance and lease of the Parking Facilities, as required by Indiana Code 18- 5- 3.3 -8.5. 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, is hereby approved subject to such changes as may be approved by the Mayor and the Board of Public Works, and the Mayor and the City Clerk are hereby authorized to execute the Lease on behalf of the City, and notice of the authorization to execute the Lease shall be given in the manner required by Indiana Code 18- 5- 3.3 -8.5. SECTION II. The Mayor and City Clerk are hereby authorized to convey the Parking Facilities to the Corporation after approval by the State Board of Tax Commissioners as required by Indiana Code 18- 5- 3.3 -8.5, and upon the consummation of the refinancing of the 1969 Bonds. SECTION III. This Common Council does hereby request the Corporation to acquire and finance the Parking Facilities on behalf of the City, and to lease it to the City at the earliest time possible. SECTION IV. The Articles of Incorporation of the Corporation and its proposed By -Laws, presented to this Common Council, are hereby approved. SECTION V. The proposed financing by the Corporation of its acquisition of the Parking Facilities is hereby approved, subject to final approval by the Common Council of any trust indenture of the Corporation securing the bonds to be issued by the Corporation for such purpose. SECTION VI. The City agrees that it will accept the gift of the Parking Facilities, free of any lien or encumbrance, at the time the Corporation shall tender the Parking Facilities to the City. SECTION VII. The Director of Administration and Finance is hereby authorized and directed to obtain from the State Board of Tax Commissioners approval of the conveyance of the Parking Facilities to the Corporation, and the leasing of the Parking Facilities from the Corporation by the City, as required by Indiana Code 18- 5- 3.3 -8.5. SECTION VIII. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. e Common Counc Passed, as amended, April 24, 1978.