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

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Thomas J. Brunner, Jr. City Attorney Robert M. Parker Chief Deputy CITY of SOUTH BEND PETER J. NEMETH, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 South Bend Common Council 4th Floor Council Chambers County -City Building 227 W. Jefferson Boulevard South Bend, Indiana April 5, 1978 Re: Ordinance and Resolution for Refinancing of Off- Street Parking Facilities. Dear Council Members: 219/284 -9241 There is herewith submitted a Resolution for the purpose of ordering public hearing on the proposed lease arrang -ement which is'an integral part of the refinancing of the presently outstanding bond issue on the two City parking garages. The purpose of this Resolution is to comply with the statute requiring the Clerk to give notice of public hearing on the terms of the proposed lease. The statute requires ten day notice of the public hearing and we would request that the notice be ordered at the Council meeting on April 10 so that public hearing may be had on April 24, 1978. Also attached is an Ordinance with respect to the off - street parking facilities which authorizes the conveyance of the facilities to the not - for - profit corporation and the execution of the lease agreement. It is requested that first reading of this Ordinance be had on April 10 and public hearing set for April 24 at the same time as the hearing on the lease agreement itself. The statement of purpose and intent in the Ordinance out- lines the necessary statutory requirements step by step for the lease approval. The body of the Ordinance complies with the statutory requirements of I.C. 18- 5- 3.3 -8.5 providing for refinancing of oustanding bond issues for off - street parking facilities.