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Authorizing issuance of bonds to evidence a loan form the IDEM Browns-fields cleanup revolving loan fund
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Authorizing issuance of bonds to evidence a loan form the IDEM Browns-fields cleanup revolving loan fund
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Last modified
5/27/2009 10:39:06 AM
Creation date
8/14/2008 4:50:34 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/14/2002
Ord-Res Number
9361-02
Bill Number
76-02
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ORDINANCE NO. 3~0~' 02 <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND, INDIANA AUTHORIZING THE ~ PRELIMINARY <br />ISSUANCE OF BONDS TO EVIDENCE A LOAN FROM THE INDIANA <br />DEPARTMENT OF ENVIRONMENTAL MANAGEMENT BROWN- <br />FIELDS CLEANUP REVOLVING LOAN FUND ADMINISTERED BY <br />THE INDIANA DEVELOPMENT FINANCE AUTHORITY, PLEDGING A <br />PORTION OF THE CITY'S COUNTY OPTION INCOME TAX <br />REVENUES TO SECURE SUCH BONDS, AND OTHER MATTERS <br />CONNECTED 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 $1,000,000 from the Indiana <br />Department of Environmental Management ("IDEM") Brownfields Cleanup Revolving Loan <br />Fund (the "Fund"), administered by the Indiana Development Finance Authority ("IDFA") for <br />the purpose of providing funding from the Fund for the assessment and general remediation of a <br />"Brownfield site" located on the Property (the "Loan"). <br />The City has submitted an application to IDFA (the "Application"), which Application <br />sets forth the request for the Loan and the details of the Project. <br />
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