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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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The St. Joseph County Income Tax Council has imposed a county option income tax <br />("COIT") pursuant to IC 6-3.5-6 on the adjusted gross income of the County taxpayers. <br />The City shall repay the Loan from then current revenues of the City (the "City <br />Revenues") annually appropriated by the Common Council of the City (the "Common Council") <br />for the purpose of making such Loan payments, and, to the extent available, COIT revenues (the <br />"COIT Revenues ") allocated to the City (the COIT Revenues, together with the City Revenues <br />shall be referred to as the "Available Revenues"), it being the expectation of the City that any <br />such COIT Revenues shall be used by the .City to offset any necessary appropriation of the City <br />Revenues. <br />The bonds which shall evidence the Loan shall constitute a limited obligation of the City <br />payable solely from Available Revenues, and neither the full faith and credit nor the taxing <br />power of the City is pledged to the payment of the principal of and the interest on the bonds. <br />NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA AS FOLLOWS: <br />Section 1. The Common Council hereby authorizes revenue bonds of the City (the <br />"Bonds") to be issued upon the terms and conditions set forth herein in the form of the Loan <br />pursuant to I.C. 36-4-6-19 (the "Act") for the purpose of financing all or a portion of the Project. <br />The City shall use the proceeds of the Loan in accordance with the terms to be set forth in the <br />Loan, Servicing and Disbursement Agreement (the "Program Agreement") for purposes of the <br />Project. <br />Section 2. The Bonds to be issued by the City and evidenced by the Loan shall be <br />payable from the Available Revenues, and the Bonds shall constitute a limited obligation of the <br />City payable solely from the Available Revenues and neither the full faith and credit or the <br />2 <br />
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