10/22/13 Board of Public Works Minutes

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REGULAR MEETING OCTOBER 22, 2013 318 WHEREAS, the Building Corporation expects that the reserve fund requirement will be satisfied with the deposit of a debt service reserve fund insurance policy to be issued by Assured Guaranty Municipal Corp. (the "Insurer"); and WHEREAS, the Building Corporation and the City will be obligated to reimburse the Insurer to the extent that the debt service reserve fund insurance policy is drawn upon while on deposit in the reserve fund under the Indenture; and WHEREAS, the Building Corporation and City desire to enter into an Insurance Agreement (the "Insurance Agreement") with the Insurer to evidence their respective reimbursement obligations and to provide for the issuance by the Insurer of its Municipal Bond Debt Service Reserve Insurance Policy; and WHEREAS, the Building Corporation desires to have the Board of Public Works of the City (the `Board") serve as its agent for the construction and equipping of the Project pursuant to an Agency Agreement by and between the Board and the Building Corporation; NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works of the City of South Bend, Indiana, that: Section 1. The Board hereby approves the execution of an Agency Agreement in the form presented at this meeting with such changes as may be suggested by counsel and approved by members of the Board with such approval evidenced by the execution thereof by the members of the Board. Section 2. The Board hereby approves the form of Insurance Agreement presented to the Board at this meeting, and attached as "Exhibit A" and authorizes the Mayor to execute said agreement in the form presented at this meeting with such changes as may be suggested by counsel approved by the Mayor with such approval evidenced by the execution thereof by the Mayor. Section 3. This Resolution shall be in full force and effect from and after its adoption by the Board. ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana, held on October 22, 2013, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. CITY OF SOUTH BEND BOARD OF PUBLIC WORKS s/ Gary A. Gilot s/ David P. Relos s/ Kathryn E. Roos s/ Michael C. Mecham ATTEST: s/Linda M. Martin, Clerk ADOPT RESOLUTION NO. 59-2013 — A RESOLUTION OF THE BOARD OF WORKS OF THE CITY OF SOUTH BEND AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER LEASE AGREEMENT AND OTHER DOCUMENTS RELATED TO POLICE AND SOLID WASTE VEHICLES AND ACCESSORIES Upon a motion made by Ms. Roos, seconded by Mr. Relos and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION NO.59-2013 A RESOLUTION OF THE BOARD OF WORKS OF THE CITY OF SOUTH BEND AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER LEASE AGREEMENT AND OTHER DOCUMENTS RELATED TO POLICE AND SOLID WASTE VEHICLES AND ACCESSORIES