Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues

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ORDINANCE NO. 5089 -69 An Ordinance of the City of South Bend con- cerning the purchase of land and the con - struction, maintenance, operation and financ- ing of off- street parking facilities thereon, the issuance of revenue bonds to provide the cost thereof, the collection, segregation and distribution of the revenues of said project, the safeguarding of the interests of the hold- ers of said bonds, and other matters connected therewith, as amended. WHEREAS, the Common Council of the City of South Bend finds that surveys and studies have been made by the Area Plan Commission of St. Joseph County, Indiana, and Harland Bartholomew and Associates of Memphis, Tennessee, and rec- ommendations of said organizations have been made showing that a necessity exists for the acquisition, construction and installation of off- street parking structures at cer- tain locations in the downtown area of the City of South Bend hereinafter more particularly set forth; that the pur- chase of land and the construction and operation thereon of said off - street parking facilities are necessary for the proper protection of the public safety and welfare and will be of public utility and benefit to the City and its citi- zens; that the cost of the acquisition of land and construc- tion thereon of said off - street parking facilities may be provided by the issuance of revenue bonds which will not con- stitute a general obligation of the City; and WHEREAS, said surveys, field studies, analyses and rec- ommendations have heretofore been considered and approved by the Board of Public Works and Safety and the Common Council, and the Common Council has heretofore directed the Board of FILED IN CLERK'S OFFICE MAY 2 6 1969 KATHRYN L. BLOUGH GTY CLERK, SOUTH BEND, IND.