Approving and Authorizing a lease for construction and equipping of a new public works service center

Home Browse Search

.. ~ or interest and principal requirements of all the then outstanding obligations including without limitation the Lease, payable from amounts that the City receives from COIT Revenues and the Parity Obligations proposed to be issued. For purposes of this subsection, the records of the City shall be analyzed and all showings prepared by a certified public accountant or independent financial adviser employed by the City for that purpose. (d) Lease rentals on any leases and the principal of and interest on any bonds which constitute Parity Obligations shall be payable semiannually on the fifteenth days of January and July in the years such amounts are payable. Except as otherwise provided in this Section 9, so long as the City is obligated to make lease rental payments under the Lease, no Parity Obligations pledging any portion of the COIT Revenues distributed to the City pursuant to the Act shall be authorized, executed or issued by the City except such as shall be made subordinate and junior in all respects to the rentals payable under the Lease, unless the City exercises its option to purchase the Project under the Lease coincidentally with the delivery of such Parity Obligations. 10. The provisions hereof shall be construed to create a trust in the COIT revenues and this Ordinance shall not be repealed or amended in any manner which would serve to adversely affect the pledge made herein by the Common Council on behalf of the City. 11. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA By: Member of the Common C ci 1st READING ~--?'~-0~ PUBLIC HEARIt~G3-\~.-0~ 3rd READING '3-1L-0 ~ NOT APPROVED REfERP.ED PASSED 3'~Z"~~ - S ::ODMA\PCDOCS\SBDOCS 1\85906\2