Approving Early Redemption of Parking Facilities Bonds Serires 1978 & Tranferring Bond Reserve Proceeds to Fund 601 Parking Garage

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RESOLUTION NO. 3 � � -0 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING EARLY REDEMPTION OF PARKING FACILITIES BONDS, SERIES 1978 AND TRANSFERRING BOND RESERVE PROCEEDS TO FUND NUMBER 601, PARKING GARAGE - MAIN AND ST. JOSEPH WHEREAS, the City of South Bend, Indiana through the Parking Facilities of South Bend, Inc., issued bonds in 1978 for the purpose of constructing a new parking garage in the City of South Bend; and WHEREAS, the parking facility's bonds, Series 1978 are redeemable by the terms of their indenture on January 1, 2008; and WHEREAS, early payment of the South Bend Parking Facilities Bonds, Series 1978 will result in a savings to the City of around $200,000.00 in interest and other costs; and WHEREAS, the bond issuer, J.P. Morgan Trust Company, has on deposit in a sinking fund the full amount of funds necessary to pay all bond holders of record as of January 15, 2003, the full bond principal with accrued interest and after such payment, an excess of about $200,000.00 will be on deposit with J.P. Morgan Trust; and WHEREAS, the J.P. Morgan Trust Company sinking fund bond excess of about $200,000.00 should be transferred to City of South Bend Account Number 601 - Parking Garage Main and St. Joseph Street, South Bend, Indiana. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND as follows: Section I. The early retirement and redemption on January 15, 2003 of the South Bend Parking Facilities Bonds, Series 1978, is hereby approved. Section II. All funds remaining in J.P. Morgan Trust Company sinking bond fund pertaining to the Parking Facility Bonds, Series 1978, after payment of principal and accrued interest to all bond holders of record as of the January 15, 2003 date of redemption, shall be transferred and deposited into City of South Bend Fund Number 601, Parking Garage - Main and St. Joseph Street. Section III. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. PRESENTED NOT APPROVED ADOPTED oZ- T GL- South Bend Common i;nd Pn Clark's Off 1C0 AFC d'it1 LOAL -rrAJ. DUDA CITY CLEDR, SO. BEND. ISM..