01-12-15 Council Agneda & Packet

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Ordinance No. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AUTHORIZING THE ISSUANCE OF BONDS BY THE CITY OF SOUTH BEND, INDIANA TITLED AS ECONOMIC DEVELOPMENT INCOME TAX BONDS OF 2015 AND OTHER MATTERS CONNECTED THEREWITH, INCLUDING THE PAYMENT OF INCIDENTAL EXPENSES ON ACCOUNT OF THE ISSUANCE OF THE BONDS AND REPEALING ORDINANCES INCONSISTENT HEREWITH WHEREAS, South Bend, Indiana (the "City "), is a governmental unit and political subdivision of the State of Indiana (the "State "), whose legislative and fiscal body is the Common Council (the "Council "); and, WHEREAS; the Council finds that it is advisable to issue the City of South Bend, Indiana Economic Development Income Tax Bonds of 2015 (the "Bonds ") in an amount not to exceed $5,680,000, and to use the proceeds, together with funds on hand: (1) to pay the cost of various capital improvements and expansions at the City's parks and park facilities, including, but not limited to the items described on Exhibit A hereto (the "Project "); (2) to fund a reserve for the Bonds, if necessary; and (3) to pay for all costs related to the issuance of the bonds hereunder; and, WHEREAS, the City reasonably expects to pay debt service on the Bonds from economic development income tax revenue ( "EDIT Revenues "), on parity with the City's County Economic Development Income Tax Refunding Revenue Bonds, Series 2006A and Series 2006B (the "Prior Bonds ") any other obligations payable from such source (collectively, the "Parity Bonds ") and, if economic development income tax revenue is not sufficient, from other sources of funds legally available to the City for such purpose; and, WHEREAS, the Council now finds that all conditions precedent to the adoption of an ordinance authorizing the issuance of the Bonds have been complied with in accordance with the provisions of the Act; WHEREAS, the amount of proceeds of the Bonds allocated to costs of the Project, together with estimated earnings thereon, does not exceed the estimated costs of the Project; NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. Authorization for Bonds. In order to provide for the financing of the Project and the costs of selling and issuing the Bonds, the City shall issue its Economic Development Income Tax Revenue Bonds of 2015 as herein authorized pursuant to Indiana Code 6 -3.5 (the "Act ") and the Common Council hereby deems the Project an "economic development project," as defined in the Act and /or a capital project for which the City could issue general obligation bonds.