Amendment of the Lease City of South Bend Bldg. Corp for the New Public Works Service Center

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RESOLUTION NO. �oOEi -OI A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, REGARDING THE AMENDMENT OF THE LEASE WITH THE CITY OF SOUTH BEND BUILDING CORPORATION FOR THE CONSTRUCTING AND EQUIPPING OF A NEW PUBLIC WORKS SERVICE CENTER FACILITY AND REGARDING CERTAIN RELATED MATTERS WHEREAS, the Common Council previously determined that a need exists for the construction and equipping of a new public works service center facility (the "Project ") and that the funds needed therefor exceeded the funds presently available to the City of South Bend, Indiana (the "City "); and WHEREAS, the Common Council previously approved of the sale and issuance by the City of South Bend Building Corporation (the "Building Corporation ") of its lease rental revenue bonds in one or more series in an aggregate principal amount not to exceed $10,000,000; and WHEREAS, the Building Corporation has previously submitted to the City, and the City has previously approved and executed after a public hearing, a lease between the Building Corporation and the City (the "Lease ") upon the Project; and WHEREAS, the Building Corporation has sold its County Option Income Tax Lease Rental Revenue Bonds of 2001 (the "Bonds ") in the aggregate principal amount of $9,250,000.00 to Legg Mason Wood Walker, Inc. at a net interest cost of approximately 5.1841950 %, which interest rate is lower than the interest rate used to calculate the maximum lease rental under the Lease; and WHEREAS, the Common Council desires to amend the Lease to reduce the semi- annual lease rentals to correspond to the actual debt service as established pursuant to the terms of the bond sale; and NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: 1. The Common Council hereby ratifies the sale of the Bonds in an aggregate principal amount ofNine Million Two Hundred Fifty Thousand and 00 /100 Dollars ($9,250,000.00) and the award thereof to Legg Mason Wood Walker, Inc. 2. The Common Council hereby agrees to the reduction of the lease rental payments to the amount set forth in the Addendum to Lease with the Building Corporation dated April 23, 2001, presented to this meeting (the "Addendum ").