Conduct Remediation Activites at the Frederickson Park Site to Pledge a Portion of the City's County Option Income Tax Revenues

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WHEREAS, the St. Joseph County Income Tax Council has imposed a county option income tax ( "COIT ") pursuant to IC 6 -3.5 -6 on the adjusted gross income of the St. Joseph County taxpayers; and WHEREAS, to provide security for the Loan, IDFA has requested that the Common Council of the City (the "Common Council ") pledge a portion of the City's COIT revenues to pay debt service on the Loan; and WHEREAS, before proceeding further with the Loan, IDFA has requested that the Common Council express its intention to make such pledge of COIT revenues. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: SECTION 1. The Common Council finds and confirms that the Project is desirable to improve the health, safety, and general welfare of the citizens of the City; and that it is in the public interest that the City take such action as it lawfully may take to encourage such activities. SECTION 2. The Common Council further funds and confirms that it is authorized by Indiana law to issue and sell bonds to finance the Project. SECTION 3. In order to induce the IDFA and IDEM to proceed with the processing of the Loan, the Common Council hereby finds, determines and confirms that: (i) it will take or cause to be taken such action pursuant to Indiana law as may be required to implement the aforesaid Loan or as it may deem appropriate in pursuance thereof, provided that all of the foregoing shall be mutually acceptable to the City and the IDFA; and (ii) it will adopt such ordinances and resolutions and authorize execution and delivery of such instruments and the taking of such actions as may be necessary and advisable for the authorization, issuance, and sale of bonds in connection therewith; -2-