01-26-15 Agenda, Packet and Committee Meeting Notice

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The opinion of Frost Brown Todd LLC, bond counsel of Indianapolis, Indiana, approving the legality of said Bonds, together with a transcript of the bond proceedings, and closing certificates in the usual form showing no litigation, will be furnished to the successful bidder at the expense of the City. The bond ordinance of the City, dated January 26, 2015, authorizing the issuance of the Bonds (the "Bond Ordinance "), permits the Bonds to be issued by means of a book -entry -only system with no physical distribution of bond certificates made to the public. In this case, one bond certificate for each maturity will be issued to and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ( "DTC "), and immobilized in its custody. The successful bidder, as a condition of delivery of the Bonds, may be required to deposit the bond certificates with DTC, registered in the name of Cede & Co., nominee of DTC. If applicable, CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute cause for failure or refusal by the successful bidder therefore to accept delivery of and pay for the Bonds in accordance with the terms of its bid. No CUSIP identification number shall be deemed to be a part of any bond or a part of the contract evidenced thereby and no liability shall hereafter attach to the City or any of its officers or agents because of or on account of such numbers. All expenses in relation to the printing of CUSIP identification numbers on the Bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the successful bidder. The successful bidder will also be responsible for any other fees or expenses it incurs in connection with the resale of the Bonds. The Bonds are being issued under the provisions of Indiana Code 6 -3.5 for the purpose of making various capital improvements and expansions to the City's parks and park facilities; to fund a debt service reserve, if necessary; and to pay expenses incidental to the issuance of the Bonds. The Bonds will be payable solely out of the County Economic Development Income Tax revenues ( "EDIT ") received by the City on parity with other obligations payable from such revenues, including the Outstanding Bonds described below any other obligation issued in the future in accordance with the Bond Ordinance. The Bonds are not a general obligation of the City and are payable solely from EDIT. In the opinion of Frost Brown Todd LLC, Indianapolis, Indiana, under existing laws, interest on the Bonds is excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended and in effect on the date of issuance of such Bonds (the "Code "), is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations but is taken into account in determining adjusted current earnings for the purpose of computing the alternative minimum tax imposed on certain corporations. The bidders agree to make a bona fide public offering of all of the Bonds at prices not in excess of the initial public offering prices. The Bonds may not be reoffered to the public at more than de minimus premium. The City has outstanding certain City of South Bend, Indiana County Economic Development Income Tax Refunding Revenue Bonds, Series 2006 A and 2006 B, dated December 14, 2006, outstanding after the February 1, 2015 payment in an aggregate principal amount of $1,665,000 (the "Outstanding Bonds "). The Bonds will rank and be payable on parity with the Outstanding Bonds. The City has reserved the right to issue additional bonds ranking on