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02-23-15 Agenda, Packet & Committee Meeting Notice
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02-23-15 Agenda, Packet & Committee Meeting Notice
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
2/23/2015
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6-m 03- [ 3.' <br />Ordinance No. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA AMENDING <br />ORDINANCE NO. 10346 -15 IN ACCORDANCE WITH <br />SECTION 11 THEREOF AND OTHER MATTERS <br />CONNECTED THEREWITH AND REPEALING <br />ORDINANCES INCONSISTENT HEREWITH <br />WHEREAS, South Bend, Indiana (the "City "), is a governmental unit and political <br />subdivision of the State of Indiana (the "State "), whose legislative and fiscal body is the Common <br />Council (the "Council "); and, <br />WHEREAS, on January 26, 2015, the Council adopted Ordinance No. 10346 -15 (the <br />"Original Ordinance ") authorizing the issuance of the City of South Bend, Indiana Economic <br />Development Income Tax Bonds of 2015 (the "Bonds ") in an amount not to exceed $5,680,000; <br />WHEREAS, following adoption of the Original Ordinance, the City and Crowe Horwath <br />(its Financial Advisor) had conversations with a national rating agency regarding rating on the <br />Bonds, and now the City desires to make certain changes to the Original Ordinance; and, <br />WHEREAS, the Council now finds that all conditions precedent to the adoption of an <br />amendatory ordinance have been complied with in accordance with the provisions of the Act; <br />NOW THEREFORE, BE IT ORDAINED by the Common Council of the City of South <br />Bend, Indiana: <br />SECTION 1. Amendment to Section 7(b)(i) of the Original Ordinance. Section 7(b)(i) of <br />the Original Ordinance shall be amended and restated and shall hereafter read as follows: <br />Bond Principal and Interest Account. As soon as possible upon the monthly <br />receipt of EDIT Revenues by the City, the City shall deposit 1/6 of the interest and <br />1/6 of the principal due on the EDIT Bonds (as defined in Section 10 hereof) on the <br />next interest and principal payment date into the Bond Principal and Interest <br />Account to be used to pay principal of and interest on the EDIT Bonds when due. <br />SECTION 2. Amendment to Section 10(c) of the Original Ordinance. Section 10(c) of <br />the Original Ordinance shall be amended and restated and shall hereafter read as follows: <br />(c) In the case of a proposed issue of Additional Bonds, the City shall <br />have received a certificate prepared by an independent certified public accountant <br />or an independent financial consultant (the "Certifier "), certifying that the EDIT <br />Revenues to be received by the City (according to the most recent certified <br />distributions for the City reported by the Department of Local Government Finance <br />of the State or similar entity) and combined with other available revenues (as <br />defined below) estimated to be received, is at least equal to 150% of the principal <br />and interest requirements on all outstanding EDIT Bonds, including the proposed <br />
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