Amending Ordinance No. 10346-15 Park Bond

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