Stating it's Intention to Appropriate Funds for Land Contract Purchase Payments

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RESOLUTION NO. /R014-15-- A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, STATING ITS INTENTION TO APPROPRIATE FUNDS FOR LAND CONTRACT PURCHASE PAYMENTS WHEREAS , the City of South Bend owns a collection of Studebaker vehicles and Studebaker archives ; and WHEREAS, during the past three years said collection has been housed for the City by Studebaker Museum, Inc. in a building located at 520 S. Lafayette Blvd . , South Bend , Indiana, which building is owned by Freeman Spicer Company, Inc. and leased by Studebaker Museum, Inc. ; and WHEREAS, the lease between Studebaker Museum, Inc. and Freeman-Spicer Company, Inc. expires May 31 , 1985 and Studebaker Museum, Inc. will no longer be providing housing for said collection; and WHEREAS , the City of South Bend desires to continue to house the Studebaker collection in the Freeman-Spicer building ; and WHEREAS , the Board of Public Works of the City of South Bend has entered into a ten (10) year land contract for the purchase of said building from Freeman-Spicer Company, Inc. for the sum of Four Hundred Eighty Thousand ($480,000 .00) Dollars plus interest at a rate of 8% APR, payable in 120 equal monthly payments of Five Thousand Eight Hundred Twenty-three and 72/100ths ($5 ,823 .72) Dollars . NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend , as follows : Section I . The Common Council of the City of South Bend intends to appropriate sufficient funds in 1985 , 1986 , 1987 and 1988 and in succeeding budget years as is necessary to cover payments due on said land contract . Section II . This resolution shall be in full force and effect upon passage by the Council and approval by the Mayor. , FILED IN CLERIC'S OFFICE / • PRESENTED lad gs ember of the Comon Council NOT APPROVED MAY 2 21985 ADOPTED $ IRENE GAMMA'' N CITY CLERK, SO. BEN: ,N