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2. The Common Council hereby determines that a need exists for the completion <br />of the Project and the funds needed therefor exceed the funds presently available to the City. <br />3. Having held a public hearing regarding the Lease for which notice was <br />provided in accordance with Indiana Code 5-1-3, the Common Council hereby approves the Lease <br />in the form presented to this meeting. The Lease with the Building Corporation as lessor provides <br />for a fair and reasonable rental, and further, the execution of the proposed lease is necessary and <br />wise. The Mayor and Clerk of the City are hereby authorized to execute and attest, respectively, the <br />Lease in the form presented to this meeting with such changes as maybe necessary or appropriate <br />on the advice of counsel with such execution and attestation to evidence approval of such changes; <br />provided, however, that any such changes may not (i) increase the term of the Lease or increase the <br />rentals payable by the City under the Lease with respect to the Projects or (ii) alter the scope and <br />nature of the Project described in the Lease. <br />4. The Clerk of the City shall cause to be published a notice of execution of the <br />Lease according to law following such execution. <br />5. All actions taken to publish the notice of the public hearing regarding the <br />Lease are hereby approved and ratified. <br />6. The Common Council hereby approves of the sale and issuance by the <br />Building Corporation of its lease rental revenue bonds in one or more series in an aggregate principal <br />amount not to exceed $600,000. <br />7. This Ordinance shall be in full force and effect from and after its passage by <br />the Common Council and approval by the Mayor. <br />COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA <br />1st READING 1 -~-~ ~ `~ <br />PUBLIC HEARING ~ ~-q~ <br />3 rd READING ~ ~, q <br />NOT. APPROVED <br />REFERRED <br />PASSED ~ _~ - <br />::ODMA\PCDOCS\SBDOCS 1\42799\1 <br />By: <br />Member of the Common Council <br />-2- <br />t old AAA yF'"ua~„' r ,F-~'+~:: <br />~~'s~~,- <br />~ u ~ z ~ ~~ss <br />cr~v c~..r-.~a,, pro. ~~;~4. E_;. <br />