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Authorizing issuance of Economic Development Revenue Bonds, Series 1999 (Southfield Village), not to exceed $20,000,000
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Authorizing issuance of Economic Development Revenue Bonds, Series 1999 (Southfield Village), not to exceed $20,000,000
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5/15/2009 10:47:34 AM
Creation date
5/5/2009 3:46:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/22/1999
Ord-Res Number
8994-99
Bill Number
22-99
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~ ~ . . <br />Agreement, the Trust Indenture, the Preliminary Official Statement, and Bond Purchase Agreement <br />(as such terms are defined in such resolution) (collectively, the "Financing Documents"), which <br />resolution has been transmitted hereto. The City now desires to establish a program for financing <br />economic development facilities pursuant to I.C. 36-7-12-18.5 for the purpose of permitting the <br />funding of working capital expenditures from the proceeds of taxable bonds, if necessary. <br />No member of the Council has any pecuniary interest in any employment, financing <br />agreement or other contract made under the provisions of IC 36-7-11.9 and IC 36-7-12 and related <br />to the Bonds authorized herein, which pecuniary interest has not been fully disclosed to the Council <br />and no such member has voted on any such matter, all in accordance with the provisions of IC 36-7- <br />12-16. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />Section 1. It is hereby found that the financing of the Project referred to in the <br />Financing Documents previously approved by the Commission and presented to the Oouncil, the <br />issuance and sale of the Bonds, the loan of the net proceeds thereof to the Borrower for the <br />acquisition, construction, installation and equipping of the Project (the "Loan") and the repayment <br />of the Loan by the Borrower will be of benefit to the health, prosperity, economic stability and <br />general welfare of the City and its citizens and complies with the purposes and provisions of IC 36- <br />7-11.9 and IC 36-7-12. <br />Section 2. The proposed financing and the forms of the Financing Documents <br />approved by the Commission are hereby approved, and all such documents are incorporated herein <br />by reference and shall be inserted in the minutes of the Council and kept on file by the Clerk of the <br />City. The proposed financing constitutes a program financing pursuant to I.C. 36-7-12-18.5. <br />Section 3. The City shall issue the Bonds in one or more series in an aggregate <br />principal amount not to exceed Twenty Million Dollars (S20,000,000) for the purpose of procuring <br />funds to loan to the Borrower, in order to pay the costs of the acquisition, construction, installation <br />and equipping of the Project, as more particularly set out in the Financing Documents incorporated <br />herein by reference, which Bonds will be payable as to principal and interest solely from the <br />payments made by the Borrower on its Series 1999 Notes (as defined in the Financing Documents) <br />which shall be executed and delivered by the Borrower to evidence and secure the Loan and from <br />other sources under the Loan Agreement. <br />Section 4. The Mayor and the Clerk of the City are authorized and directed to sell <br />such Bonds at a rate of interest on the Bonds, which rate shall be as set forth in the Financing <br />Documents and incorporated herein by reference but in no event shall such rate be in excess of ten <br />percent (10.0%) per annum. The Bonds shall have a maximum term of thirty-one (31) years and <br />shall be sold at a price equal to not less than 97% of the par amount of the Bonds, plus accrued <br />::ODMA\PCDOCS\SBDOCS 1\33A 84\6 -2- <br />
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