Approving and authorizing the execution of a lease for the construction and equipping of a new fire station and the construction of a new roof for the

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rentals would be payable from funds other than property taxes that are exempt from the levy limitations of IC 6-1.1-18.5. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: 1. The petition of taxpayers of the City filed with the Common Council at this meeting is hereby approved. 2. The Common Council hereby determines that a need exists for the completion of the Projects and the funds needed therefor exceed the funds presently available to the City. 3. Having held a public hearing regarding the Lease for which notice was provided in accordance with Indiana Code 5-1-3, the Common Council hereby approves the Lease in the form presented to this meeting. The Lease with the Building Corporation as lessor provides for a fair and reasonable rental, and further, the execution of the proposed lease is necessary and wise. The Mayor and Clerk of the City are hereby authorized to execute and attest, respectively, the Lease in the form presented to this meeting with such changes as may be necessary or appropriate on the advice of counsel with such execution and attestation to evidence approval of such changes; provided, however, that any such changes may not (i) increase the term of the Lease or increase the rentals payable by the City under the Lease with respect to the Projects or (ii) alter the scope and nature of the Projects described in the Lease. 4. The Clerk of the City shall cause to be published a notice of execution of the Lease according to law following such execution. 5. All actions taken to publish the notice of the public hearing regarding the Lease are hereby approved and ratified. 6. The Common Council hereby approves of the formation and organization of the Building Corporation as anot-for-profit corporation for purposes of financing and leasing the Projects to the City. The Common Council hereby further approves of the sale and issuance by the Building Corporation of its lease rental revenue bonds in one or more series in an aggregate principal amount not to exceed $2,000,000. 7. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 1st READING ~~- 9- 9 ~G `l PUBLIC HEARING ~ /-~ j' / b 3 rd READING (f - .23 - Cf g NOT APPROVED REFERRED PASSED ~~-~3'~'J~ ~ SU~TI~T~~ ::ODNIA\PCDOCS\SB DOCS 1 \25731 U By: COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA Member of the Common Council -2- ~it~d in Cieric's ©ffi~e -+--- iiOV 2 0 1998 LORErTA J. DUOA f~'97YCLEtfhK, ~. ~~MD, il'7.