HomeMy WebLinkAboutReaserting the South Bend Common Council's intent to issue mortgage-backed housing revenue bondsRESOLUTION
NO. 731 -79
Passed by the Common Council of the City of South Bend, Indiana.
October 22 79
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City Clerk
Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, I
October 23 79
19
City Clerk
Approved and signed by me l i- _ -?-j 19-7
RESOLUTION NO. 73
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A RESOLUTION OF THE SOUTH BEND COMMON
COUNCIL REASSERTING ITS INTENT TO
ISSUE MORTGAGE- BACKED HOUSING REVENUE
BONDS.
WHEREAS, the City of South Bend, Indiana has previously
and by resolution indicated its intent to issue Single Family
Mortgage Revenue Bonds, it hereby affirms and reasserts such
intent.
WHEREAS, there is a shortage of moderately priced,
safe, sanitary housing in the City of South Bend, Indiana; and,
WHEREAS, the City of South Bend, Indiana desires to assist
low and moderate income citizens in obtaining the goal of home
ownership where they are currently precluded from that goal; and,
WHEREAS, Kirchner, Moore and Company and local underwriting
firm(s) (the Underwriters) are experienced in structuring Single
Family Mortgage Revenue Bond issues; and
WHEREAS, it is deemed necessary and advisable to indicate
the City's intent to pursue an issue of Single Family Mortgage
Revenue Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF
SOUTH BEND, INDIANA:
SECTION I. The City intends to issue its Single Family
Housing Revenue Bonds, Series 1980, (the Bonds) in an amount not
to exceed $50 million and will sell the Bonds to the Underwriters
subject to terms and conditions to be determined on a mutually
agreeable basis between the City and the Underwriters of the
Bonds. In this respect the City directs the Underwriters and
appropriate City officials to proceed with the preparation of
documents to implement such a financing.
SECTION II. This resolution shall be in full force
and effect from and after its passage by the Common Council of the
City of South Bend and approval by the Mayor.
PRESENTED /U y2 f
NOT APPROVED
ADOPTED /Q --a _? - ;)
off the Common C:ounci
lAigned only to provide an
opportu-riit;, for ?ublic discussion
and Council action on the issue.
OkCT 17 1979
lr4ne Gammon
C'.'Y CLERK. SUIT!! BE�D, !ND.
Peter H. Mullen
Director, Administration and
Finance
Michael L. Vance
Chief Deputy Controller
CITY of SOUTH BEND
PETER J. NEMETH, Mayor.
COUNTY CITY BUILDING SOUTH BEND, INDIANA 46601
October 17, 1979
Members of the Council
South Bend Common Council
4th Floor County -City Building
Dear Council Members:
I am presenting a resolution
the October 22, 1979 Council
tion of the City's intent to
Housing Revenue Bonds.
219/284 -9483
for your consideration at
Meeting which is a rea.ffirma-
issue Mortgage- Backed
As you will remember, the Council has previously passed
a resolution stating it's positive attitude in this
matter. As of yet, no federal or state legislation has
passed putting this idea formally into effect.
On the advise of Kirchner, Moore and Company, we feel
it is necessary to reaffirm the Council's position in
this matter and also set a limit or cap on the amount of
bonds the City would be willing to underwrite. The cap
chosen may be changed according to the Council's wishes.
If you have further questions, please feel free to contact
my office.
incerely,
Peter H. Mullen
City Controller
PHM /bkn