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HomeMy WebLinkAboutRelating to Parking Facilities for South Bend Inc.Attest: RESOLUTION NO. 624 -78 Passed by the Common Council of the City of South Bend, Indiana, May 22 144� Attest: 19 78 ty Clerk President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana MAY 23 19 78 City Clerk Approved and signed by ms 19_L1L Mayor RESOLUTION NO. 6 ay- ?9' A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA RELATING TO PARKING FACILITIES OF SOUTH BEND, INC. WHEREAS, the City of South Bend, Indiana ( "City ") has hereto- fore acquired and constructed certain off - street parking facilities ( "Parking Facilities ") situated on the following real estate: Site I located at the Southeast Corner of Colfax and Main Streets in the City of South Bend, Indiana, more particularly Lots 22, 23 and 24 as shown on the recorded original plat of the Town, now City, of South Bend; Site III located at the northwest corner of St. Joseph Street and Jefferson Boulevard in the City of South Bend, Indiana, more particularly Lots 38, 39 and 40 as shown on the recorded original plat of the Town, now City, of South Bend; WHEREAS, for the purpose of paying the cost of constructing the Parking Facilities the City has heretofore issued its Off- Street Parking Revenue Bonds, Series 1969 Project ( "1969 Bonds "), which bonds are now outstanding in the principal amount of $3,250,000.00; and WHEREAS, it has been determined that it would be advantageous to the City to refinance the 1969 Bonds pursuant to the provisions of Indiana Code 18- 5- 3.3 -8.5, by the conveyance of the Parking Facilities to Parking Facilities of South Bend, Inc. ( "Corporation "), an Indiana corporation not - for - profit organized for the purpose of effecting such refinancing, and the leasing of the Parking Facilities from the Corporation to the City at rentals sufficient to retire revenue bonds issued by the Corporation for the purpose of acquiring the Parking Facilities; and WHEREAS, this Common Council did on April 24, 1978, after public notice and hearing, adopt Ordinance No. 6327 -78 authorizing the execution of a Lease Agreement ( "Lease ") of the Parking Facilities between the Corporation as lessor and the City as lessee; authorizing the conveyance of the Parking Facilities to the Corpora- tion; requesting the Corporation to acquire and refinance the Parking Facilities on behalf of the City; approving the Articles of Incorporation and proposed Bylaws of the Corporation; approving the proposed financing by the Corporation of its acquisition of the Parking Facilities; agreeing to accept the gift of the Parking Facilities from the Corporation at the time the same shall be tendered to the City; and directing officers of the City to obtain from the State Board of Tax Commissioners its approval of the con- veyance of the Parking Facilities to the Corporation and the leasing of the same by the City from the Corporation; and WHEREAS, the Corporation proposes to issue the following bonds to effect the financing of its acquisition of the Parking Facilities: $3,630,000 Parking Facilities Bonds, Series 1978 ( "Series 1978 Revenue Bonds "), payable from rentals paid under the Lease and additionally secured by a mortgage on the Parking Facilities; $1,230,000 Special Obligation Bonds ( "Special Obligation Bonds "), payable from investment income derived from money deposited in trust for the payment of the 1969 Bonds. WHEREAS, in order to secure the payment of such bonds and the 1969 Bonds, and to assure the conveyance of the Parking Facilities back to the City, free of any lien and encumbrance, when all of the Series 1978 Revenue Bonds shall have been retired, the Corporation proposes to enter into the following instruments: A. Indenture of Mortgage and Trust ( "Revenue Bonds Indenture ") dated as of June 1, 1978 between the Corporation and St. Joseph Bank and Trust Company, South Bend, Indiana ( "Trustee "), securing the Series 1978 Revenue Bonds; B. Indenture of Trust ( "Special Obligation Bonds Indenture ") dated as of June 1, 1978 from the Corporation to the Trustee securing the Special Obligation Bonds; C. Trust Agreement ( "Trust Agreement ") dated as of June 1, 1978 between the City, the Corporation and the Trustee securing the payment of the 1969 Bonds and the Special Obligation Bonds; D. U.S. Obligations Purchase Agreement ( "Acquisi- tion Agreement ") dated as of June 1, 1978 between the Corporation and the Trustee pursuant to which the Corporation will acquire from time to time direct obligations of the United States of America to fund an invested sinking fund created by the Revenue Bonds Indenture to pro- vide in part for the payment of the Series 1978 Revenue Bonds; E. Declaration of Beneficial Interest ( "Declara- tion") dated as of June 1, 1978 from the Corporation to the City to grant and to preserve a beneficial interest in the Parking Facilities in favor of the City during the time that the Series 1978 Revenue Bonds shall be outstanding; F. Letter of Instructions to the Trustee pursuant to which the Corporation's warranty deed to the Parking Facilities will be delivered by the Corporation to the Trustee with instructions to deliver such warranty deed to the City upon the payment of all of the Series 1978 Revenue Bonds. WHEREAS, the proposed Revenue Bonds Indenture, Sepcial Obliga- tion Bonds Indenture, Trust Agreement, Acquisition Agreement, Declaration and Letter of Instructions have been presented to this Common Council and are attached hereto as Exhibits A, B, C, D, E and F. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, that: SECTION I. This Common Council does of Directors of the Corporation to proceed Facilities refinancing project as provided intent of this Resolution and to proceed w proposed Series 1978 Revenue Bonds and the tion Bonds, under the Conditions described SECTION described in A. are hereby SECTION described in tached hereto hereby request the Board with the Parking in accordance with the ith the issuance of the proposed Special Obliga- in this Resolution. II. The proposed Series 1978 Revenue Bonds, the Revenue Bonds Indenture attached 'hereto as approved. as Exhibit III. The proposed Special Obligation Bonds, as the proposed Special Obligation Bonds Indenture, as Exhibit B. are hereby approved. - 2 - at- SECTION IV. The proposed Trust Agreement, attached hereto as Exhibit C, is hereby approved, and the Mayor and the City Clerk are hereby authorized to join the Corporation in the execution thereof. SECTION V. The proposed Acquisition Agreement, attached hereto as Exhibit D, is hereby approved. SECTION VI. The proposed Declaration, attached hereto as Exhibit E, is hereby approved. SECTION VII. The proposed Letter of Instructions to the Trustee, attached hereto as Exhibit F, is hereby approved. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESEtJTEQ� NOT Aft-0-NW) ADOPTED Jr-_ a -� - 7 P ci„ Member o the o on Council - 3 - FILED IN CLERK'S OFFICE MAY 1 71978 Irene Gammon CITY CLERK, SOUTH BEND. IND.