HomeMy WebLinkAboutApproving the amendment to lease between the City of South Bend and South Bend Civic Center BuildingAttest:
RESOLUTION
NO. 562 — 77
Passed by the Common Council of the City of South Bend, Indiana,
Attest:
e
June 13 19 77
City Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
June 14 I g 77 .
/� City Clerk
Approved and signed by me t ,-�
Mayor
RESOLUTION NO. 't:, !: I -'>
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA, APPROVING AMENDMENT TO
LEASE BETWEEN THE CITY OF SOUTH BEND, INDIANA,
AS LESSEE, AND SOUTH BEND CIVIC CENTER BUILDING
AUTHORITY, AS LESSOR, DATED JUNE 1, 1977, AND
AUTHORIZING EXECUTION THEREOF
BE IT RESOLVED, by the Common Council of the City of
South Bend, Indiana, that:
Sec. 1. The proposed amendment to lease by and between
South Bend Civic Center Building Authority, as lessor, and City
of South Bend, Indiana, as lessee, dated June 1, 1977, is
hereby approved and the execution of such amendment to lease
would be in the best interests of the City of South Bend, Indiana,
in order to make possible refunding of the Civic Center Bonds
and is therefore authorized.
Sec. 2. The City Clerk is authorized and directed
to initial and date the proposed copy of the amendment to lease
and place the same in the minute book immediately following the
minutes of this meeting, and said amendment to lease is made a
part of this resolution as fully as if the same were set forth
herein.
Sec. 3. This resolution shall be in full force and
effect from and after its adoption by the Common Council of
the City of South Bend, Indiana and approval of the Mayor.
f G
FILED 'S OFFICE
Member on the Common Council of
the City bf South Bend, Indiana
PRESENTED i _3 ? - v 1977
NOT /.PP`:OyEED Irene Gammon
EU WK. $OUP BEND XL
AMENDMENT TO LEASE
Between
SOUTH BEND CIVIC CENTER BUILDING AUTHORITY
AND
CITY OF SOUTH BEND, INDIANA
WHEREAS, South Bend Civic Center Building Authority, a
body corporate and politic organized and existing under Indiana
Code 1971, 19 -7 -18.5, (hereinafter called "Authority "), and
City of South Bend, Indiana, (hereinafter called "City "), did
heretofore on the 27th day of August, 1975, enter into a lease
as authorized by Indiana Code 1971, 19 -7 -18.5, which lease was
duly recorded in the office of the Recorder of St. Joseph
County, Indiana, on November 21, 1975, and appears in Miscel-
laneous Record Book 295 at pages 102 to 123; and
WHEREAS, the Authority, in 1975,
Bonds in the amount of Five Million Th
sand Dollars ($5,390,000) (hereinafter
Bonds ") and is constructing facilities
center on the leased premises with the
Bonds; and
issued its Civic Center
ree Hundred Ninety Thou -
referred to as the "1975
to be used as a civic
proceeds of said 1975
WHEREAS, Authority now desires to refund said 1975 Bonds
outstanding as authorized by Indiana Code 5 -1 -5 (hereinafter
referred to as the "Act "), and thereby obtain a substantial sav-
�ing and reduction in interest costs and also permit a reduction
in the lease rental payments as hereinafter provided; and
WHEREAS, the Authority has, by due corporate action, de-
termined to borrow the sum of Eight Million Four Hundred Eighty -
five Thousand Dollars ($8,485,000) and to execute and issue
therefor its Civic Center Refunding Bonds pursuant to a Trust
Indenture dated as of June 1, 1977, between the Authority and The
National Bank and Trust Company of South Bend, as Trustee,
(hereinafter referred to as "1977 Trust Indenture ") which Civic
Center Refunding Bonds are being issued for the purpose of pro-
viding for the payment of (i) the principal amount of the 1975
Bonds outstanding, (ii) the interest payable on the 1975 Bonds
due July 1, 1977, to and including July 1, 1986, (iii) the
redemption premiums which will be payable on January 1, 1986,
and July 1, 1986, and (iv) costs of refunding thereby pro-
curing the full release and discharge of the Trust Indenture
dated as of November 1, 1975, to The National Bank and Trust
Company of South Bend, Trustee, (hereinafter referred to as
the "1975 Trust Indenture ") pursuant to which the 1975 Bonds
were issued, all as provided by Article XIII of the 1975
Trust Indenture;
NOW THEREFORE it is agreed by and between the Authority
and the City that the lease dated August 27, 1975, made and
executed between them (which lease was duly recorded in the
office of the Recorder of St. Joseph County, Indiana, on
November 21, 1975, and appears in Miscellaneous Record Book
295 at pages 102 to 123)shall be amended as follows effective
with the issuance and delivery by the Authority of the Civic
Center Refunding Bonds and the full release and discharge of
the 1975 Trust Indenture:
1. Section 9 of said lease dated August 27, 1975, is
amended by adding at the end thereof new paragraphs reading
as follows:
"Notwithstanding the foregoing provisions of
this Section 9 and the provisions of Section 10,
the lease rental payable on June 28, 1978, and semi-
annually thereafter on June 28 and December 28 dur-
ing the term of this lease shall be the lesser of:
(i) Two Hundred Twenty -eight Thou-
sand Dollars ($228,000), or
(ii) Two Thousand Five Hundred Dol-
lars ($2,500) plus an amount which when
added to (a) the amount then in the Sink-
ing Fund created by Section 4.01 of the
Trust Indenture dated as of June 1, 1977,
between the Authority and The National
Bank and Trust Company of South Bend, as
Trustee (hereinafter in this lease referred
to as the 11977 Trust Indenture') and (b)
-2-
the amount payable into such Sinking
Fund on or before January 1 or July 1
following such June 28 or December 28
from interest to be received from-the
investment of the proceeds of the Civic
Center Refunding Bonds issued pursuant
to the 1977 Trust Indenture, equals the
balance required in such Sinking Fund
to pay unpaid principal and interest due
on or before the January 1 or July 1
following such June 28 or December 28 on
such Civic Center Refunding Bonds.
"All rentals shall be paid by City to The Na-
tional Band and Trust Company of South Bend, in the
City of South Bend, Indiana, as Trustee under the
1977 Trust Indenture or to such other bank or trust
company as may from time to time succeed The National
Bank and Trust Company of South Bend as Trustee under
the 1977 Trust Indenture. All payments so made by
the City shall be considered as payment to the Authority
of the rentals payable hereunder."
2. IT IS HEREBY FURTHER AGREED that all other provisions
of said lease dated August 27, 1975, shall remain in effect.
Dated as of the lst day of June , 1977.
Attest:
(Written itnature)
(Printed Signature)
Secretary
OUTH BEND CIVIC CENTER BUILDING
A \ ORITY
By �,
( Written Signature)- -
(Printed Signature)
President
-3-
Attest:
(Written Signature)
�ZX6gr- A 1.-,4 J�7 .y, c-tf
(Printed Signature)
City Clerk
CITY OF SOUTH BEND, INDIANA
By
(Writ n Signature)
�`l �-� `'���� j ,`. ��
Printed Signature),r,4`
Mayor
-4-
STATE OF INDIANA )
) SS:
COUNTY OF ST. JOSEPH)
Before me, the undersigned, a Notary Public in and for
said County and State, personally appeared Lex B. Wilkinson
and Robert W. O'Connor , personally known to me to be Vice
President and Secretary of South Bend Civic Center Building
Authority, and acknowledged the execution of the foregoing
lease for and on behalf of said Authority.
WITNESS my hand and Notarial Seal this day of
June 1977.
ttA'k- AA
(Written Signature)
My commission expires:
May 8, 1978
-5-
Warren A. Deahl
(Printed Signature)
Notary Public
STATE OF INDIANA )
) SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public in and
for said County and State, personally appeared Peter J. Nemeth
by his duly authorized agent, Peter H. Mullen, and Irene K.
Gammon, personally known to me to be the Mayor (and Mr. Mullen,
his duly authorized agent) and City Clerk respectively of the
City of South Bend, Indiana, and acknowledged the execution of
the foregoing lease for and on behalf of said City.
WITNESS my hand and Notarial Seal this 14 day
of June, 1977.
Written Signature
\,IAq 2cN is 1,�A HL-
Printed Signature
Notary Public
My commission expires:
This instrument was prepared by Robert D. Risch, attorney at
law, Indianapolis, Indiana