HomeMy WebLinkAboutAuthorizing the election by the City of South Bend of $5,000,000 or less exemption for First Bank and Trust Company RESOLUTION
346-73
Passed by the Common Council of the City of South Bend, Indiana,
JANUARY 22 , 19 73
Attest: ° �-�-e /� �°"''�"" City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
JANUARY 23 , 19 73
'4' /r- A"-" City Clerk
Approved and signed by me 192,3 .
"' .4 Mayor
RESOLUTION NO. v'416-73
RESOLUTION AUTHORIZING THE ELECTION BY THE CITY OF
SOUTH BEND, INDIANA, OF THE $5,000,000 OR LESS
EXEMPTION PROVIDED IN INTERNAL REVENUE CODE SECTION
103 (c) (6) (D) WITH RESPECT TO AN ISSUE OF ECONOMIC
DEVELOPMENT REVENUE BONDS RELATING TO THE PROJECT
FOR FIRST BANK AND TRUST COMPANY, AS TRUSTEE FOR
LAND TRUST NO. 29-5121.
WHEREAS, it is beneficial and essential that the City of
South Bend, Indiana, elect under Section 103 (c) (6) (D) of the Internal
Revenue Code of the United States of America, as amended, and applicable
regulations thereunder, to have the issue of Economic Development Revenue
Bonds relating to the project for First Bank and Trust Company of South
Bend as Trustee for Land Trust No. 29-5121 enjoy the exemption provided
therein.
NOW, THEREFORE, be it hereby resolved by the Common Council
of the City of South Bend, Indiana, that the City of South Bend hereby
elects pursuant to Section 103 (c) (6) (D) of the Internal Revenue Code of
the United States of America, as amended, and applicable regulations
issued or promulgated thereunder or in connection therewith, to have the
provisions thereof as to the $5, 000,000 or less exemption apply to the
issue of Economic Development Revenue Bonds relating to the project of
First Bank and Trust Company as Trustee for Land Trust No. 29-5121 and
authorizes the Mayor of the City of South Bend, Indiana, or in his
absence the Controller of the City of South Bend, Indiana, to execute
and file the statement of such election with either the District Director
of Internal Revenue or the Director of the Regional Service Center of the
United States of America where the principal user or users of the proceeds
of such issue, or facilities, acquired, constructed, reconstructed or
improved with the proceeds of such issue are required to file their
income tax returns and provide a copy of such statement for attachment
to the income tax return of any person or entity requesting such.
/4i i
M47 f the Common Council
FILED IN CLERK'S OFFICE
PRESENTED /- a a- '7 3
NOT APPROVED JAN 17 1973
ADOPTED --2- -7 3 Irene Gammon
CITY CLERK, SOUTH RENO, IND.