HomeMy WebLinkAboutAuthorizing the election by the City of South Bend of the $5,000,000 or less exemption provided in section 103(c)(6)(D) with respect to an issue of Economic Development Revenue Bonds RESOLUTION
325-72
Passed by the Common Council of the City of South Bend, Indiana,
AUGUST 28 19 72
Attest: � �c/ City Clerk
Attest: (/ President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
AUGUST 30 1972
��. City Clerk
Approved and signed by me a� 19 .
Mayor
Y YJ
RESOLUTION NO. 325-72
RESOLUTION AUTHORIZING THE ELECTION BY THE
CITY OF SOUTH BEND, INDIANA, OF THE $5 ,000 ,000
OR LESS EXEMPTION PROVIDED IN SECTION 103 (c)
(6) (D) WITH RESPECT TO AN ISSUE OF ECONOMIC
DEVELOPMENT REVENUE BONDS RELATING TO ROYAL INN
OF SOUTH BEND, A LIMITED PARTNERSHIP PROJECT
WHEREAS it is beneficial and essential that the City of
South Bend, Indiana, elect under Section 103 (c) (6) (D) and Internal
Revenue Regulation Section 1.103-10 to have the issue of Economic
Development Revenue Bonds relating to the Royal Inn of
South Bend, a Limited Partnership, project 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 hereby elects
pursuant to Section 103 (c) (6) (D) of the Internal Revenue Code, as
amended, and Internal Revenue Service Regulation Section 1.103-10
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
Royal Inn of South Bend, a Limited Partnership, project and authorizes
the Mayor of such City, or in his absence the Controller, to execute
and file the statement of such election with the District Director
or Director of the Internal Revenue Service Center where Royal Inn
of South Bend, a Limited Partnership, is required to file its income
tax returns prior to the issuance of such Economic Development
Revenue Bonds and provide a copy of such statement for attachment
to the income tax return of Royal Inn o South Bend, a Limited
Partnership.
Passed and adopted by the Common Cou cp of the City of
South Bend, Indiana, on this 28 day of August , 1972.
President of Common Council
ATTEST: 'FILED IN CLr°K'S OFFICE
Irene Gammon
CITY CLERK, SOUTH BEND, IND.,
City Clerk
1st 1 2nd READIRQ
COMMITTEE Af Eg WHOLE
>PUBUQ,�)>t�_ Vir 2 8 'IN?-
3 g REII A&
NOT'APPRO.M
REFERRED,
PASSED $'� oZ 8--7 �-