The URL can be used to link to this page

Home My WebLink AboutApproving and Consenting the issuance by St Joseph County, of its variable rate educational facilities revenue bonds, series 2007 (University of Nore Dame DU LAC Project) and certain economic Develoment FacilitiesRESOLUTION 3811-07 Passed by the Common Council of the City of South Bend, Indiana November 12, Attest: City Clerk President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana November 13, 20 07 November 19, 07 Approved and signed by me 20 2007 City Clerk ' Y °7`^ RESOLUTION NO. 3 ~I ~ -O~ A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONSENTING TO AND APPROVING THE ISSUANCE BY ST. JOSEPH COUNTY, INDIANA OF ITS VARIABLE RATE EDUCATIONAL FACILITIES REVENUE BONDS, SERIES 2007 (UNIVERSITY OF NOTRE DAME DU LAC PROJECT) AND ITS MUNICIPAL COMMERCIAL PAPER NOTES (UNIVERSITY OF NOTRE DAME DU LAC) IN CONNECTION WITH THE FINANCING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES WHEREAS, the City of South Bend, Indiana (the "City"), is a municipal corporation and political subdivision of the State of Indiana and by virtue of Ind. Code § 36-7-12-22(b) is authorized and empowered to adopt this Resolution; and WHEREAS, the University of Notre Dame du Lac, an Indiana non-profit corporation (the "University"), desires to undertake certain projects consisting of (i) construction of an addition to the Mason Support Services Center, (ii) renovation and improvements to laboratory facilities within Nieuwland Science Hall, (iii) general construction and renovation projects, including construction andlor renovation of and improvements to residence halls, athletic, academic, and student service facilities, security facilities, utility facilities and infrastructure, and improvements to roads, walkways and parking lots, including site improvements and landscaping, (iv) refunding of all or a portion of certain bonds (A) designated as Indiana Educational Facilities Authority Educational Facilities Refunding Revenue Bonds, Series 1997 (University of Notre Dame du Lac Project) (the "IEFA Series 1997 Bonds") and (B) designated as St. Joseph County, Indiana Educational Facilities Revenue Bonds, Series 1997 (University of Notre Dame du Lac Project) (the "County Series 1997 Bonds"), the proceeds of which IEFA Series 1997 Bonds and County Series 1997 Bonds were each used to finance or refinance educational facilities for the University located on its campus which are owned and operated by the University, and (v) the acquisition, construction, expansion, renovation or equipping of any other educational facilities for the University (collectively, the "Project"); and WHEREAS, the University has requested that St. Joseph County, Indiana (the "County") issue, sell and deliver its Variable Rate Educational Facilities Revenue Bonds, Series 2007 (iniversity of Notre Dame du Lac Project) in an aggregate principal amount not to exceed $80,000,000 (the "Bonds"), and to issue, sell and deliver its Municipal Commercial Paper Notes (University of Notre Dame du Lac), in an aggregate principal amount of not to exceed $200,000,000 (the "Notes"); and WHEREAS, Ind. Code § 36-7-12-22(b), provides in relevant part that "economic development facilities that are located inside the corporate boundaries of a municipality may not be financed by a county without the consent of the fiscal body of the municipality;" and WHEREAS, the Common Council of the City (the "Common Council"), the fiscal body of the municipality in which a portion of the Project is to be located, desires to consent to the financing of the Project by the County through the issuance of the Bonds and Notes, pursuant to Ind. Code § 36-7-12-22(b); and WHEREAS, the St. Joseph County Economic Development Commission (the "Commission"), has conducted a public hearing (the "Public Hearing") with respect to the proposed issuance of the Bonds and Notes on behalf of (i) itself, (ii) the County, and (iii) the City; and WHEREAS, the Common Council has been presented with copies of the legal notice of the Public Hearing, together with a copies of the Resolution and Report of the Commission pertaining to the issuance of the Bonds and Notes, and the proposed Ordinance to be adopted by the County authorizing the issuance of the Bonds and Notes; and WHEREAS, the Common Council, being duly advised, finds that it is in the best interests of the City and its citizens to approve the issuance of the Bonds and Notes, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"). NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. The Common Council of the City hereby consents, pursuant to the provisions of Ind. Code § 36-7-12-22(b), to the financing of the Project by the County and its Economic Development Commission, and having jurisdiction with respect to a portion thereof hereby transfers such jurisdiction to the County. Section 2. The Common Council of the City, the elected fiscal body of the governmental unit having jurisdiction over the area in which a portion of the Project to be financed with the proceeds of the Bonds and/or Notes is located, after a public hearing following reasonable notice, hereby approves the authorization, execution, issuance and delivery of the Bonds and Notes by the County, as required by Section 147(f) of the Code. Section 3. This Resolution shall be in full force and effect immediately upon its adoption by the Common Council. SBDS02 PFACCENDA 364730v1 PRESENTED L ~ _ (~--0~ ,~ ~- Member e Common Council NOT APPROVED 2 ADOPTED ~ ~ -1 Z- ~ 7 P~OV - 7 2:).:J. CITY CS_1=fdY, ~G. E£1tiD, tR TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 07-137 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONSENTING TO AND APPROVING THE ISSUANCE BY ST. JOSEPH COUNTY, INDIANA OF ITS VARIABLE RATE EDUCATIONAL FACILITIES REVENUE BONDS, SERIES 2007 (UNIVERSITY OF NOTRE DAME DU LAC PROJECT) AND ITS MUNICIPAL COMMERCIAL PAPER NOTES (UNIVERSITY OF NOTRE DAME DU LAC) IN CONNECTION WITH THE FINANCING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorite recommendation. Karen L. White Chairperson BARNES &THORNBURG LLP Philip J. Faccenda, Jr. (574) 237-1148 Email: philip.faccendaCt4btlaw.com HAND DELIVERY John Voorde Clerk of the City of South Bend 455 County-City Building 227 West Jefferson Boulevard South Bend, Indiana 46601 600 1st Source Bank Center 100 North Michigan South Bend, IN 46601-1632 U.S.A. (574)233-1171 Fax (574)237.1125 www.btlaw.com November 7, 2007 Re: St. Joseph County, Indiana Variable Rate Educational Facilities Revenue Bonds, Series 2007 (University of Notre Dame du Lac Project) (the "Bonds") and St. Joseph County, Indiana Municipal Commercial Paper Notes (iniversity of Notre Dame du Lac) (the "Notes") Dear John: Enclosed for filing with the South Bend City Clerk are multiple copies of a Resolution for the South Bend Common Council consenting to the issuance of the above-referenced Bonds and Notes to be issued by St. Joseph County for projects for the University of Notre Dame du Lac. The South Bend Common Council must consent to the issuance of the Bonds and Notes by St. Joseph County under the EDC statute (Ind. Code § 36-7-12-22(b)), since proceeds of the Bonds or Notes could be spent on projects within the boundaries of the City of South Bend (proposed tech park). Please place this Resolution on the agenda for consideration by the South Bend Common Council at their meeting on November 12, 2007. Please call me with any questions you may have. Sincerely, ~~(~,,,~~ crce~~,..~.~~', Philip J. Faccenda, Jr. PJF:mdm Enclosures cc: Charles S. Leone Kathy Cekanski (w/enc.) SBDS02 PFACCENDA 364997v1 Chicago Elkhart Fort Wayne Grand Rapids Indianapolis South Bend Washington, D.C. ~~\ i a;.,~