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HomeMy WebLinkAboutNo. 0413 authorize issuance of bands for the purpose of defraying expenses - Project IN R-660 0 RESOLUTION NO. 413 RESOLUTION TO AUTHORIZE ISSUANCE OF BONDS FOR THE PURPOSE OF DEFRAYING EXPENSES- Project Indiana R -66 WHEREAS, this Commission adopted Resolution No. 215 on April 4, 1968 (Central Downtown Project, Indiana R -66) which Resolution declared certain real estate in the South Bend Redevelopment District to be blighted areas; and WHEREAS, this Commission held a hearing and confirmed said determination as to said Central Downtown Project, Indiana R -66 on the 10th day of October, 1968 by the adoption of Resolution No. 233; and WHEREAS, the Common Council of the City of South Bend approved said determination by the adoption, on September 10, 1968, of its Resolution No. 193 -68 approving the Urban Renewal Plan and the Feasibility of Relocation for said Central Downtown Project, Indiana R -66; and WHEREAS, said Central Downtown Project, Indiana R -66 was approved by the St. Joseph County Area Plan Commission on the 6th day of August 1968; and • WHEREAS, a petition signed by more than fifty (50) owners of taxable real estate located in the South Bend Re- development District and certified by the St. Joseph County Auditor requesting the South Bend Redevelopment Commission to issue bonds for the purpose of procuring funds to pay the cost of acquisition, clearance, rehabilitation, site improve- ment and renewal of property described in Commission Resolution No. 215, and all expenses necessarily incurred in connection with E C WHEREAS, the Commission finds that in order to provide funds for the payment of part of the costs of the Central Down- town Project, it will be necessary to issue bonds of the Redevelop- ment District in the amount of Three Million and Eight Hundred Thousand Dollars ($3,800,000) ; Now Therefore, be it RESOLVED by the South Bend Redevelopment Commission that: 1. For the purpose of providing funds to be used in paying the acquisition, clearance, rehabilitation, site improve- ment and renewal of property described in Commission Resolution No. 215, and incidental costs necessary to be incurred in carrying out said Projects, the City of South Bend, acting for and on behalf of the South Bend Redevelopment District, shall make a loan in the amount of Three Million and Eight Hundred Thousand Dollars ($3,800,000). In order to procure said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the City, payable solely out of a special tax to be levied on all property within said District, to be designated as "Redevelopment District Bonds of 1972 ", in the aggregate principal amount of Three Million and Eight Hundred Thousand Dollars ($3,800,000), which bonds shall be issued in the denomination of Five Thousand Dollars ($5,000), shall be numbered consecutively from 1 to 760, shall be dated as of the first day of the month in which such bonds are sold, and shall bear interest at a rate not exceeding six percent (6 %) per annum (the exact rate or rates to be determined by bidding), which interest shall be payable on the first day of July, 1973, and semi - annually thereafter on January 1 and July 1 of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable in lawful money of the United States of America at the St. Joseph Bank and Trust Company, South Bend, Indiana, or the Central National Bank, Chicago, Illinois. Said bonds shall mature as follows: $200,000 on each July 1 in the years 1973 to 1991 inclusive. Said bonds shall be signed in the name of the City of South Bend, Indiana, acting for and on behalf of the South Bend Redevelopment District, by the Mayor of said City, and attested by the City Clerk, who shall affix the official City seal to each of said bonds. The interest coupons attached to said bonds shall be executed by placing thereon the facsimile signatures of the Mayor and the City Controller and each such official, by attesting said bonds, shall adopt as and for his own proper signature, his facsimile signature appearing on said coupons. 2. The form and tenor of said bonds and the interest coupons to be attached thereto shall be substantially as follows, to -wit: UNITED STATES OF AMERICA State of Indiana County of St. Joseph No. $5,000.00 CITY OF SOUTH BEND REDEVELOPMENT DISTRICT BOND OF 1972 The City of South Bend, in St. Joseph County, State of Indiana, acting for and on behalf of the South Bend Redevelopment District (which District included all of the territory within the corporation boundaries of the City of South Bend) for value received, hereby promises to pay to the bearer hereof, solely out of a special tax to be levied upon all of the property within the South Bend RarlrwPlnronant llictrir -t tha nrinr-iTNn1 nmrrntnt n-F on the and to pay interest thereon solely out of--t-he said special y tax, from the date hereof until the principal is paid, at the rate of ercent (o) per annum, which interest is paya le on July 1, 1973, and semi - annually thereafter on January 1 and July 1 of each year, upon presentation and surrender of the annexed interest coupons as they severally become due. Both principal and interest of this bond are payable in lawful money of the United States of America at the St. Joseph Bank and Trust Company of South Bend, Indiana or the Central National Bank of Chicago, Illinois. This bond is one of an authorized issue of Seven Hundred and Sixty (760) bonds of like date and tenor, except as to numbering and dates of maturity, in the total amount of Three Million and Eight Hundred Thousand Dollars ($3,800,000), issued by the South Bend Redevelopment District pursuant to a Resolution adopted by the South Bend Redevelopment RW Commission on July 21, 1972, and in strict com- pliance with IC 1971, 18 -7 -7 (Sections 48 -8341 et seq. of Burns: Indiana Statutes), for the purpose of providing funds to pay the cost of acquisition, clearance, rehabilitation, site improvement and renewal of property described in Resolution No. 21S adopted by the South Bend Redevelopment Commission on April 4, 1968 (Central Downtown Project, Indiana R -66), and all expenses necessarily incurred in connection with said proceedings. This bond does not constitute a corporate obligation or indebtedness of the City of South Bend, but the same is an obligation of the South Bend Redevelopment District and is payable only out of the special taxes to be levied upon all of the property within said District and deposited in the Redevelopment District Bond Fund of said District. Under the provisions of the authorizing statute, this bond is negotiable as an inland bill of exchange. It is hereby certified and recited that all acts, conditions, and things required by law and the Constitution of the State of Indiana to be done precedent to and in the issuance, sale and delivery of this bond have been properly done, happened and performed in regular and due form as prescribed by law, and that the total indebted- ness of the South Bend Redevelopment District, in- cluding the bonds of this issue, does not exceed any Constitutional or statutory limitation of indebtedness. The City of South Bend, acting by and through its Department of Redevelopment and its Redevelopment Commission covenants that it will cause a special tax for the payment of L - L _ _ -1 - - e, _ • - _ - _ _ - - i - 1_ - t _ - _ _ _ 1 - - I I _ _ _ 1 a IN WITNESS WHEREOF, the South Bend Redevelopment Commission of the City of South Bend, St. Joseph County, State of Indiana, has caused this bond to be signed by the Mayor of said City, in the name of the City of South Bend, for and on behalf of the Redevelopment District of said City, the signature of said Mayor to be attested by the Clerk of the said City, the seal of said City to be affixed thereto, and the interest coupons hereto attached to be executed by placing thereon the faccimile signatures of the Mayor and of the City Controller as of the first day of , 19 CITY OF SOUTH BEND I: (Seal of City) ATTEST: mo City Clerk (Interest Coupon) Coupon No Mayor On , 19 , the City of South Bend, Indiana, acting for and on behalf of the South Bend Redevelopment District, will pay to bearer at the office of the St. Joseph Bank and Trust Company of South Bend, Indiana, or the Central National Bank of Chicago, Illinois, out of the Redevelopment District Bond Fund, Dollars, being the interest then due on its Re- development District Bond of 19 dated the day of 19 , No. CITY OF SOUTH BEND, INDIANA (Facsimile) Mayor CFacsimile) City Controller ro-11 FJ 3. As soon as may be done after the adoption of this Resolution, the Executive Director shall give notice of the filing of the petition for and determination to issue bonds as required by IC 1971, 6- 1 -46 -7 and 6- 1 -1 -25 (Section 64 -1910 and Section 64 -1915 of Burns; Indiana Statutes). Said notice shall be published once each week for two weeks in two news- papers of general circulation in the District, and said notice shall also be posted in three (3) public places in the District. 4. Prior to the sale of said bonds, the City Controller shall cause to be published a notice of such sale once each week for two weeks in two newspapers published and of general circula- tion in the District, at least one time in The Indianapolis Commercial, a financial journal published in the City of Indiana- polis, Indiana, and at such other times in such publications as he determines necessary. The date fixed for the sale may not be earlier than fifteen (15) days after the last of such publication. Said bond sale notice shall state the time and place of sale, the purpose for which the bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions upon which bids will be received and the sale made, and such other information as the City Controller determines necessary. Said notice shall also stipulate that no bids at discount may be accepted. The notice of said sale shall not, however, be published prior to the expiration of the period during which taxpayers may file remonstrances or objecting petitions to the issuance of said bonds. In the event a remonstrance shall be filed by owners of taxable real estate under the provisions if IC 1971, 6- 1 -46 -7 (Section 64 -1910 of Burns; Indiana Statutes), E E7 the Redevelopment Commission shall have determined that such remonstrance is insufficient. In the event an objecting petition or petitions are filed by taxpayers under the provisions of IC 1971, 6- 1 -1 -25 (Section 64 -1915 of Burns; Indiana Statutes), then the bond sale notice shall not be published unless and until the State Board of Tax Commissioners shall issue its order approving the issuance of said bonds. In the event it shall be determined by the State Board of Tax Commissioners, or otherwise, that the whole amount of the bonds herein authorized shall not be issued, but only-a part thereof, then the City Controller shall be authorized to advertise and sell a lesser amount of bonds authorized by said Board and the bonds not issued and sold shall be the bonds of the latest maturity or maturities. S. All bids for said bonds shall be sealed and shall be pre- sented to the City Controller at his office. Bidders for said bonds shall be required to name the rate or rates of interest which the bonds are to bear, not exceeding six percent (6 %) per annum, and such interest rate or rates shall be in multiples of either one - eighth of one percent (1/8 %) or one -tenth of one percent (1 /10 %). Bids specifying Sri` more than one interest rate shall also specify the amount and maturities of the bonds bearing each rate, but all bonds maturing on the date shall bear the same rate. Not more than four (4) interest rates may be specified by each bidder, and no bidder may submit a spread between the highest and the lowest rate in its bid of greater than two percent (2 %). The Controller shall award the bonds to the highest qualified bidder. The highest bidder shall be the one who offers the lowest net interest r L_ In the event no satisfactory bids are received on the day named in said notice, the Controller shall be authorized to continue the sale from day to day thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said sale be continued, no bid shall be accepted which is lower than the highest bid received at the time fixed for said sale in the bond sale notice. The City Controller is hereby authorized and directed to obtain legal opinion as to the validity of said bonds from Ice, Miller, D.onadio & Ryan, bond counsel of Indianapolis, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considered a part of the cost of said Projects and shall be paid out of the proceeds of said bonds. 6. The Mayor is hereby authorized to execute said bonds, the City Controller is hereby authorized and directed to have said bonds and coupons prepared and to execute the interest coupons to be attached thereto, and the City Clerk is hereby authorized to attest the bonds, and affix the seal of the City. After said bonds shall have been properly executed, the City Controller shall deliver the same to the St. Joseph County ANN Treasurer, ex Officio Treasurer of the City of South Bend and of the Redevelopment Commission, and shall take his receipt therefor; and upon consummation of the sale of said bonds, the City Controller shall then certify to the Treasurer the amount which the purchaser is to pay for the same; thereupon, said Treasurer shall be authorized to receive from the purchaser the amount so certified by the Controller and to deliver the bonds to such purchaser. J on the cost of acquisition, clearance, rehabilitation, site improvement, and renewal of property described in Resolution No. 215, adopted by the South Bend Redevelopment Commission on April 4, 1968 (Central Downtown Project, Indiana R -66), and all expenses necessarily incurred in connection with said proceedings. The President and Executive Director are hereby authorized to call a meeting of the Commission at which a public hearing shall be held to hear all taxpayers and interested persons within the South Bend Redevelopment District on the matter of said appropriation. The Executive Director of the Commission is hereby ordered to give notice of such hearing as required by law in two newspapers and by posting. Adopted this 21st day of July, 1972. President, South Bend Redevelopment Commission ATTEST: B. L. Wade, Assistant Secretar (SEAL) o • WHEREAS, the Commissioners did on the 16th day of June, 1972, pass Resolution No. 406 declaring, among other things, that the above described area is blighted and constitutes a menace to the social and economic interests of the City and its inhabitants and that it will be of public utility and benefit to acquire such area and redevelop the same under the provisions of the Redevelopment of Cities and Towns Act of 1953, as amended; and WHEREAS, said Redevelopment of Cities and Towns Act, as amended, requires ® that the Commissioners confirm this previous Resolution; NOW THEREFORE, BE IT RESOLVED, by the City of South Bend Redevelopment Commission that it will be of public utility and benefit to proceed with the plan of redevelopment as set forth in the Declaratory Resolution and that the Declaratory Resolution passed by the Commission on the 16th day of June 1972 referred to in the WHEREAS clauses above is now in all things hereby approved, ratified and confirmed. Adopted at a Regular Meeting of the Redevelopment Commission, 1200 County -City Building, South Bend, Indiana, on the 18th day of August it 1972. CITY OF SOUTH BEND, INDIANA DEPAR MWr OF REDEVELOPMENT Fr d i J. lm (President) ATTEST: