HomeMy WebLinkAboutResolution 0003 2020 Bond Transfer
RESOLUTION NO. 0003-2020
A RESOLUTION OF THE BOARD OF PARK COMMISSIONERS OF THE CITY OF
SOUTH BEND APPROVING THE TRANSFER OF THE 2017 PARK BOND SERIES E
FUNDS TO THE 2017 PARK BOND SERIES D PROJECT
WHEREAS, the City of South Bend, Indiana (the “City”) has, by Ordinance No. 7018-82
adopted pursuant to Indiana Code §36-10-4 et seq. (the “Act”), established the Board of Park
Commissioners of the City (“Board”) through is Venues, Parks & Arts Department (“VPA”) which
has jurisdiction over the Park District of the City (the “District”); and
WHEREAS, pursuant to the Act, the Board issued special taxing district bonds, in eleven
(11) series, to finance (i) each of the projects described in Exhibit A, incorporated herein by
reference and attachment, (ii) other park improvements throughout the geographic boundaries of
the District, and (iii) all projects related to any of the projects described in clauses (i) or (ii) (clauses
(i) through and including clause (iii), collectively, the “Projects”); and
WHEREAS. The Board issued bonds designated “City of South Bend, Indiana, Park
District Bonds, Series 2017 A-K” (with the series matching the series designations set forth at
Exhibit A, incorporated herein by reference and attachment, collectively, the “Bonds”) in eleven
(11) series, totaling $14,075,000 and netting $13,940,728.40, to finance (i) each of the projects
described in Exhibit A, (ii) other park improvements throughout the geographic boundaries of the
District, and (iii) all projects related to any of the projects described in clauses (i) or (ii) (clauses
(i) through and including clause (iii), collectively, a set of defined projects within the City-wide
My SB Parks & Trails Initiative (collectively, the “Projects”); and
WHEREAS, the 2017 Park Bond Series E was issued in a principal amount of $825,000
(the “Series E Bonds”) for a Project to improve and expand a mixed use, riverfront trail from
Miami Street to Twyckenham Drive (the “Series E Project”); and
WHEREAS, the 2017 Park Bond Series D was issued in a principal amount of $1,275,000
(the “Series D Bonds”) for a Project to improve and expand a mixed use, riverfront trail from
Howard Park, along Governor Joe Kernan Park, south to Sample Street (the “Series D Project”);
and
WHEREAS, the Series E Project commenced along Lincoln Way East with Phase I activity
funded by a 2017 River West TIF bond, River West TIF cash and internal VPA operating budgets
for a total of over $700,000 in improvements; and the Phase I work was further enhanced by an
Indiana State road improvement project on Lincoln Way East in the Fall of 2018; and
WHEREAS, although certain improvements have been made to the Lincoln Way East trail,
during the design and engineering process the City experienced two major flood events, including
a thousand-year (1,000) flood in February of 2018, which caused significant damage to several
areas of the City’s Riverwalk, including areas of the Governor Joe Kernan Park and the West Bank
Trail, ultimately resulting in closure of the Jefferson Bridge pedestrian underpass and the
boardwalk between Stiver and Pier Parks; and
EXHIBIT A
Description of Projects and Bond Amounts for Each Series