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HomeMy WebLinkAboutApproving the Sale of Bonds of the Park DistrictORDINANCE No. 7038 -82 Passed by the Common Council of the City of South Bend, Indiana March 15, �9 82 IRENE K. GAMMON Clerk Attest:_ v President of Common Council Presented by me to the Mayor of the City of South Bend, March 16 19 82 /f Approved and signed by IRENE K. GAMMON Z Clerk ORDINANCE NO. 70 AN ORDINANCE. OF THE CITY OF SOUTH BEND, INDIANA, APPROVING THE SALE OF BONDS OF THE PARK DISTRICT OF THE CITY OF SOUTH BEND, INDIANA WHEREAS, the Board of Park Commissioners of the Park District of the City of South Bend, Indiana, has determined and found that it will be of public utility and benefit and for the best interests of the citizens and property in the Park District of the City of South Bend to provide for various improvements, works of construction and property acquisition in an amount not exceeding Five Million Eight Hundred Thousand Dollars ($5,800,000.00); and WHEREAS, a Petition has been filed under the provisions of I.C. 6- 1.1 -20 -3 by five thousand two hundred and eighty -nine (5,289) owners of taxable real estate located within the Park District of the City of South Bend, Indiana, requesting said Board of Park Commissioners to issue bonds in an amount not exceeding Five Million Eight Hundred Thousand Dollars ($5,800,000.00) for the purpose of providing funds to be applied on the costs of said improvements, works of construction and property acquisition, which Petition said Board of Park Commissioners found to be sufficient under the provisions of said statute; and WHEREAS, said Board of Park Commissioners by a Preliminary Bond Resolution passed on the 16th day of November, 1981, determined to proceed with a portion of the improvements and works of construction described in said Petition, those improvements and works of con- struction being construction and site development of a water related raceway (East Raceway) and the construction of a walkway with lighting beneath the west end of the Jefferson Street bridge and a walkway with lighting in Plaza Park and Howard Park, the estimated cost of said improvements and works of construction and the incidental expenses necessary to be incurred in connection with the projects and the issuance of bonds including architect and engineering fees and the cost of the sale of the bonds which is in the approximate amount of Two Million Nine Hundred Thousand Dollars ($2,900,000.00); and WHEREAS, said Board of Park Commissioners additionally determined by said Preliminary Bond Resolution passed the 16th day of November, 1981, to proceed with a portion of the property acquisition described in said Petition, the property acquisition being the purchase of the parcel of property described in the Confirming Resolution passed by said Board of Park Commissioners on the 30th day of December, 1980 as "Parcel IV - East Race" which purchase of land is necessary for the construction and site development of a water related raceway (East Raceway), the estimated cost of said purchase and the incidental expenses necessary to be incurred in connection with said purchase or acquisition and the issuance of bonds including architect and engineering fees and the cost of the sale of bonds, which is in the approximate amount of Six Hundred Thousand Dollars ($600,000.00); and WHEREAS, after the adoption of said Preliminary Bond Resolution on the 16th day of November, 1981, the Secretary of the Board of Park Commissioners gave Notice of Petition for and Determination to Issue Bonds, Notice of Determination to Issue Bonds and Notice of Proposed Additional Appropriation all as provided by Indiana law; and WHEREAS, said Board of Park Commissioners received a petition signed by three thousand five hundred and seventy -eight (3,578) owners of taxable real estate located within the Park District of the City of South Bend requesting said board not to issue bonds for the purpose of procurring funds to be applied on the cost of the improvements and works of construction and property acquisition on which said Board determined to proceed as described above; and WHEREAS, said Board of Park Commissioners determined by resolution passed on the 26th day of February, 1982, that the petition requesting that bonds not be issued was insufficient; and WHEREAS, said Board of Park Commissioners determined by Final Bond Resolution passed on the 26th day of February, 1982, to make a loan in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) for the purpose of providing funds with which to pay the costs of said improvements and works of construction and acquisition of property and the incidental expenses necessary to be incurred in connection with said projects and purchases and the issuance of bonds including architect and engineering fees and the cost of the sale of bonds; and WHEREAS, in order to procure said loan, said Board of Park Commissioners of the Park District of the City of South Bend determined by said Final Bond Resolution, pursuant to I.C. 36 -10 -4, that the bonds of the Park District of said City of South Bend shall be issued in the name of the City of South Bend in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) and designated as "Park District Bonds of 1982" which bonds shall be issued in the denomination of Five Thousand Dollars ($5,000.00) in not less than ten (10) substantially equal series, and shall be payable one (1) series each year, beginning on January 1st of the second year following the date of issue, and shall bear interest at a rate not exceeding fifteen per cent (15 %) (the exact rate or rates to be determined by bidding), and the interest payable semi - annually; and WHEREAS, by said Final Bond Resolution passed on the 26th day of February, 1982, the Board of Park Commissioners of the City of South Bend authorized and directed the City Controller to have prepared and to issue and sell said bonds as hereinabove described; and WHEREAS, the Council now finds that said improvements, works of construction and acquisition of property are necessary and will be of general benefit to the City, its citizens and the Park District of the City of South Bend; NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: SECTION 1. That the Board of Park Commisioners of the Park District of the City of South Bend is hereby authorized to issue the bonds of said Park District in the name of the City of South Bend in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) for the purpose of providing funds with which to pay the costs of the construction and site development of a water related raceway (East Raceway) and construction of a walkway with lighting beneath the west end of the Jefferson Street bridge and a walkway with lighting in Plaza Park and Howard Park and all equipment, appurtenances and incidentals relative thereto and the purchase of land for the construction of a water related raceway, (East Raceway) and the incidental expenses necessary to be incurred in connection with said projects and purchases and the issuance of bonds including architect and engineering fees and the cost of the sale of bonds, all in accordance with Resolution No. 1 -1982 authorizing such bonds adopted by the Board of Park Commissioners of the Park District of the City of South Bend on February 26, 1982. SECTION 2. This ordinance shall be in full force and effect immediately upon its passage and signing by the Mayor. I•JOT APPROVED FILED IN CLERK'S OFFICE FEB 21 1982 REFERRED PASSED 3- /S..$'Z Irene Gammon -2 CITY CLERK, SO= BEND, IND. Richard L. Hill City Attorney Robert M. Parker Chief Deputy Thomas L. Bodnar Gregory D. Loughridge James A. Masters Carolyn V. Pfotenhauer Robert C. Rosenfeld Eugenia S. Schwartz Kathleen E. Skiba CITY of SOUTH BEND ROGER O. PARENT, Mayor COUNTY-CITY BUILDING MEMBERS OF THE COMMON COUNCIL COUNCIL CHAMBERS County -City Building, 4th Floor South Bend, Indiana 46601 Dear Members of the Council: SOUTH BEND, INDIANA 46601 February 26, 1982 2191284 -9241 Attached is an ordinance approving the appropriation of the proceeds of the Park District Bonds. As you know, bond proceeds will be utilized for the construction and property acquisition needed for the East Race Project. Upon passage of this ordinance, the proposed additional appropriation will be submitted to the State Board of Tax Commissioners for their approval. Your favorable consideration of this ordinance is requested. Sinc rely, ichard L. Hill City Attorney RLH /smp Enc. TomrAturr Irpnrt On the fdnuunun Clounrtl of the (ft of £►nuth fktuL Your Committee to whom was referred BILL NO. 22 -82 A BILL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING THE SALE OF BONDS OF THE PARK DISTRICT OF THE CITY OF SOUTH BEND. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. JOHN VOORDE Chairman .... •.... CO.