HomeMy WebLinkAboutApproving the Leasing of Water Works Facilities of South Bend Federal Savings & Loan AssnW A Me 01 Le .�11
Passed by the Common Council of the City of South Bend, Indiana
Julv 24
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
Approved and signed by
W-3
Clerk
ident of Common Council
July 25 19_18
IRENE K. GAMMON
19
Clerk
ORDINANCE NO. (,t/O O --719
AN ORDINANCE OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA APPROVING THE
LEASING OF WATER WORKS FACILITIES OF
SOUTH BEND FEDERAL SAVINGS AND LOAN
ASSOCIATION
STATEMENT OF PURPOSE AND INTENT:
Negotiations have been conducted for the leasing of the water
works facilities currently owned and operated by South Bend Federal
Savings and Loan Association ( "Corporation ") by the City of South
Bend, Indiana ( "City "), pursuant to the provisions of I.C. 19 -3 -11.5;
Officers of the City have caused to be prepared a form of
lease agreement between the Corporation as lessor and the City as
lessee, the terms of which lease have been agreed upon by the
Corporation and officers of the City.
A public hearing was held on June 12, 1978 on the necessity for
the execution of the lease and fairness and reasonableness of the
rentals provided therein, notice of such hearing having been given in
the matter required by I.C. 19 -3- 11.5 -6.
It is now advisable to authorize the execution of the lease of
the water works facilities and to give notice of the execution of
the lease in the manner required by I.C. 19- 3- 11.5 -7.
NOW, THEREFORE, BE IT ORDAINED BY the Common Council of the
City of South Bend, Indiana, as follows:
SECTION I. The proposed lease, attached hereto as Exhibit A.
provides for a fair and reasonable rental and the execution of said
lease is necessary.
SECTION II. The proposed lease is hereby approved and the
Mayor and the City Clerk are hereby authorized to execute the lease
on behalf of the City, and notice of the authorization and execution
of the lease shall be given in the manner required by I.C. 19- 3- 11.5 -7.
SECTION III. The Clerk of the City is authorized and directed
to attest said lease and to initial and date a copy of the lease and to
place the same in the minute book immediately following the minutes
of the meeting at which this Ordinance is passed, and said lease is
a part of this Ordinance as fully as if the same were set forth herein.
SECTION IV. The President of the Common Council be, and he is
hereby authorized and directed to execute the aforesaid lease on
behalf of the Common Council of the City of South Bend, Indiana.
SECTION V. This Ordinance shall be in full force and effect
from and after its adoption by the Common Council and approval by
the Mayor.
lst P.EADING .S- ,) g
PUBLIC NEARING
2nd REAMING
NOT APPROVED"
REFERRED
PASSED
Membler of the Common Council
pp or only to provide an �^���� IN CLERKS CLERKS ���l�E
r for public discussion• i'
and Council action on the issue.