HomeMy WebLinkAboutPurchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the RevenuesORDINANCE No. 5089 -69
Passed by the Common Council of the City of South Bend,
June 9, __69
Clerk
of Common Council
Presented by me to the Mayor of the City of South Bend,
June 10, 69
�9
Clerk
Approved and signed by me 'ru%ow.4. U
IDEAL e0JEW PRESS
ORDINANCE NO. 5089 -69
An Ordinance of the City of South Bend con-
cerning the purchase of land and the con -
struction, maintenance, operation and financ-
ing of off- street parking facilities thereon,
the issuance of revenue bonds to provide the
cost thereof, the collection, segregation and
distribution of the revenues of said project,
the safeguarding of the interests of the hold-
ers of said bonds, and other matters connected
therewith, as amended.
WHEREAS, the Common Council of the City of South Bend
finds that surveys and studies have been made by the Area
Plan Commission of St. Joseph County, Indiana, and Harland
Bartholomew and Associates of Memphis, Tennessee, and rec-
ommendations of said organizations have been made showing
that a necessity exists for the acquisition, construction
and installation of off- street parking structures at cer-
tain locations in the downtown area of the City of South
Bend hereinafter more particularly set forth; that the pur-
chase of land and the construction and operation thereon of
said off - street parking facilities are necessary for the
proper protection of the public safety and welfare and will
be of public utility and benefit to the City and its citi-
zens; that the cost of the acquisition of land and construc-
tion thereon of said off - street parking facilities may be
provided by the issuance of revenue bonds which will not con-
stitute a general obligation of the City; and
WHEREAS, said surveys, field studies, analyses and rec-
ommendations have heretofore been considered and approved by
the Board of Public Works and Safety and the Common Council,
and the Common Council has heretofore directed the Board of
FILED IN CLERK'S OFFICE
MAY 2 6 1969
KATHRYN L. BLOUGH
GTY CLERK, SOUTH BEND, IND.
Public Works and Safety to proceed with said facilities as
provided by law; and
WHEREAS, the Common Council further finds that the
Board of Public Works and Safety has obtained options for
the purchase of the major portions of the following described
lands for use as off- street parking facilities in the City of
South Bend, St. Joseph County, Indiana, to -wit:
Site I located at the Southeast Corner of Colfax
and Main Streets in the City of South Bend, Indi-
ana, more particularly Lots 22, 23 and 24 as shown
on the recorded original plat of the Town, now City,
of South Bend;
Site III located at the Northwest Corner of St.
Joseph Street and Jefferson Boulevard in the City
of South Bend, Indiana, more particularly Lots 38,
39 and 40 as shown on the recorded original plat
of the Town, now City, of South Bend;
and also caused plans, specifications and estimates of the
cost of the purchase and construction of said facilities to
be prepared, and adopted a resolution declaring the public
utility and benefit of the facilities to the City and its
citizens; that the Board of Public Works and Safety caused
to be published, as provided by law, notice of the adoption
of said resolution and of a public hearing open to all per-
sons interested in or affected by such proceedings to be held
on October 29, 1968; that on said date said Board held a pub-
lic hearing and the same was continued to November 4, 1968,
at which time said Board took final action determining the
public utility and benefit of the proposed facilities to the
City and its citizens and confirmed its declaratory resolu-
tion; and
WHEREAS, the Common Council further finds that the Board
of Public Works and Safety has fixed and determined the cost
of acquisition of said described property by obtaining options
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for the purchase of the major portion thereof and has re-
ceived bids for the construction of said facilities after
published notice as required by law, and the cost thereof,
including all incidental expenses necessary to be incurred
in connection therewith and in connection with the issuance
of bonds on account thereof, will be in the amount of Three
Million Six Hundred Thousand Dollars ($3,600,000); that said
Board has requested the Common Council to authorize the issu-
ance of revenue bonds for that purpose under the provisions
of Chapter 190 of the Acts of the Indiana General Assembly
for the year 1955; and
WHEREAS, the Council finds that all conditions preced-
ent to the adoption of an ordinance authorizing the issuance
of revenue bonds to provide the necessary funds to pay the
cost of said off - street parking facilities have been complied
with in accordance with the provisions of the governing stat-
utes; now therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND, INDIANA:
Section 1. The Board of Public Works and Safety be, and
it is hereby, authorized and directed to proceed with the pur-
chase and construction of the off - street parking facilities
which shall be designated on the books of the City as "Off -
Street Parking Project 1969" (sometimes herein referred to as
"Project 1969 "). Said facilities so designated shall include
the following described lands:
Site I located at the Southeast Corner of Colfax
and Main Streets in the City of South Bend, Indi-
ana, more particularly Lots 22, 23 and 24 as shown
on the recorded original plat of the Town, now City,
of South Bend;
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Site III located at the Northwest Corner of St.
Joseph Street and Jefferson Boulevard in the City
of South Bend, Indiana, more particularly Lots 38,
39 and 40 as shown on the recorded original plat
of the Town, now City, of South Bend;
and all improvements thereto and structures, equipment and
appurtenances now or hereafter placed thereon. Said facili-
ties shall be constructed on said lands as described herein -
above and in accordance with the descriptions, plats, speci-
fications and estimates adopted by said Board. The cost of
acquisition and construction of said facilities to be paid
from the proceeds of bonds, including all incidental ex-
penses necessary to be incurred in connection therewith and
in connection with the issuance of bonds on account thereof,
shall not exceed the sum of Three Million Six Hundred Thou-
sand Dollars ($3,600,000). No obligation shall be incurred
beyond the extent to which money has been or may be made avail-
able to the Board of Public Works and Safety by the Common
Council.
Said project shall be constructed and operated, and the
bonds herein authorized shall be issued, pursuant to and in
accordance with the provisions of Chapter 190 of the Acts of
the Indiana General Assembly for the year 1955, and acts sup-
plemental thereto, hereinafter sometimes referred to as the
"Act." The terms "parking facility," "facility," "off- street
parking facilities," "facilities," or "project," as used in
this ordinance, shall mean and refer to the Project 1969 as
herein defined, and shall include the lands therein described
on which said projects are to be located, all structures and
improvements at, placed or made on said lands, entrances,
exits, equipment and all other accessories or appurtenances
necessary or desirable for safety and convenience in the off-
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street parking of vehicles.
Sec. 2. For the purpose of procuring
on the cost of said Project 1969,.the City
issue its off- street parking revenue bonds
Three Million Six Hundred Thousand Dollars
Said bonds shall be issued in the den(
funds to be applied
of South Bend shall
in the amount of
($3,600,000).
)mination of Five
Thousand Dollars ($5,000) each, numbered consecutively from
1 to 720 inclusive, dated as of July 1, 1969, and shall bear
interest at a rate or rates not exceeding seven and one -half
per cent (7 -1/2 %) per annum, the exact rate or rates to be de-
termined by bidding, payable on the first days of January and
July in each year, beginning on January 1, 1970. Such inter-
est 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 main office of First Bank
and Trust Company of South Bend, in the City of South Bend, In-
diana, and, at the option of the holder, at such other bank or
trust company as may be mutually agreed upon with the success-
ful bidder at the time of sale of the bonds. Said bonds shall
mature serially in numerical order on January 1 in the years
and amounts as follows:
Year Amount Year Amount Year Amount
1972 $30,000 1976 $50,000 1981 75,000
1973 50,000 1977 60,000 1982 75,000
1974 50,000 1978 60,000 1983 75,000
1975 50,000 1979 75,000 1984 75,000
1980 75,000 2000 2,800,000
Sec. 3. The bonds of this issue maturing on January 1,
2000, shall be redeemable prior to maturity at the option of
the City from available revenues, in whole, or from time to
time in part, by lot in such manner as the City determines to
be fair and equitable, on January 1, 1984, or any interest
payment date thereafter, at the principal amount thereof and
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accrued interest to the date fixed for redemption, plus the
following premiums:
3% if redeemed on January 1, 1984, or thereafter
on or before July 1, 1987;
2% if redeemed on January 1, 1988, or thereafter
on or before July 1, 1991;
1% if redeemed on January 1, 1992, or thereafter
on or before July 1, 1995;
0% if redeemed on January 1, 1996, or thereafter
prior to maturity;
and, from any funds regardless of source, in whole only, on
January 1, 1984, or any date thereafter, at the principal
amount thereof and accrued interest to the date fixed for
redemption, plus the following premiums:
5% if redeemed on January 1, 1984, or thereafter
on or before December 31, 1987;
4% if redeemed on January 1, 1988, or thereafter
on or before December 31, 1991;
2% if redeemed on January 1, 1992, or thereafter
on or before December 31, 1995;
1% if redeemed on January 1, 1996, or thereafter
prior to maturity.
Notice of such redemption shall be published in a newspaper
published in the City of South Bend, Indiana, and shall also
be published in The Bond Buyer, or in the event of suspension
of publication of such financial journal, then in another fi-
nancial journal, published in the Borough of Manhattan, City
and State of New York, or in a financial journal published in
the City of Chicago, Illinois. If the date fixed for redemp-
tion is an interest payment date, said notice shall be so pub-
lished one (1) time at least thirty (30) days prior to the
redemption date; if the date fixed for redemption is other
than an interest payment date, said notice shall be so pub-
lished by two (2) insertions, the first to be at least thirty
(30) days prior to the date fixed for redemption and the sec-
ond to be not more than thirty (30) nor less than fifteen (15)
days prior to the date fixed for redemption. If any of the
bonds so to be redeemed are registered,,such notice shall be
mailed to the address of the registered holder as shown on
the registration record of the City. The notice shall spec-
ify the date and place of redemption and the serial numbers
of the bonds called for redemption. The place of redemption
may be any bank determined by the City. Interest on the
bonds so called for redemption shall cease on the redemption
date fixed in such notice, if sufficient funds are available
at the place of redemption to pay the redemption price on the
date so named and when said bonds shall be presented for re-
demption. If any unmatured bond and coupon or coupons so
called for redemption shall not be presented on the date fixed
for redemption at the place of redemption, the City may place
in trust at the bank constituting the place of redemption suf-
ficient funds to effect such redemption, and thereafter the
holder of such bond and coupon or coupons shall be entitled
to payment only from such trust funds and the redemption there-
of shall be deemed to have been effected and the bonds no long-
er outstanding.
Sec. 4. Said bonds shall be signed in the name of the
City of South Bend by the Mayor, countersigned by the City
Controller, and attested by the City Clerk, who shall affix
the seal of said City 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 City Con-
troller, and said officials, by the signing of said bonds,
shall adopt as and for their own proper signatures the fac-
simile signatures appearing on said coupons. Said bonds shall
have all of the qualities and incidents of negotiable instru-
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ments under the laws of the State of Indiana.
Said bonds shall be negotiable by delivery unless regis-
tered. Upon presentation of any of the bonds at the office
of the City Controller in the City of South Bend, said City
Controller shall register said bonds as to principal without
charge or expense to the holder. Such registry shall be noted
on each bond so presented, after which no transfer thereof
shall be valid unless made by the registered holder in person
or by his attorney duly authorized and similarly noted on such
bond, but bonds so registered may be discharged from registry
by being in like manner retransferred to bearer, after which
they shall be transferable by delivery but may again be regis-
tered as before. The registration of any bond shall not af-
fect the negotiability of the interest coupons attached there-
to, but such coupons shall continue to pass by delivery merely
and shall remain payable to bearer.
Said bonds, as to both principal and interest, shall be
payable from and secured by an irrevocable pledge of and shall
constitute a first charge upon all the net revenues (herein de-
fined as gross revenues after deduction only for the payment
of the reasonable expenses of operation, maintenance and re-
pair) of the off - street parking facilities herein designated
as Project 1969, and all additions and improvements thereto
and replacements thereof subsequently constructed or acquired;
also the unobligated net revenue derived from on- street park-
ing meters to the extent hereinafter specifically provided.
The City shall not be obligated to pay said bonds or the in-
terest thereon except from said revenues, and said bonds shall
not constitute an indebtedness of the City of South Bend with-
in the meaning of the provisions and limitations of the consti-
tution of the State of Indiana.
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Sec. 5. The form and tenor of said bonds, the interest
coupons to be attached thereto, and the form of registry en-
dorsement thereon, shall be substantially as follows, all
blanks to be filled in properly prior to delivery thereof:
UNITED STATES OF AMERICA
State of Indiana County of St. Joseph
No. $5,000
CITY OF SOUTH BEND
OFF - STREET PARKING REVENUE BOND
SERIES 1969 PROJECT
The City of South Bend, in St. Joseph County,
State of Indiana,.for value received, hereby prom-
ises to pay to the bearer hereof, or if this bond
be registered then to the registered holder, solely
out of the special revenue fund hereinafter referred
to, the principal amount of
FIVE THOUSAND DOLLARS
on the first day of January, (unless this bond
be subject to and be called for redemption prior to
maturity as hereinafter provided), and to pay inter-
est thereon from the date hereof until the principal
is paid, at the rate of
per cent ( %) per annum, payable on the first
days of January and July in each year, beginning on
January 1, 1970, upon presentation and surrender of
the annexed 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 main office of First Bank and Trust
Company of South Bend, in the City of South Bend,
Indiana, or, at the option of the holder, at
.................... ...... ...................
in the City of '
This bond is one of an authorized issue of
( ) bonds of the City of South
Ben of Ike a te tenor and effect, except as to
numbering, rates of interest, and dates of maturity,
in the total amount of .....I.
......
numbered-from. 1
to inclusive, issued for the purpose of provid-
ing funds to pay the cost of off - street parking facili-
ties in the City designated as "Project 1969," as au-
thorized by an ordinance adopted by the Common Council
of the City of South Bend on the day of ,
1969, entitled "An Ordinance of the City of South Ben
concerning the purchase of land and the construction,
maintenance, operation and financing of off - street
parking facilities thereon, the issuance of revenue
bonds to provide the cost thereof, the collection,
segregation and distribution of the revenues of
said project, the safeguarding of the interests of
the holders of said bonds, and other matters con-
nected therewith," and in strict compliance with
the provisions of Chapter 190 of the Acts of the
Indiana General Assembly for the year 1955, and
acts supplemental thereto.
Pursuant to the provisions of said Act and said
ordinance, the principal and interest of this bond
and all other bonds of said issue are payable solely
from the Parking Sinking Fund - Project 1969 (created
by said ordinance) to be provided from the net reve-
nues (herein defined as gross revenues after deduc-
tion only for the payment of the reasonable expenses
of operation, maintenance and repair) of the off- street
parking facilities, Project 1969, including the facili-
ties constructed or acquired by the use of the proceeds
of this bond and the issue of which it is a part, and
all additions and improvements thereto and replacements
thereof subsequently constructed or acquired, and from
the unobligated net revenues derived from on- street
parking meters pledged to said fund. This bond shall
not constitute an indebtedness of the City of South
Bend within the meaning of the provisions and limita-
tions of the constitution of the State of Indiana,
and the City shall not be obligated to pay this bond
or the interest thereon except from said special fund.
The City irrevocably pledges the entire net reve-
nues of said Project 1969, off- street parking facili-
ties, together with the unobligated net revenue derived
on and after July 1, 1969, from on- street parking meters
to the extent provided in said ordinance, to the prompt
payment of the interest and principal of the bonds is-
sued on account of the construction of said Project 1969
facilities, of which this is one, and covenants that it
will cause to be fixed, maintained and collected such
charges for service rendered by said facilities which,
together with the pledged unobligated net revenues de-
rived from on- street parking meters, are sufficient in
each year for the payment of the proper and reasonable
expense of operation, maintenance and repair of said
facilities and for the payment of the sums required to
be paid into the Parking Sinking Fund - Project 1969
under the provisions of said Act and said authorizing
ordinance. The holder of this bond or any coupon ap-
pertaining thereto may, by appropriate legal action,
enforce and compel performance of all the duties re-
quired by the governing Act or by the authorizing ordi-
nance to be performed by the City or any officer or
body thereof, including the fixing and collecting of
proper parking charges, or charges for other service'
rendered by off- street parking Project 1969. If there
be any failure to pay the interest on or principal of
this issue of bonds in accordance with the terms there-
of, a receiver may be appointed to administer said park-
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ing facilities, with power to fix and collect charges
sufficient to provide for the payment of this bond
and the interest thereon, and to apply the revenues
in conformity with the provisions of said Act and or-
dinance.
The City further covenants that all of the income
and revenues of said Project 1969 facilities shall be
set aside daily, as received, into a separate and spe-
cial fund to be designated as "Parking Fund - Project
1969 "; that out of said fund there shall be paid the
cost of operation, maintenance and repair of the fa-
cilities for the current calendar month and a suffici-
ent amount reserved to pay such cost for the calendar
month then next succeeding; that the balance of the
moneys in said fund shall be deemed to be the net rev-
enues of the facilities and shall, on the first day of
each calendar month, be transferred and set aside into
a separate and special fund designated as "Parking Sink-
ing Fund - Project 1969" to the extent provided in said
ordinance; that on the first day of each calendar month,
beginning July 1, 1969, it will set aside revenues de-
rived from its on- street parking meters into said Sink-
ing Fund to the extent provided in said ordinance.
The bonds of this issue maturing on January 1,
2000, are redeemable prior to maturity at the option
of the City from available revenues, in whole, or from
time to time in part, by lot in such manner as the City
determines to be fair and equitable, on January 1, 1984,
or any interest payment date thereafter, at the princi-
pal amount thereof and accrued interest to the date
fixed for redemption, plus the following premiums:
3% if redeemed on January 1, 1984, or there-
after on or before July 1, 1987;
2% if redeemed on January 1, 1988, or there-
after on or before July 1, 1991;
1% if redeemed on January 1, 1992, or there-
after on or before July 1, 1995;
0% if redeemed on January 1, 1996, or there-
after prior to maturity;
and, from any funds regardless of source, in whole only,
on January 1, 1984, or any date thereafter, at the prin-
cipal amount thereof and accrued interest to the date
fixed for redemption, plus the following premiums:
5% if redeemed on January 1, 1984, or there-
after on or before December 31, 1987;
4% if redeemed on January 1, 1988, or there-
after on or before December 31, 1991;
2% if redeemed on January 1, 1992, or there-
after on or before December 31, 1995;
1 %.if redeemed on January 1, 1996, or there-
after prior to maturity.
Notice of such redemption shall be published in a news-
paper published in the City of South Bend, Indiana, and
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shall also be published in The Bond Buyer, or in the
event of suspension of publication of such financial
journal, then in another financial journal, published
in the Borough of Manhattan, City and State of New
York, or in a financial journal published in the City
of Chicago, Illinois. If the date fixed for redemp-
tion is an interest payment date, said notice shall
be so published one (1) time at least thirty (30) days
prior to the redemption date; if the date fixed for
redemption is other than an interest payment date,
said notice shall be so published by two (2) inser-
tions, the first to be at least thirty (30) days prior
to the date fixed for redemption and the second to be
not more than thirty (3.0) nor less than fifteen (15)
days prior to the date fixed for redemption. A like
notice shall be sent by mail to the holders of such
bonds as are then registered. Interest on bonds so
called for redemption shall cease on the redemption
date fixed in said notice, if sufficient funds are
available at the place of redemption to pay the re-
demption price on the date so named and when presented
for payment. If any unmatured bond and coupon or cou-
pons so called for redemption shall not be presented
on the date fixed for redemption at the place of re-
demption, the City may place in trust at the bank con-
stituting the place of redemption sufficient funds to
effect such redemption, and thereafter the holder of
such bond and coupon or coupons shall be entitled to
payment only from such trust funds and the redemption
thereof shall be deemed to have been effected and the
bonds no longer outstanding.
This bond and all other bonds of said issue shall
have all the qualities and incidents of negotiable in-
struments under the laws of the State of Indiana. This
bond may be registered as to principal at the office of
the City Controller in the City of South Bend, Indiana,
in the name of the owner hereof, and such registration
noted hereon by said City Controller. Thereafter no
transfer hereof shall be valid unless made at said
office by the registered owner in person or by his duly
authorized attorney and similarly noted hereon, but this
bond may be discharged from registration by being in like
manner transferred to bearer and may again from time to
time be registered or transferred to bearer as before.
Such registration shall not restrict or affect the ne-
gotiability of the interest coupons hereto attached by
delivery only, but such interest coupons shall always
be payable to bearer.
It is hereby certified and recited that all acts,
conditions and things required to be done precedent to
and in the execution, issuance and delivery of this
bond have been done and performed in regular and due
form as provided by law.
IN WITNESS WHEREOF, the City of South Bend, in
St. Joseph County, State of Indiana, has caused this
bond to be executed in its corporate name by its Mayor,
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countersigned by its City Controller, its corporate
seal to be hereunto affixed and attested by its City
Clerk, and the interest coupons hereto attached to
be executed by placing thereon the facsimile signa-
tures of said Mayor and City Controller, as of the
first day of July, 1969.
Attest:
City Clerk
CITY OF SOUTH BEND
By
Mayor
Countersigned:
City Controller
(Interest Coupon)
Coupon No. $
On if (unless the bond herein
mentione shall be subject to and shall have been
called for previous redemption), the City of South
Bend, Indiana, will pay to bearer at the main office
of First Bank and Trust Company of South Bend, in the
City of South Bend, Indiana, or, at the option of the
holder, at ... .
in the City of
out of its Parking Sinking Fund - Project
1969, Dollars in lawful money of
the United States o America, being the interest then
due on its Off - Street Parking Revenue Bond, Series
1969 Project, dated July 1, 1969, No.
CITY OF SOUTH BEND
By (Facsimile)
Mayor
(Facsimile)
City Control ler
REGISTRATION ENDORSEMENT
This bond can be registered only at the office
of the City Controller in the City of South Bend,
Indiana. No writing hereon except by the City Con-
troller.
In Whose Name
Date of Registry Registered
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City Controller
Sec. 6. The City Controller is hereby authorized and
directed to have said bonds and coupons prepared, and the
Mayor, City Controller and City Clerk are hereby authorized
and directed to execute said bonds and the interest coupons
to be attached thereto, in the form and manner herein pro-
vided. The City Controller is hereby authorized and directed
to deliver said bonds to the purchaser thereof after sale made
in accordance with the provisions of this ordinance, provided
that at the time of said delivery the City Controller shall
collect the full amount which the purchaser has agreed to pay
therefor, which shall not be less than the face value of said
bonds, plus accrued interest from the date thereof to the date
of delivery. The bonds herein authorized, when fully paid for
and delivered to the purchaser, shall be the binding special
revenue obligations of the City, payable out of the revenues
to be set aside into the Parking Sinking Fund - Project 1969,
as herein provided, and the proceeds derived from the sale of
said bonds shall be and are hereby set aside for application
on the cost of acquisition, construction and installation of
said Project 1969 parking facilities hereinbefore referred to,
and the expenses necessarily incurred in connection therewith
or in connection with the issuance of bonds on account there-
of, including interest during construction if required for
that purpose. The proper officers of the City are hereby di-
rected to draw all proper and necessary warrants, and to do
whatever acts and things which may be necessary to carry out
the provisions of this ordinance.
Sec. 7. Prior to the sale of said bonds the City Control-
ler shall cause to be published a notice of said sale once each
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week for two (2) weeks in the South Bend Tribune and Tri-
County News and a summary notice one time in The Indianapolis
Commercial and The Bond Buyer, the last publication to be
least seven (7) days prior to the date fixed for said sale.
The bond sale notice shall state the time and place of sale,
the character and amount of the bonds, the maximum interest
rate, the terms and conditions upon which bids shall be re-
ceived and the sale made, and such other information as the
City Controller and the attorneys employed by the City shall
deem advisable. Said notice shall provide, among other things,
that each bid shall be accompanied by a certified or cashier's
check in the amount of two per cent (2%) of the par value of
the bonds, to guarantee performance on the part of the bidder,
and that in the event the successful bidder shall fail or re-
fuse to accept delivery of the bonds and pay for the same as
soon as the bonds are ready for delivery, or at the time fixed
in the notice of sale, then said check and the proceeds there-
of shall be the property of the City and shall be considered
as its liquidated damages on account of such default; also,
that bidders for said bonds will be required to name the rate
or rates of interest which the bonds are to bear and that such
interest rate or rates shall be in multiples of one - fourth
(1/4) or one -tenth (1 /10) of one per cent (1%); also that the
opinion of Ice Miller Donadio & Ryan, bond counsel of Indian-
apolis, Indiana, approving the legality of said bonds, will be
furnished to the purchaser at the expense of the City, and that
no conditional bids will be considered.
The bonds shall be awarded by the City Controller to the
highest qualified bidder who has submitted his bid in accord-
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ance with the terms of this ordinance and the notice of sale.
The highest bidder will be the one who offers the lowest net
interest cost to the City, to be determined by computing the
total interest on all of the bonds to their maturities and
deducting therefrom the premium bid, if any. The right to
reject any and all bids shall be reserved. The City Control-
ler shall be authorized to continue the sale from day to day
for a period of thirty (30) days without readvertisement; pro-
vided, however, that if the 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.
Sec. 8. The accrued interest and the premium received
at the time of the delivery of the bonds, if any, together
with such amount of the proceeds of the bonds as shall equal
the interest accruing on the bonds for a period of eighteen
(18) months following delivery of the bonds, shall be depos-
ited in the Parking Sinking Fund - Project 1969 hereinafter
created. The remaining proceeds from the sale of said bonds
shall be deposited in a bank or banks which are legally desig-
nated depositories for the funds of the City, in a special
account or accounts, separate and apart from all other bank
accounts of the City, to be designated as "City of South
Bend, 1969 Project Parking Facilities Acquisition and Con-
struction Account." All funds deposited to the credit of
said acquisition and construction account shall be depos-
ited, held and secured in accordance with the laws of the
State of Indiana relating to the depositing, holding and
securing of public funds, subject to the provision for in-
vestment hereinafter provided in this section. The moneys
in said special account or accounts shall be expended only
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for the purpose of paying the cost of said Project 1969 park-
ing facilities or as otherwise required by said Act and this
ordinance. Any balance or balances remaining unexpended in
such special account or accounts within ninety (90) days after
completion of the facilities which are not required to meet
unpaid obligations incurred in connection with such construc-
tion shall be paid into the Parking Sinking Fund - Project
1969, and shall be used solely for the purposes of said fund.
Subject to the approval of the Board of Public Works and
Safety, the proper officer of the City is hereby authorized
to invest in direct obligations of the United States Govern-
ment such portion of the funds in said acquisition and con-
struction account as shall not be required for immediate use,
provided that no such investment shall be made at a cost in
excess of the par value of the securities purchased, and that
none of the funds shall be invested in any securities the ma-
turity date of which is later than the time when such funds
are required to be available for the purposes thereof, or if
the time when such funds will be required for use cannot be
determined, such investment shall be made only in securities
having a maturity date of one (1) year or less from the date
of purchase. Such investment shall be made in strict accord-
ance with the provisions of Chapter 9 of the Acts of the Indi-
ana General Assembly for the year 1945, as amended, and any
interest or other accretions derived from any such investments
shall become a part of the funds invested.
Sec. 9. The income and revenues of off - street parking
Project 1969 shall be set aside and deposited daily as re-
ceived in a separate and special fund to be designated as
"Parking Fund - Project 1969" (herein called the "Parking
- 17 -
Fund "). The moneys in said fund shall be kept on deposit
in legally designated depositories for funds of the City,
in an account separate and apart from all other bank ac-
counts of the City, and shall be continuously held and se-
cured as provided by the laws of the State of Indiana re-
lating to the depositing, securing and holding of public
funds. In no event shall any of the revenues or funds of
said facilities be transferred or used for any purpose not
authorized by this ordinance, or reasonably implied by the
provisions thereof, so long as there are outstanding any
bonds payable out of the income and revenues of the facili-
ties. The City Controller shall be the custodian of all
funds received or derived from the operation of said Proj-
ect 1969 facilities, and all checks or warrants payable out
of said funds shall be signed by the City Controller. The
City Controller shall be authorized to make the transfers
to the various funds and accounts herein provided for and
to apply the funds in the Parking Sinking Fund - Project
1969 to the payment of the interest on and principal of the
bonds payable from the revenues of the facilities without
further order or direction.
Sec. 10. The Parking Fund shall be divided into two
accounts, viz., the Operation and Maintenance Account -
Project 1969, and the Net Revenue Account - Project 1969
(herein called "Operation and Maintenance Account" and
"Net Revenue Account" respectively). All income and reve-
nues received in the Parking Fund shall as received be cred-
ited to such accounts in the following order: there shall be
credited to the Operation and Maintenance Account as of the
first business day of each calendar month an amount, which,
together with the unexpended balance remaining therein, is
equal to the estimated reasonable expenses of operation, main-
tenance and repair for the then current month and the then
next succeeding calendar month. The reasonable expenses of
operation, maintenance and repair shall include, but not be
limited to, salaries, wages, cost of materials and supplies,
purchase of power for light; also, paying agency fees on bonds,
insurance premiums, the reports provided for in this ordinance,
and the monthly pro -rata portion of other similar costs nor-
mally paid on a quarterly, semi- annual, annual or quadrennial
basis; provided, however, that such expenses shall exclude the
cost of replacements, additions, extensions, improvements or
other capital items, depreciation, and any general administra-
tive expenses of the City. There shall be credited to the Net
Revenue Account all remaining income and revenues derived from
the Project 1969 off-street parking facilities after meeting
the requirements of the Operation and Maintenance Account.
Sec. 11. There is hereby created a fund to be desig-
nated as "Parking Sinking Fund - Project 1969" (herein called
the "Parking Sinking Fund "), which fund shall, subject to the
provisions hereinafter provided for investment, be kept on de-
posit in legally designated depositories for funds of the City
in an account separate and apart from all other bank accounts
of the City and shall be continuously held and secured, or
invested, in accordance with the laws of the State of Indiana
relating to the depositing, holding and securing, or investing
of public funds. Said Parking Sinking Fund shall be divided
into two accounts, viz., Bond and Interest Account - Project
1969, and Term Bond Redemption Account - Project 1969 (here-
in called "Bond and Interest Account" and "Term Bond Redemp-
- 19 -
tion Account" respectively), and the funds in said Parking
Sinking Fund shall be credited to such accounts in the fol-
lowing manner:
(a) Bond and Interest Account. Upon delivery of the
bonds herein authorized, the accrued interest and premium,
together with such amount of the proceeds of the bonds as
shall equal the interest accruing on the bonds for a peri-
od of eighteen (18) months following delivery of the bonds,
shall, as provided in Sec. 8 hereof, be credited to the Bond
and Interest Account. Beginning January 1, 1971, there shall
be withdrawn as of the first calendar day of each month from
the Net Revenue Account of the Parking Fund and deposited in
the Parking Sinking Fund and credited to the Bond and Inter-
est Account an amount equal to the sum of not less than one
fifth (1/5) of the interest payable on the then next succeed-
ing interest payment date and one -tenth (1 /10) of the prin-
cipal payable on the then next succeeding principal payment
date on all then outstanding bonds until the amount of in-
terest and principal payable on the then next succeeding
respective principal and interest payment dates shall have
been so credited; provided, however, that beginning January
1, 1984, said monthly credits to the Bond and Interest Ac-
count shall be in an amount equal to not less than one - fifth
(1/5) of the interest payable on the then outstanding bonds
payable on the then next succeeding interest payment date
and shall continue until the amount of interest payable on
the then next succeeding interest payment date shall have:.
been credited to said account.
(b) Term Bond Redemption Account. On the first day
of each calendar month, beginning as of the first day-of
- 20 -
the calendar month succeeding the delivery of the bonds
herein authorized, sufficient sums in the Net Revenue Ac-
count, after meeting the requirements of the Bond and In-
terest Account, shall be withdrawn and deposited in the
Parking Sinking Fund to the credit of the Term Bond Redemp-
tion Account, and it is hereby determined that the total of
such monthly credits in each year shall aggregate not less
than the following amounts for the following years:
Year End
Sum
Year End
Sum
Year End
Sum
Dec. 31
Per Year
Dec. 31
Per Year
Dec. 31
Per Year
1969
$ 25,000
1987
$115,000
1993
$145,000
1970
200,000
1988
120,000
1994
155,000
1971 -83
50,000
1989
125,000
1995
1651000
1984
100,000
1990
130,000
1996
175,000
1985
105,000
1991
135,000
1997
190,000
1986
110,000
1992
140,000
1998
220,000
1999
235,000
Said monthly credits for the particular year shall be as near-
ly equal in amount as possible.
Whenever the balance remaining in the Bond and Interest
Account plus the balance in the Term Bond Redemption Account
is equal to the amount of principal of bonds then outstanding
plus the premium at the next call date and the amount of in-
terest to become due at the next call date, then no further
deposits need to be made to said Term Bond Redemption Account,
provided the then outstanding bonds are so called for redemp-
tion on such call date.
The Council hereby recognizes that in order to assure
prompt payment and to avoid default on the bonds maturing
January 1, 2000, provision for the payment of such principal
must be made annually by setting aside the above credits, and
that portions of such bonds need to be redeemed from time to
time prior to maturity by the use of moneys accumulated by
- 21 -
such credits in order to retire said bonds and to reduce the
interest on unpaid outstanding bonds. The Council hereby de-
termines and agrees that any balance remaining at any time
in the Term Bond Redemption Account resulting from such an-
nual credits shall, insofar as the pledge of on- street meter
revenues as hereinafter provided is concerned, be deemed to
constitute a minimum balance equal to the sum of the interest
on the then outstanding bonds payable during the twelve (12).
months then next succeeding and the principal requirements of
the then outstanding bonds the payment of which needs to be
provided for during the twelve (12) months then next succeed-
ing. During the time and to the extent that any such balance
exceeds such minimum balance there shall not be deemed to be
a deficiency in any of such deposits as hereinafter provided
to be made up from unobligated net revenues from on- street
parking meters.
The City hereby pledges all of the unobligated net reve-
nues derived from on- street parking meters received on and
after July 1,1969, to the extent required, to make up any
deficiencies in such annual deposits from the Net Revenue
Account to the Parking Sinking Fund and credited to the Term
Bond Redemption Account. The phrase "unobligated net reve-
nues derived from on- street parking meters," as used in this
ordinance, shall be construed to mean the gross revenues re-
ceived by the City from the operation of on- street parking
meters after deduction only for the reasonable expense of
operation, maintenance and repair of the on- street meters
owned and operated by the City, not including the purchase
price of any additional meters acquired; provided, that the
City reserves the right to acquire additional meters from
22
time to time and pledge a portion of the revenues collected
from such additional meters to the payment of the purchase
price thereof.
Beginning January 1, 1984,. whenever the balance in the
Term Bond Redemption Account is in excess of an amount equal
to the interest which will be payable during the two (2) cal-
endar years on the bonds which will be outstanding after the
next subsequent date on which the bonds are called for redemp-
tion, such excess over such balance, to the extent possible,
may be used to purchase bonds maturing January 1, 2000, at a
price not exceeding the then applicable redemption price, or
if such bonds are not then callable, at a price not exceeding
the next applicable redemption price, and if not so used, shall
be used on and after January 1, 1984, to redeem bonds matur-
ing January 1, 2000, by call at the then applicable redemption
price. No bond shall be purchased, however, less than forty
(40) days prior to an interest payment date on which bonds
may be called for redemption.
Any funds credited to the Term Bond Redemption Account
shall be transferred to and credited to the Bond and Interest
Account if necessary to prevent a default in the payment of
principal of and interest on the bonds issued pursuant to this
ordinance.
Sec. 12. There is hereby created a fund to be desig-
nated as "Parking Replacement and Improvement Fund - Project
1969" (herein called the "Replacement and Improvement Fund "),
which fund shall be maintained as a separate bank account apart
from all other bank accounts of the City and the moneys there-
in shall be deposited, held and secured, or invested in accord-
ance with the laws of the State of Indiana relating to the de-
- 23
Positing, holding and securing, or investing of public funds
including particularly Chapter 9 of the Acts of 1945, as
amended. Any residual revenues of the Project 1969 off - street
parking facilities remaining after meeting the foregoing re-
quirements of the Parking Fund and Parking Sinking Fund shall
be deposited in said Replacement and Improvement Fund and, to-
gether with any other funds from other sources which may from
time to time be made available by the 'City, may be used to pay
the cost of extraordinary repairs, replacements, additions,
extensions and improvements to the Project 1969 facilities or
any other legal obligations of the Project 1969 facilities;
provided, however, that any moneys in said Replacement and
Improvement Fund shall be transferred to the Parking Sinking
Fund to the extent needed to make up any deficiencies in the
credits to the accounts thereof.
Sec. 13. Subject to the approval of the Board of Public
Works and Safety, the proper officer of the City is hereby au-
thorized to invest in direct obligations of the United States
Government, or obligations of instrumentalities and agencies
thereof which are fully guaranteed by the United States of
America, such portion of the funds in said Parking Sinking
Fund, and the accounts thereof, and the Replacement and Im-
provement Fund as shall not be required for immediate use,
provided that no such investment shall be made at a cost in
excess of the par value of the securities purchased, and that
none of the funds shall be invested in any securities the ma-
turity date of which is later than the time when such funds
are required to be available for the purposes thereof, which
in the case of the Term Bond Redemption Account shall be not
to exceed five (5) years from the date of such investment,
- 24 -
or if the time when such funds will be required for use can-
not be determined, such investment shall be made only in se-
curities having a maturity date of one (1) year or less from
the date of purchase. Such investment shall be made in strict
accordance with the provisions of Chapter 9 of the Acts of the
Indiana General Assembly for the year 1945, as amended, and
any interest or other accretions derived from any such invest-
ments shall become a part of the respective accounts of said
Parking Sinking Fund, or Replacement and Improvement Fund, as
the case may be, so invested.
Sec. 14. The City shall cause to be prepared and dis-
tributed quarterly construction progress reports, certified
by the architect or engineer in charge of construction of
the Project 1969 parking facilities, to the original purchas-
er of the bonds, and to any bondholder who requests the same,
setting forth the amount of dollars expended to date of the
report, the percentage completion of each parking facility
in the Project 1969, and the scheduled date of completion of
each. The City shall keep proper books of record and account,
separate from all of its other records and accounts, in which
complete and correct entries shall be made showing all income
and revenues derived from the operation of said Project 1969
parking facilities and all disbursements made therefrom on
account of the operation of the facilities and all other fi-
nancial transactions relating to the facilities. There shall
be prepared and furnished to the original purchaser of the
bonds and, upon written request, to any holder or holders of
outstanding bonds, not more than ninety (9.0) days after the
close of each calendar year, an annual statement containing
operating and income statements and balance sheets of the
- 25 -
facilities and the on- street parking operations in reason-
able detail, covering the preceding calendar year, and a
statement of the amounts transferred and credited to the
Parking Sinking Fund, and the accounts thereof, and the
cash balances therein and in the Parking Fund and Replace-
ment and Improvement Fund as of the end of such calendar
year; also, including a statement of the number of parking
spaces in the facilities, the number of on- street parking
meters, and any changes in off- street and on- street parking
rates and charges, as of the end of such calendar year, which
annual statement shall be certified by the City Controller or
by the person charged with the duty of auditing the books and
records relating to the facilities. Annually in each year
after completion of Project 1969 until January 1, 1974, and
once every four (4) years thereafter, the City shall employ
nationally recognized parking consultants to review the opera-
tion of the City's off - street parking facilities and the opera-
tion and administration of the on- street parking meter system.
Said review shall include, but not be limited to, the adequa-
cy of rates and charges and enforcement for the effective con-
trol of traffic and to meet financial requirements and as to
the location and mode of operation of the foregoing. Said re-
view shall be embodied in a written report including the con-
sultants' comments and recommendations which shall be filed
and maintained in the office of the City Controller, and a
copy thereof shall be furnished to the original purchaser of
the bonds, and, upon written request, to any holder or holders
of outstanding bonds. The cost of such review and report shall
be considered a maintenance and operation expense. Copies of all
such statements and balance sheets and other reports relating to
- 26 -
said Project 1969 shall be kept on file in the office of the
City Controller, and the original purchaser of the bonds, or
any bondholder, shall have the right at all reasonable times
to inspect the facilities and all records, accounts and data
of the City relating thereto. Such inspections may be made
personally or by representatives duly authorized by written
instrument.
Sec. 15. The City shall, to the fullest extent permit-
ted by law, establish, maintain and collect reasonable charges
for the services afforded by said Project 1969 parking facili-
ties which, together with the on- street parking revenues pledged
by the City to the Parking Sinking Fund - Project 1969, will
provide revenues sufficient to pay the reasonable and proper
cost of operation, maintenance and repair of the facilities,
to pay the principal of and interest on all bonds payable
from the revenues of the facilities as the same become due,
and to maintain the Parking Sinking Fund - Project 1969 at
the minimum level herein provided. So long as any of the
bonds herein authorized are outstanding, none of the serv-
ices afforded by said facilities shall be furnished without
a reasonable charge being made therefor, and such charge
shall be made for any service rendered to the City or any
department, agency or instrumentality thereof, and shall be
charged against the City and paid for as the charges accrue.
Sec. 16. For the purpose of further safeguarding the
interests of the holders of the bonds, it is specifically pro-
vided as follows:
(a) All contracts to be let for the construction of said
facilities shall be let after due advertisement as required by
the laws of the State of Indiana, and all contractors shall be
- 27 -
required to furnish surety bonds in an amount equal to one hun-
dred per cent (100 %) of the amount of such contracts to insure
the completion of such contracts in accordance with their terms,
and contractors shall be required to carry such employers' lia-
bility, public liability and other insurance as required under
the laws of the State of Indiana.
(b) All construction shall be contracted for and per-
formed under the supervision of qualified architects or engi-
neers. All estimates for work done and material furnished in
connection with such construction shall first be checked and
approved by such engineers prior to approval by the Board of
Public Works and Safety for payment. No change orders shall
be authorized or approved which would cause completion of said
Project 1969 parking facilities to be delayed beyond December
31, 1970.
(c) The City shall at all times maintain the facilities
and its on- street parking meters in good condition and oper-
ate the same in an efficient manner and at a reasonable cost.
(d) To the extent that the City owns, leases, or in any
manner controls the revenues from any additional off- street
parking facilities, rates and charges for parking at such ad-
ditional facilities shall be set at such a level as will not
materially reduce the revenues of the Project 1969 facilities.
(e) The Board of Public Works and Safety, subject to
the approval of the Common Council, shall establish regula-
tions governing the use and operation of the facilities so
as to promote the maximum use thereof by the public in a safe,
orderly and efficient manner, prior to the opening of said
facilities for operation.
(f) So long as any bonds payable from the revenues of
said Project 1969 are outstanding, the City shall carry in-
surance on said facilities of the kinds and in the amounts
which are usually carried by private parties operating simi-
lar projects, including fire and public liability insurance,
and all additional insurance covering such risks as shall be
found necessary or advisable by the Board of Public Works and
Safety, including particularly business interruption insurance
covering loss of revenue by reason of necessary interruption,
total or partial, in the use of the Project 1969 off - street
parking facilities resulting from direct physical loss or
damage to such facilities, caused by any of the risks custom-
arily insured against in such policies of insurance, in an
amount equal to the estimated gross revenues for the next
two (2) succeeding calendar years; provided that such insur-
ance may exclude loss sustained by the City during the first
seven (7) days of any total or partial interruption of use;
and provided further, that if the City at any time shall be
unable to obtain or maintain such business interruption in-
surance to the extent above required, either as to the amount
of such insurance or as to the risks covered thereby, it will
not constitute a default in the performance of the covenants
in this ordinance if the City shall carry such insurance to
the extent reasonably obtainable. All moneys received for
loss under such insurance policies except business interrup-
tion insurance shall be used in making good the loss or dam -
age, and all moneys received for loss under business inter-
ruption insurance policies shall be treated as revenues of
the Project 1969 off- street parking facilities. The payment
of premiums for all insurance herein required shall be con-
sidered a maintenance and operation expense.
(g) So long as any bonds payable from the revenues of
off- street parking facilities - Project 1969 are outstanding,
- 29 -
the City shall not mortgage, pledge or hypothecate the facili-
ties or any part thereof, and shall not sell, lease or other-
wise dispose of any portion thereof, except such equipment
which may become worn out or obsolete and shall be replaced.
(h) So long as any of the bonds authorized by this ordi-
nance are outstanding, no additional bonds or other obligations
pledging any portion of the revenues of Project 1969 parking
facilities shall be issued by the City unless the same be made
subordinate and junior in all respects to the bonds authorized
by this ordinance, unless all of the bonds authorized by this
ordinance are redeemed and cancelled coincidentally with the
delivery of such additional bonds or other obligations.
(i) The provisions of this ordinance shall constitute
a contract by and between the City and the holders of the
bonds herein authorized, all of the terms of which :shall be
enforceable at law or in equity, and after the issuance of
said bonds this ordinance shall not be repealed or amended
in any way .which will adversely affect the rights and inter-
ests of the holders of said bonds; nor shall the Common Coun-
cil of the City adopt any law, ordinance or resolution in any
way adversely affecting the rights of such holders so long as
any of said bonds or the interest thereon remain unpaid. The
holders of said bonds shall have all of the rights, remedies
and privileges either expressly set forth in the provisions
of Chapter 190 of the Acts of the Indiana General Assembly for
the year 1955, and the acts supplemental thereto, or implied
therein, including the right to compel the collection of suf-
ficient rates and charges to provide for the payment of the
interest on and principal of the bonds authorized by this or-
dinance or the transfer of sufficient revenues derived from
- 30 -
the operation of on- street parking meters for that purpose;
also, in the event of any default in the payment of interest
or principal of the bonds, in accordance with the terms there-
of, to have a receiver appointed to administer the facilities
and collect and apply the revenues thereof in accordance with
the provisions of the governing Act and this ordinance.
(j) None of the provisions of this ordinance shall be
construed as requiring the expenditure of any funds of the
City derived from any source other than the proceeds of the
bonds authorized by this ordinance, the revenues derived from
the operation of said Project 1969 parking facilities, and
the unobligated net revenues derived from the operation of
on- street parking meters.
Sec. 17. Subject to the terms and provisions contained
in this section, and not otherwise, the holders of not less
than sixty -six and two - thirds per cent (66 -2/3 %) in aggre-
gate principal amount of the bonds issued pursuant to this
ordinance and then outstanding shall have the right from time
to time, anything contained in this ordinance to the contrary
notwithstanding, to consent to and approve the adoption by the
Common Council of the City of South Bend of such ordinance or
ordinances supplemental hereto, as shall be deemed necessary
or desirable by the City of South Bend for the purpose of
modifying, altering, amending, adding to or rescinding in
any particular any of the terms or provisions contained in
this ordinance, or in any supplemental ordinance; provided,
however, that nothing herein contained shall permit or be con-
strued as permitting:
(a) An extension of the maturity of the
principal of or interest on any bond issued pur-
- 31
suant to this ordinance; or
(b) A reduction in the principal amount of
any bond or the redemption premium or the rate of
interest thereon; or
(c) The creation of a lien upon or a pledge
of the revenues of the Project 1969 off- street
parking facilities ranking prior to the pledge
thereof created by this ordinance; or
(d) A preference or priority of any bond or
bonds issued pursuant to this ordinance over any
other bond or bonds issued pursuant to the provi-
sions of this ordinance; or
(e.) A reduction in the aggregate principal
amount of the bonds required for consent to such
supplemental ordinance.
The holders of not less than sixty -six and two- thirds per cent
(6.6- 2/3 %), in aggregate principal amount of the bonds outstand-
ing at the time of adoption of such supplemental ordinance shall
have consented to and approved the adoption thereof by written
instrument to be maintained on file in the office of the City
Controller of the City of South Bend. No holder of any bond
issued pursuant to this ordinance shall have any right to ob-
ject to the adoption of such supplemental ordinance or to ob-
ject to any of the terms and provisions contained therein or
the operation thereof, or in any manner to question the pro-
priety of the adoption thereof, or to enjoin or restrain the
Common Council of the City of South Bend from adopting the
same, or from taking any action pursuant to the provisions
thereof. Upon the adoption of any supplemental ordinance
pursuant to the provisions of this section, this ordinance
- 32 -
shall be, and shall be deemed, modified and amended in accord-
ance therewith, and the respective rights, duties and obliga-
tions under this ordinance of the City of South Bend and all
holders of bonds issued pursuant to the provisions of this
ordinance then outstanding,.shall thereafter be determined
exercised and enforced in accordance with this ordinance,,
subject in all respects to such modifications and amendments.
Notwithstanding anything contained in the foregoing provisions
of this ordinance, the rights and obligations of the City and
of the holders of the bonds authorized by this ordinance,
and the terms and provisions of the bonds and this ordinance,
or any supplemental ordinance, may be modified or altered in
any respect with the consent of the City of South Bend and
the consent of the holders of all the bonds issued pursuant
to this ordinance then outstanding.
Sec. 18. All ordinances and parts of ordinances in con-
flict herewith are hereby repealed.
Sec:. 19. This ordinance shall be in full force and ef-
fect from and after its passage.
- 33
A�. .
Passed and adopted by the Common Council of the City. of
South Bend on the '. 9th day of JAI 1969.
Attest:.
'
/ City Clerk 61
Presented by me to the Mayor of the City of South Bend on
the '10th day of June. , 1969, at the hour of 1:00 p.m.
.M.
City Clerk
This ordinance approved and signed by me on the
day of t ,,Z 1969, at the hour of J0 fl-.M.
Mayor
1st & 2nd READING 5 -26 -69
COMMITTEE OF THE WHOLE 6 -9 -69
PUBLIC HEARING 6 -9 -69
3rd READIP!!. 6 -9 -69
1T prrrtuvc.
FERRED
SSED 6 -9 -69
- 34 -
(ImltlImuttr Irport June 9, 1969
Mo At (Commit (foundl of tilt pCltg of #a# fknd:
Your Committee of the Whole
to whom was referred
An Ordinance of the City of South Bend con-
cerning the ,purchase of land and the con-
struction, maintenance, operation and financ-
ing of off - street ,parking facilities thereon,
the issuance of revenue bonds to ,provide the
cost thereof, the collection, segregation and
distribution of the revenues of said ,project,
the safeguarding of the interests of the hold-
ers of said bonds, and other matters connected
therewith.
Respectfully report that they have examined the matter and that in their opinion said Ordinance should be
amended as follows:
In Section 2, page 5, 8th line, strike out the words and figures
"seven per cent (7%)" and insert in lieu thereof the words and
figures "seven and one -half per cent (7- 1/2%)"
In Section 16, page 28, strike out all of subparagraph (d) and
insert in lieu thereof the following:
"(d) To the extent that the City owns, leases, or in any
manner controls the revenues from any additional off -
street parking facilities, rates and charges for .parking
at such additional facilities shall be set at such a
level as will not materially reduce the revenues of the
Project 1969 facilities."
and that the Ordinance go to the Council favorable, as