HomeMy WebLinkAboutApproving Early Redemption of Parking Facilities Bonds Serires 1978 & Tranferring Bond Reserve Proceeds to Fund 601 Parking GarageAttest:
RESOLUTION
3143 -02
Passed by the Common Council of the City of South Bend, Indiana
December 9,
20 02
Presented by me to the Mayor of the City of South Bend, Indiana
December 11 2002 .
Approved and signed by me
December 12,
City Clerk
President of Common Council
20 02 .
City Clerk
0
RESOLUTION NO. 3 � � -0
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, APPROVING EARLY REDEMPTION OF PARKING FACILITIES BONDS,
SERIES 1978 AND TRANSFERRING BOND RESERVE PROCEEDS TO FUND
NUMBER 601, PARKING GARAGE - MAIN AND ST. JOSEPH
WHEREAS, the City of South Bend, Indiana through the Parking Facilities of South Bend,
Inc., issued bonds in 1978 for the purpose of constructing a new parking garage in the City of South
Bend; and
WHEREAS, the parking facility's bonds, Series 1978 are redeemable by the terms of their
indenture on January 1, 2008; and
WHEREAS, early payment of the South Bend Parking Facilities Bonds, Series 1978 will
result in a savings to the City of around $200,000.00 in interest and other costs; and
WHEREAS, the bond issuer, J.P. Morgan Trust Company, has on deposit in a sinking fund
the full amount of funds necessary to pay all bond holders of record as of January 15, 2003, the full
bond principal with accrued interest and after such payment, an excess of about $200,000.00 will
be on deposit with J.P. Morgan Trust; and
WHEREAS, the J.P. Morgan Trust Company sinking fund bond excess of about $200,000.00
should be transferred to City of South Bend Account Number 601 - Parking Garage Main and St.
Joseph Street, South Bend, Indiana.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND as follows:
Section I. The early retirement and redemption on January 15, 2003 of the South Bend
Parking Facilities Bonds, Series 1978, is hereby approved.
Section II. All funds remaining in J.P. Morgan Trust Company sinking bond fund pertaining
to the Parking Facility Bonds, Series 1978, after payment of principal and accrued interest to all
bond holders of record as of the January 15, 2003 date of redemption, shall be transferred and
deposited into City of South Bend Fund Number 601, Parking Garage - Main and St. Joseph Street.
Section III. This Resolution shall be in full force and effect from and after its passage by
the Common Council and approval by the Mayor.
PRESENTED
NOT APPROVED
ADOPTED oZ-
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South Bend Common
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CITY CLEDR, SO. BEND. ISM..
COMMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
02 -90 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, APPROVING EARLY REDEMPTION OF
PARKING FACILITIES BONDS, SERIES 1978 AND
TRANSFERRING BOND RESERVE PROCEEDS TO FUND
NUMBER 601, PARKING GARAGE - MAIN AND ST. JOSEPH
Respectfully report that they have examined the matter and that in their opinion, this bill is
being recommended to the full Council with a favorable recommendation.
Karl King
Chairman