HomeMy WebLinkAboutAmendment of the Lease City of South Bend Bldg. Corp for the New Public Works Service CenterAttest:
RESOLUTION
3000 -01
Passed by the Common Council of the City of South Bend, Indiana
April 23,
201 .
Presented by me to the Mayor of the City of South Bend, Indiana
April 24, 2001
City Clerk
President of Common Council
Approved and signed by me APRIL 24,
20 01 .
City Clerk
I
RESOLUTION NO. �oOEi -OI
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, REGARDING THE AMENDMENT OF THE
LEASE WITH THE CITY OF SOUTH BEND BUILDING
CORPORATION FOR THE CONSTRUCTING AND
EQUIPPING OF A NEW PUBLIC WORKS SERVICE CENTER
FACILITY AND REGARDING CERTAIN RELATED MATTERS
WHEREAS, the Common Council previously determined that a need exists for the
construction and equipping of a new public works service center facility (the "Project ") and that the
funds needed therefor exceeded the funds presently available to the City of South Bend, Indiana (the
"City "); and
WHEREAS, the Common Council previously approved of the sale and issuance by
the City of South Bend Building Corporation (the "Building Corporation ") of its lease rental revenue
bonds in one or more series in an aggregate principal amount not to exceed $10,000,000; and
WHEREAS, the Building Corporation has previously submitted to the City, and the
City has previously approved and executed after a public hearing, a lease between the Building
Corporation and the City (the "Lease ") upon the Project; and
WHEREAS, the Building Corporation has sold its County Option Income Tax Lease
Rental Revenue Bonds of 2001 (the "Bonds ") in the aggregate principal amount of $9,250,000.00
to Legg Mason Wood Walker, Inc. at a net interest cost of approximately 5.1841950 %, which
interest rate is lower than the interest rate used to calculate the maximum lease rental under the
Lease; and
WHEREAS, the Common Council desires to amend the Lease to reduce the semi-
annual lease rentals to correspond to the actual debt service as established pursuant to the terms of
the bond sale; and
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS:
1. The Common Council hereby ratifies the sale of the Bonds in an aggregate
principal amount ofNine Million Two Hundred Fifty Thousand and 00 /100 Dollars ($9,250,000.00)
and the award thereof to Legg Mason Wood Walker, Inc.
2. The Common Council hereby agrees to the reduction of the lease rental
payments to the amount set forth in the Addendum to Lease with the Building Corporation dated
April 23, 2001, presented to this meeting (the "Addendum ").
2. The Common Council hereby approves the Addendum in the form submitted
to this meeting and authorizes the Mayor and City Clerk to execute and attest, respectively, the
Addendum on behalf of the City, with such changes as may be necessary on the advice of counsel
with the execution and attestation thereof to be evidence of such approval.
3. This Resolution shall be in full force and effect from and after its passage by
the Common Council and approval by the Mayor.
PRESENTER -L3-O\ 00
NOT APPROVED
ADOPTED '�I'23V0\ QS SUbS�9�
::ODMAWHODMAM IMAN 1;92335;1
COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA
By:
Member of the Common dbunGl
-2-
Filed in Clerk's Office
E R 2 1 2001
LOpHTTAJ. D=
CRYCLEM80.8M L
COMMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
01 -39 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, COMMON
COUNCIL REGARDING THE AMENDMENT OF THE LEASE WITH THE
CITY OF SOUTH BEND BUILDING CORPORATION FOR THE
CONSTRUCTING AND EQUIPPING OF A NEW PUBLIC WORKS SERVICE
CENTER FACILITY AND REGARDING CERTAIN RELATED MATTERS
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 as substituted
Andrew Udjak
Chairman