HomeMy WebLinkAboutAcquisition by Lease for Public Sofetball ComplexAttest
RESOLUTION
NO. 2409 -96
Passed by the Common Council of the City of South Bend, Indiana
September 23, 96
19
Attest: �° `� U' — ^ Pres
Presented by me to the Mayor of the City of South Bend. Indiana
September 24, 19 96
Clerk
of Common Council.
Approved and signed by me J')
Clerk
Mayor
RESOLUTION NO. y 9-
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA CONCERNING THE ACQUISITION BY LEASE
OF CERTAIN EQUIPMENT ESSENTIAL TO THE OPERATIONS
OF THE CITY
Whereas, the Common Council of the City of South Bend,
Indiana, has determined that a true and very real need exists for
the acquisition of the Equipment described in the Governmental
Lease - Purchase Master Agreement ( "Lease Agreement ") between Norwest
Investment Services, Inc. ( "Lessor "), and the City of South Bend,
Indiana ( "Lessee ") presented to the Common Council at the meeting
of the Common Council on the date noted hereinbelow; and
Whereas, the Common Council of the City of South Bend, Indiana
has determined that the Board of Park Commissioners of the City of
South Bend, Indiana has taken the necessary legal steps, including
satisfaction of any legal bidding requirements, under Indiana law
to arrange for the acquisition of the Equipment.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA as follows:
1. That the terms of said Lease Agreement are in the best
interests of the City of South Bend, Indiana for the acquisition of
such Equipment, and the Common Council of the City of South Bend,
Indiana designates and confirms the following persons to execute
and deliver, and to witness the execution and delivery,
respectively, the Lease Agreement and any related documents
necessary to the consummation of the transactions contemplated by
the Lease Agreement.
Party to Execute Lease Agreement: Party to Attest to the
Gwen Stiver, President Execution of Lease:
Board of Park Commissioners Bill Carleton, Secretary
or, in her absence, Board of Park Commissioners
Robert Henry, Vice President
2. That the Common Council of the City of South Bend hereby
represents that the reasonably anticipated amount of qualified tax -
exempt obligations which have been and will be issued by the City
of South Bend, Indiana does not exceed $10,000,000 for the calendar
year within which this Lease Agreement is to be a "tax exempt
obligation" pursuant to Section 265(b)(3) of the Internal Revenue
Code.
3. This Resolution shall be in full force and effect from and
after its adoption by the Common Council and approval by the Mayor.
PRESENTED J -2S-94
NOT APPR//O��VED
ADOPTED -7(4
Member, Common Council
Filed In Clerk's Office
HP 1 8 1996
LORETTA d. 01"A
CYTY CLERK, 30. SEND, 1N.