HomeMy WebLinkAboutRegarding use of Surplus Bond Proceeds and/or Earnings from the South Bend Civic Center Building Authority Bonds of 1975 & Refunding Bonds of 1977Attest
RESOLUTION
NO. 2442 -97
Passed by the Common Council of the City of South Bend, Indiana,
March 10,
19 97
Clerk
Attest Q �'�BGC_.�P% President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
March 11,
997
Approved and signed by me March 11, 19 97
City Clerk
Mayor
RESOLUTION NO. ! -q-q/
RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND REGARDING USE OF SURPLUS BOND PROCEEDS AND /OR
EARNINGS FROM THE SOUTH BEND CIVIC CENTER BUILDING
AUTHORITY BONDS OF 1975 AND REFUNDING BONDS OF 1977
WHEREAS, the Civic Center Building Authority previously
issued its 1975 Bonds and 1977 Refunding Bonds (collectively,
the Bonds), the proceeds of which were used for the acquisition
and construction of the Century Center Civic Center; and
WHEREAS, the purpose for which the Bonds were issued has
been accomplished and completed; and
WHEREAS, the Bonds have been paid in full; and
WHEREAS, a surplus of $11,562.06 exists in the City bond
trustee accounts (Funds) from the proceeds and /or investment
earnings of the Bonds; and
WHEREAS, I.C. 5 -1 -13 allows for the expenditure of surplus
bond proceeds or investment earnings for the same purpose or type
of project for which the bonds were originally issued upon:
1. the certification of the fiscal officer before or at
the time of that use that the surplus was not
anticipated at the time of issuance of the bonds; and
2. action of the legislative body responsible for issuing
the bonds approving the use of surplus bond proceeds or
investment earnings for the same purpose or type of
project for which the bonds were originally issued;
and;
WHEREAS, the City Controller has made certifications
regarding surplus monies in the Fund, a copy of which
certification is attached hereto; and
WHEREAS, the Common Council of the City of South Bend deems
it advisable to use said surplus for the repayment of the South
Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994
(Century Center Project).
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION as follows:
1. That the determinations set forth in the certifications
of the Controller are hereby approved.
2. That the Common Council of the City of South Bend hereby
approves the use of said surplus in the Funds for repayment of
the South Bend Redevelopment Authority Lease Rental Revenue Bonds
of 1994 (Century Center Project).
3. This Resolution shall be in full force and effect from
and upon its adoption by the Common Council and approval by the
Mayor.
PRESENTED J
-10-97
NOT APPROVED
ADOPTED 3 -l' p� _.. 17
SOUTH BEND COMMON COUNCIL
Member
Filed in Clerk's Office
LAR - 5 1397
LORMAJ. DUDA
CITY CLERK, SO. SEND, IN.