HomeMy WebLinkAboutAcquisition by Lease of Certain Equipment Essential to the Operations of the City of South Bend Park Dept.RESOLUTION
NO. 2323 -95
Passed by the Common Council of the City of South Bend, Indiana
December 18
Attest: ++ /')' � City Clerk
Presented by me to the Mayor of the City of South Bend,
December 19, 95
19
of Common Council.
City Clerk
Approved and signed by me DC) 19
Mayor
SUBSTITUTE
RESOLUTION NO. Q3�3 / C�
15
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 OF SOUTH BEND PARK DEPARTMENT
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 Master Equipment
Lease ( "Lease Agreement ") between 1st Source Bank ( "Lessor ") and
the City of South Bend, Indiana, for the use and benefit of its
Park Department ( "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, too 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 use and
benefit of its Park Department, 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:
Gwen Stiver, President
Board of Park Commissioners
Party to Attest to the Execution
of Lease:
Ronald O'Connor, Secretary
Board of Park Commissioners
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, and by the City of South Bend Park District
does not, alone or in combination, 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.
L ,
Membe , o Bend Common Council
PRESENTED /2 - /�. q
NOT APPROVED
ADOPTED 12--%/ / S t. iii':•l`Jd,.is� —."
Piled in Clerk's Office
OEC 1 8 1995
IRENEOAMMON
C"CLERK,SOAEND,IN, `