HomeMy WebLinkAboutStating it's Intention to Appropriate Funds for Land Contract Purchase Payments RESOLUTION
No. 1294 485
Passed by the Common Council of the City of South Bend, Indiana,
May 28 , 19 85 .
Attest: we/ /C / n-ta v City Clerk
Attest: � ' ♦ a President of Common Council.ift
Presented by me to the Mayor of the City of South Bend, Indiana
May 29 , 1985
!o` nc-/- o- City Clerk
Approved and signed by me �7-1 ( a 9 19 ?--C.
r %MrM:
RESOLUTION NO. /R014-15--
A RESOLUTION OF THE COMMON COUNCIL
OF THE CITY OF SOUTH BEND, INDIANA,
STATING ITS INTENTION TO APPROPRIATE FUNDS
FOR LAND CONTRACT PURCHASE PAYMENTS
WHEREAS , the City of South Bend owns a collection of
Studebaker vehicles and Studebaker archives ; and
WHEREAS, during the past three years said collection has
been housed for the City by Studebaker Museum, Inc. in a building
located at 520 S. Lafayette Blvd . , South Bend , Indiana, which building
is owned by Freeman Spicer Company, Inc. and leased by Studebaker
Museum, Inc. ; and
WHEREAS, the lease between Studebaker Museum, Inc. and
Freeman-Spicer Company, Inc. expires May 31 , 1985 and Studebaker
Museum, Inc. will no longer be providing housing for said collection;
and
WHEREAS , the City of South Bend desires to continue to house
the Studebaker collection in the Freeman-Spicer building ; and
WHEREAS , the Board of Public Works of the City of South Bend
has entered into a ten (10) year land contract for the purchase of said
building from Freeman-Spicer Company, Inc. for the sum of Four Hundred
Eighty Thousand ($480,000 .00) Dollars plus interest at a rate of 8%
APR, payable in 120 equal monthly payments of Five Thousand Eight
Hundred Twenty-three and 72/100ths ($5 ,823 .72) Dollars .
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of South Bend , as follows :
Section I . The Common Council of the City of South Bend
intends to appropriate sufficient funds in 1985 , 1986 , 1987 and 1988
and in succeeding budget years as is necessary to cover payments due on
said land contract .
Section II . This resolution shall be in full force and
effect upon passage by the Council and approval by the Mayor.
, FILED IN CLERIC'S OFFICE / •
PRESENTED lad gs ember of the Comon Council
NOT APPROVED MAY 2 21985
ADOPTED $ IRENE GAMMA'' N
CITY CLERK, SO. BEN: ,N