HomeMy WebLinkAboutApproving reissuance of Not to Exceed $12,920,485 Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph)ORDINANCE No.
9000-99
Passed by the Common Council of the City of South Bend, Indiana
April 12, 19 99
Attest:
LORETT~ J. D
Arrest:
City Clerk
President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
April 13,
19 99
City Clerk
Approved and signed by me April 14. 19 99
Mayor
ORDINANCE NO. U O ~ `
Ordinance of the Common Council of the City of South Bend,
Indiana Approving Reissuance of Not to Exceed
$12,920,485 Multifamily Housing Revenue Refunding Bonds
(The Pointe at St. Joseph Project), Reissuance of 1999,
Series A, B and C, and Making Certain Other Findings and
Determinations Relative to the Project.
STATEMENT OF PURPOSE AND INTENT
By prior ordinance, the Common Council authorized the issuance of its $11,000,000
Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph Project) Series A and
Series B, dated December 15, 1988, its $555,000 Multifamily Revenue Bonds (The Pointe at St.
Joseph Project) Series A and Series B, dated January 25, 1989 and its $12,920,485 Multifamily
Housing Revenue Refunding Bonds (The Pointe at St. Joseph Project), Issue of 1994, Series A,
Series B, Series C and Series D, respectively (collectively, the "Refunded Bonds") to finance in
whole or in part and to refund certain previously issued Bonds the proceeds of which were spent with
respect to the Project; and
Can-American South Bend Partnership, the owner of the Project (the "Owner") has
negotiated with John Nuveen & Co. (the "Bondholder") respecting, among other things, lowering
the interest rate on the Bonds Outstanding; and
The revised Bonds shall be in the form and in the manner prescribed in the Third
Supplemental Indenture, dated as of March 1, 1999 (the "Indenture"), by and between the City of
South Bend, Indiana (the "City") and First Union National Bank of Florida and 1st Source Bank
(collectively, the "Trustee"), which Indenture sets forth the denominations and maturity dates for
the Bonds and provides the places for payment of principal of and interest on the Bonds; and
The reissuance of the Bonds will be of benefit to the health and general welfare of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA AS FOLLOWS:
SECTION 1. It is hereby found and determined that the reissuance of the Bonds by the City
pursuant to the Indenture will serve to lower the interest rate on the Bonds Outstanding thereby
enhancing the viability of the Project, and will be of benefit to the health and general welfare of the
City. The principal amount of the Bonds referred to herein may be modified with the approval of
the Mayor or Deputy Mayor of the City.
~:CTION 2. The Common Council hereby approves the reissuance of the Bonds, provided
that the Bonds, and the premium, if any, and interest thereon, shall be special obligations of the City
secured solely by its interest in the Project and shall never be a debt of the State or any political
subdivision thereof, and neither the State nor any political subdivision thereof shall be liable thereon.
SF. TTON 3. All costs of reissuance of the Bonds, including all counsel, special counsel and
Placement Agent fees, shall be paid by or on behalf of the Owner.
SECTION 4. If any section, paragraph or provision of this ordinance shall be held to be
invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph
or provision shall not affect any of the remaining provisions of this ordinance.
SECTION 5. All prior resolutions, ordinances and orders or parts thereof in conflict herewith
are to the extent of such conflict hereby repealed; prior resolutions, ordinances and orders or parts
thereof consistent with the terms hereof are hereby ratified and confirmed. This ordinance shall take
effect from and after its passage.
PASSED AND ADOPTED by the Common Council of the City of South Bend, Indiana, this
.~~ day of r ~ ~ , 1999.
COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA
1st READlt~G ~- l Z
2rd F.v~,D1~0 ~~^ \2^~1q
f~lOT F,PrROVED
REFERRED
PASSED ~-\2-~ \
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By:
~.,~C'.~ ~,,
Member of the Common Council
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f~9AR 3 ~ 199
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1200 COUNTY-CITY BUILDING
SOUTH BEND, INDIANA 46601-1830
PHONE 219/235-9278
Fax 219/235-9021
TDD 219/ 235-5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
ECONOMIC DEVELOPMENT COMMISSION
DONALD E. INKS
DIRECTOR
March 25, 1999
Ms. Loretta J. Duda, Clerk
City of South Bend, Indiana
Room 455, County-City Building
South Bend, IN 46601
Re: Ordinance -The Point at St. Joseph Project -Reissue of 1999
Series A, B and C of the City of South Bend, Indiana
Dear Ms. Duda:
Enclosed is a proposed form of Ordinance for consideration by the South Bend Common
Council at its meeting on April 12, 1999. I anticipate asking the Council to suspend its
rules to give the Ordinance both a first reading and public hearing.
Should you have any questions, please contact me.
Respectfully,
~~J
TH P. FEDDER
L 1 Counsel '
KPF:ram
enc.
cc: Philip J. Faccenda, Esq.
....
C-1~R 3 1999
....~.. ;..,,;y
GATHA VAUGHN CAROLYN ANDERSON CARL ELLISON ROLAND KELLY JERRY HAMMES KENNETH FEDDER
PRESIDENT VICE PRESIDENT SECRETARY MEMBER MEMBER LEGAL COUNSEL