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REGULAR MEETING JANUARY 28, 2008
<br />WHEREAS, the Common Council desires to have the Building
<br />Corporation proceed to refund the Prior Bonds outstanding after February 1, 2008 in the
<br />aggregate principal amount of Seven Million One Hundred Forty-five Thousand and
<br />00/100 Dollars ($7,145,000.00) to result in a savings, the proceeds of which will be used
<br />to (i) finance the refunding of the Prior Bonds, and (ii) to pay the costs of issuance of the
<br />refunding bonds which bonds would be issued in an aggregate principal amount not to
<br />exceed Seven Million Two Hundred Thousand and 00/100 Dollars ($7,200,000.00) (the
<br />"Refunding Bonds"); and
<br />WHEREAS, the Common Council desires that the Lease be amended to
<br />reduce the semiannual lease rentals to correspond to the actual debt service as established
<br />pursuant to the terms of the sale of the Refunding Bonds;
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
<br />City of South Bend, Indiana, as follows:
<br />1. The Common Council hereby authorizes the Building Corporation
<br />to proceed with the refunding of its previously issued County Option Income Tax Lease
<br />Rental Revenue Bonds of 2001 outstanding after February 1, 2008 in the aggregate
<br />principal amount of Seven Million One Hundred Forty-five Thousand and 00/100 Dollars
<br />($7,145,000.00) to achieve a savings for the City. The Common Council hereby
<br />approves of the sale of the Refunding Bonds in an aggregate principal amount not to
<br />exceed Seven Million Two Hundred Thousand and 00/100 Dollars ($7,200,000.00).
<br />2. The Mayor, the City Clerk and the Controller, and such other
<br />officers of the City as may be necessary and appropriate, are, and each of them is, hereby
<br />authorized to take any and all actions and to execute all such instruments as may be
<br />necessary or appropriate to accomplish the advance refunding of the outstanding Prior
<br />Bonds, in such forms as the officers executing the same shall deem proper, to be
<br />evidenced by the execution thereof, including, without limitation, (i) executing a second
<br />addendum to lease to provide for lower annual lease rental payments as a result of the
<br />refinancing of the outstanding Prior Bonds, and (ii) entering into a continuing disclosure
<br />undertaking agreement to provide continuing disclosure with respect to the Refunding
<br />Bonds as required under the federal securities laws.
<br />3. This Resolution shall be in full force and effect from and after its
<br />passage by the Common Council and approval by the Mayor.
<br />s/Timothy A. Rouse
<br />Member of the Common Council
<br />Councilmember Dieter, Chairperson, Community and Economic Development
<br />Committee, reported that this committee held a Public Hearing on this bill this afternoon
<br />and voted to send it to the full Council with a favorable recommendation.
<br />Ms. Beth Leonard, Director, Financial & Program Management, Department of
<br />Community & Economic Development, 12th Floor county-City Building, South Bend,
<br />Indiana, made the presentation for this bill.
<br />Ms. Leonard advised that this bill would allow for the appropriation of $100,000 of
<br />Urban Development Action Grant reimbursement funds for Predevelopment costs for
<br />pending development projects within the City. The predevelopment costs include items
<br />such as market studies, appraisals, preliminary site plans, surveys, title work,
<br />environmental studies, etc. which are necessary to determine the feasibility of a project
<br />and determine whether it can or should proceed.
<br />This being the time heretofore set for the Public Hearing on the above bill, proponents
<br />and opponents were given an opportunity to be heard.
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