09-23-02 Council Meeting Minutes

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REGULAR MEETING SEPTEMBER 23, 2002 general welfare of the City and its citizens; and WHEREAS, the St. Joseph County Income Tax Council has imposed a county option income tax ( "COIT ") pursuant to IC 6 -3.5 -6 on the adjusted gross income of the St. Joseph County taxpayers; and WHEREAS, to provide security for the Loan, IDFA has requested that the Common Council of the City (the "Common Council ") pledge a portion of the City's COIT revenues to pay debt service on the Loan; and WHEREAS, before proceeding further with the Loan, IDFA has requested that the Common Council express its intention to make such pledge of COIT revenues. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: SECTION 1. The Common Council finds and confirms that the Project is desirable to improve the health, safety, and general welfare of the citizens of the City; and that it is in the public interest that the City take such action as it lawfully may take to encourage such activities. SECTION 2. The Common Council further funds and confirms that it is authorized by Indiana law to issue and sell bonds to finance the Project. SECTION 3. In order to induce the IDFA and IDEM to proceed with the processing of the Loan, the Common Council hereby finds, determines and confirms that: (i) it will take or cause to be taken such action pursuant to Indiana law as may be required to implement the aforesaid Loan or as it may deem appropriate in pursuance thereof, provided that all of the foregoing shall be mutually acceptable to the City and the IDFA; and (ii) it will adopt such ordinances and resolutions and authorize execution and delivery of such instruments and the taking of such actions as may be necessary and advisable for the authorization, issuance, and sale of bonds in connection therewith; (iii) in furtherance and anticipation thereof, concurrently with the filing of this Resolution, a proposed ordinance (the "Ordinance ") was filed with the Clerk of the Common Council providing for the financing of the Loan, and it is anticipated that the Ordinance will receive a public hearing and be considered for passage by the Common Council at its meeting on October 14, 2002. SECTION 4. The Common Council hereby expresses its intention to adopt an ordinance pledging a portion of the City's share of COIT revenues to the repayment of the bonds (the "Pledge Ordinance "). The Pledge Ordinance shall set forth the terms of the pledge of COIT revenues and will be adopted by the Common Council following the approval of the issuance of the bonds by the Common Council. SECTION 5. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND s/Roland Kelly Member of the Common Council EXHIBIT "A" PARCEL I: A parcel of land being a part of the Northwest Quarter of Section 6, Township 37 North, Range 3 East, City of South Bend, Portage Township, St. Joseph County, Indiana and being more particularly described as follows, viz: Beginning on the North line of a parcel of land heretofore conveyed to Stephen A. and Mary J. Knoblock, husband and wife by a Warranty Deed recorded in Deed Record 145, page 108 in the Office of the Recorder of St. Joseph County, Indiana -14-