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09-23-02 Council Meeting Minutes
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09-23-02 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
9/23/2002
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REGULAR MEETING SEPTEMBER 23, 2002 <br />general welfare of the City and its citizens; and <br />WHEREAS, the St. Joseph County Income Tax Council has imposed a county option <br />income tax ( "COIT ") pursuant to IC 6 -3.5 -6 on the adjusted gross income of the St. Joseph County <br />taxpayers; and <br />WHEREAS, to provide security for the Loan, IDFA has requested that the Common Council <br />of the City (the "Common Council ") pledge a portion of the City's COIT revenues to pay debt <br />service on the Loan; and <br />WHEREAS, before proceeding further with the Loan, IDFA has requested that the Common <br />Council express its intention to make such pledge of COIT revenues. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA AS FOLLOWS: <br />SECTION 1. The Common Council finds and confirms that the Project is desirable to <br />improve the health, safety, and general welfare of the citizens of the City; and that it is in the public <br />interest that the City take such action as it lawfully may take to encourage such activities. <br />SECTION 2. The Common Council further funds and confirms that it is authorized by <br />Indiana law to issue and sell bonds to finance the Project. <br />SECTION 3. In order to induce the IDFA and IDEM to proceed with the processing of the <br />Loan, the Common Council hereby finds, determines and confirms that: (i) it will take or cause to <br />be taken such action pursuant to Indiana law as may be required to implement the aforesaid Loan <br />or as it may deem appropriate in pursuance thereof, provided that all of the foregoing shall be <br />mutually acceptable to the City and the IDFA; and (ii) it will adopt such ordinances and resolutions <br />and authorize execution and delivery of such instruments and the taking of such actions as may be <br />necessary and advisable for the authorization, issuance, and sale of bonds in connection therewith; <br />(iii) in furtherance and anticipation thereof, concurrently with the filing of this Resolution, a <br />proposed ordinance (the "Ordinance ") was filed with the Clerk of the Common Council providing <br />for the financing of the Loan, and it is anticipated that the Ordinance will receive a public hearing <br />and be considered for passage by the Common Council at its meeting on October 14, 2002. <br />SECTION 4. The Common Council hereby expresses its intention to adopt an ordinance <br />pledging a portion of the City's share of COIT revenues to the repayment of the bonds (the "Pledge <br />Ordinance "). The Pledge Ordinance shall set forth the terms of the pledge of COIT revenues and <br />will be adopted by the Common Council following the approval of the issuance of the bonds by the <br />Common Council. <br />SECTION 5. This Resolution shall be in full force and effect from and after its adoption by <br />the Common Council and approval by the Mayor. <br />COMMON COUNCIL OF THE CITY OF SOUTH BEND <br />s/Roland Kelly <br />Member of the Common Council <br />EXHIBIT "A" <br />PARCEL I: A parcel of land being a part of the Northwest Quarter of Section 6, Township 37 <br />North, Range 3 East, City of South Bend, Portage Township, St. Joseph County, Indiana and being <br />more particularly described as follows, viz: Beginning on the North line of a parcel of land <br />heretofore conveyed to Stephen A. and Mary J. Knoblock, husband and wife by a Warranty Deed <br />recorded in Deed Record 145, page 108 in the Office of the Recorder of St. Joseph County, Indiana <br />-14- <br />
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