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01-08-01 Council Meeting Minutes
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01-08-01 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
1/8/2001
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REGULAR MEETING JANUARY 8, 2001 <br />WHEREAS, the South Bend Economic Development Commission (the "Commission ") has <br />rendered a report concerning the proposed financing of economic development facilities for the <br />Company and a certain other project which is not proceeding at this time, which report incorporates <br />findings of fact of the Commission regarding the competitive effect of the Project on similar <br />facilities already constructed or operating in the City; and <br />WHEREAS, the Commission has given its approval to such financing of the Project; and <br />WHEREAS, the issuance and sale of the revenue bonds will not reduce the legal bonding <br />capacity of the City; and <br />WHEREAS, the City is to bear no expense in connection with the issuance and sale of said <br />revenue bonds and all expenses in connection thereto which are incurred by the City shall be <br />reimbursed to the City by the Company; and <br />WHEREAS, the principal and interest payable on said bonds are payable solely from the <br />payments made by the Company to the City pursuant to a loan agreement, and are not payable from <br />funds raised by taxation by the City; and <br />WHEREAS, the issuance of said bonds shall not obligate the full faith and credit for the <br />taxing power of the City; and <br />WHEREAS, subject to required approvals, it appears that the financing of the Project will <br />be of public benefit to the health, prosperity, economic stability and general welfare of the City and <br />its inhabitants; <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana: <br />Section 1. This Common Council hereby finds, determines, ratifies and confirms that the <br />Project is desirable to better the health, prosperity, economic stability and general welfare of the City <br />and its inhabitants, that the Project complies with the purposes and provisions of the Act, and that <br />it is in the best interest of the City that it take such action as it lawfully may to encourage the <br />Company to construct the Project. <br />Section 2. This Common Council hereby further finds, determines, ratifies and confirms that <br />the issuance and sale of revenue bonds of the City under the Act, and the use of the net proceeds <br />derived therefrom to finance the construction of the Project, will enable the Project to be constructed <br />and thereby serve the public purposes referred to above in accordance with the Act. <br />Section 3. In order to induce the Company to proceed with the construction of the Project, <br />this Common Council hereby undertakes that: <br />(i) It will authorize and issue one or more series of revenue bonds of the City pursuant to <br />the Act, in the approximate aggregate principal amount of Two Million and 00 /100 Dollars <br />($2,000,000.00), to finance the costs of the Project, including reimbursement or repayment to the <br />Company for planning, engineering, underwriting and attorney and bond counsel fees, and will enter <br />into a financing agreement to lend the net proceeds of such bonds to the Company to enable the <br />Project to be constructed and repay the loan in installments sufficient to pay the principal of, <br />premium, if any, and interest on such bonds; <br />(ii) It will adopt such ordinances and resolutions and authorize the execution and delivery <br />of such instruments and the taking of such actions as may be necessary or advisable for the <br />authorization, issuance and sale of such bonds; and <br />(iii) It will take or cause to be taken such other actions as may be required to implement the <br />aforesaid or as it may deem appropriate in pursuance thereof, provided that all of the foregoing shall <br />be authorized by law and mutually acceptable to the City and the Company. <br />
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