10-22-01 Council Meeting Minutes

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REGULAR MEETING OCTOBER 22, 2001 companies that own properties in neighborhoods which are part residential and part business and how the business entities manage their operations to fit in well with the neighborhood. He noted that he has been well aware of EHL's project for several months and part of the difficulty Mr. Thoma talked about arises from their concern about the neighborhood of which they are a part. They are located right next to East Washington Street and a proposed Historic district and because of all of their planning in taking into consideration how their building will fit in, they have incurred extra costs. Councilmember King stated that he believes they deserve some credit for taking the extra step to manage their relationship with the neighborhood. Therefore, Councilmember King made a motion to adopt this Resolution. Councilmember Coleman seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. RESOLUTION NO. 3046 -01 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND ACCEPTING TERMS OF CREDIT ENHANCEMENT POLICY PERTAINING TO THE CITY OF SOUTH BEND, INDIANA SEWAGE WORKS REFUNDING REVENUE BONDS OF 2001 AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THEREWITH WHEREAS, the City of South Bend, Indiana (the "City ") the City has determined that it is advisable to issue current refunding bonds as authorized by Ordinance No. 9270 -01, passed by the Common Council of the City (the "Common Council ") on September 24, 2001 (the `Bond Ordinance ") and designated as the "City of South Bend, Indiana Sewage Works Refunding Revenue Bonds of 2001" in an original amount not to exceed Six Million Three Hundred Thousand Dollars ($6,300,000) (the "2001 Bonds "); and WHEREAS, Section 24 of the Bond Ordinance provides that in connection with the sale of the 2001 Bonds the City may obtain bond insurance to secure the 2001 Bonds, with the premium for such bond insurance to be payable from the proceeds of the 2001 Bonds; and WHEREAS, the City has determined, based upon information furnished to the City by its financial advisor, that it is advisable to obtain a financial guaranty bond insurance policy to secure the 2001 Bonds (the `Bond Insurance Policy "), and to select MBIA Insurance Corporation ( "MBIA ") to issue the Bond Insurance Policy; and WHEREAS, the Commitment of MBIA to issue the Bond Insurance Policy requires the City to comply with certain MBIA procedures and approvals (the "Policy Terms "), and such provisions include the matters which are contained in this Resolution; and WHEREAS, the Common Council has determined that it is advisable to secure the 2001 Bonds with the Bond Insurance Policy issued by MBIA, and in this regard, the Common Council desires to adopt this Resolution to insure that the City is in compliance with MBIA's Policy Terms for so long as the 2001 Bonds are secured by the Bond Insurance Policy: NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION 1. For so long as the 2001 Bonds are secured by the Bond Insurance Policy each of the following provisions shall be followed and complied with in connection with the 2001 Bonds and the Bond Ordinance: -19-