03-08-99 Council Meeting Minutes

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REGULAR MEETING MARCH 8, 1999 (I) it will take or cause to be taken such actions pursuant to the Act as may be required to implement the aforesaid financing, or as it may deem appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the City and Southfield; (ii) it will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such action as may be necessary and advisable for the authorization, issuance and sale of the bonds; and that the aforementioned purposes comply with the provisions of IC 36 -7 -11.9 and 12; and (iii) it will use its best efforts at the request of Southfield to authorize the issuance of additional bonds for completion of the Project and for additions to the Project, including the costs of issuance (provided that the financing of such addition or additions to the Project is found to have a public purpose, as defined in IC 36 -7- 12-1 at the time of authorization of such additional bonds), and that the aforementioned purposes comply with the provisions of IC 36 -7 -11.9 and 12. 4. All the costs of the project incurred after the date beginning sixty (60) days prior to the adoption of this inducement resolution, including reimbursement or repayment to Southfield of monies expended by Southfield for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, and acquisition, construction, installation and equipping of the Project, will be permitted to be included as part of the Bond issue to finance the Project, and the City will end the proceeds from the sale of the Bonds to Southfield for the same purposes. Also, certain indirect expenses, including but not limited to, planning, architectural work and engineering incurred prior to this inducement resolution will be, as permitted by law, included as part of the bond issue to finance the Project. 5. The liability and obligation of the Common Council of the City shall be limited solely to good faith efforts to consummate the proceedings leading to the issuance of the bonds to finance the acquisition, construction, installation and equipping of the Project and the Bonds, if issued, shall never constitute a general obligation of, or indebtedness of, or a charge against the general credit of the City and shall not be payable to any extent from revenue raised by taxation. Neither the Common Council or the City or their officers or agents, shall incur any liability, if for any reason the proposed issuance of the Bonds is not consummated. 6. This Resolution shall be in full force and effect from and after its adoption and approval by the Mayor. /s/ Sean Coleman Member, South Bend Common council A public hearing was held on the resolution at this time. Council Member Kelly reported that the Community and Economic Development Committee had met on this bill and recommended it to the Council favorable. Ken Fedder, attorney for the Economic Development Commission, made the presentation for the resolution. He advised this is phase one of a project at Southfield Village at the corner of Kern and Miami Roads. He reported that this facility will have a sixty bed nursing facility and 64 assisted living units. He advised they will hire seventy -two full -time employees. He indicated these are not general obligation bonds of the City. Council Member Aranowski made a motion to adopt this resolution, seconded by Council Member Varner. The resolution was adopted by a roll call vote of nine ayes. BILL NO. 99 -10 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING REISSUANCE OF NOT TO EXCEED $12,920,485.00 10