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02-23-98 Council Meeting minutes
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02-23-98 Council Meeting minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
2/23/1998
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REGULAR MEETING FEBRUARY 23, 1998 <br />STUDEBAKER NATIONAL MUSEUM <br />WHEREAS, the City of South Bend, Indiana (City), is the <br />owner of a collection of Studebaker vehicles; and <br />WHEREAS, the Studebaker National Museum (Museum), a not - <br />for- profit corporation, manages the collection on behalf of the <br />City; and <br />WHEREAS, pursuant to the terms of a management agreement <br />between the City and the Museum, the City provides the facility <br />in which the collection is housed; and <br />WHEREAS, in 1985 the City acquired the Freeman - Spicer <br />building (a former Studebaker dealership) to be the home for the <br />museum; and <br />WHEREAS, the City values the history of the Studebaker <br />Corporation and the role it has played in this community, the <br />nation, and the world; and <br />WHEREAS, the museum facility needs to be improved (the <br />Project), and a joint committee has been established to oversee <br />the project; and <br />WHEREAS, the City has provided dollars for design of the new <br />facility as compensation for relinquishing space in Discovery <br />Hall, and has appropriated funds for the acquisition of <br />additional land needed to build the Project; and <br />WHEREAS, the Project will be paid for with contributions <br />from the Museum, the Studebaker Drivers Club, and the City; and <br />WHEREAS, the city intends, through this Resolution, to <br />express its commitment to the Project and its willingness to <br />issue a bond to finance its portion of the total cost of the <br />Project, subject to the following terms and conditions. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the <br />City of South Bend, Indiana, as follows: <br />1. The Common Council hereby establishes its intent to <br />issue bonds pursuant and subject to the appropriate section or <br />sections of the Indiana Code as determined by the Common Council <br />at the time the bonds are issued for the purpose of financing the <br />City's portion of the total cost of this Project, and the Common <br />Council hereby determines that the City's contribution to the <br />Project will not exceed Five Million and 00 /100 Dollars <br />($5,000,000). <br />2. The final terms of the issuance of said Bonds shall be <br />determined with the adoption of an ordinance or resolution by or <br />on behalf of the City of South Bend, Indiana. <br />3. It is anticipated that all or some portion of the bonds <br />shall be issued on a tax - exempt basis. <br />4. The Bonds shall be payable from a source of funds deemed <br />available by the issuing entity, and this source of funds shall <br />not be limited to C.E.D.I.T. dollars. <br />5. The Bonds shall be issued when the Museum has received <br />at least One Million Dollars ($1,000,000) in contributions and <br />has an additional Four Million Dollars ($4,000,000) in revenues <br />pledged to the Project, which pledges shall be fulfilled within <br />five (5) years of the date of issuance of the Bonds. <br />6. This Resolution shall be in full force and effect from <br />and after its adoption by the Common Council and approval by the <br />Mayor. <br />
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