02-23-98 Council Meeting minutes

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