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07-08-96 Council Meeting Minutes
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07-08-96 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
7/8/1996
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REGULAR MEETING JULY 8, 1996 <br />requirements for the current calendar year and reasonably expects <br />that it will not issue more than ten million dollars <br />($10,000,000) of tax - exempt obligations during the calendar year; <br />and <br />WHEREAS, the Common Council of the City of South Bend, <br />Indiana has determined that the Board of Public Works of the City <br />of South Bend, Indiana, has taken the necessary legal steps, <br />including satisfaction of any legal bidding requirements, under <br />Indiana law to arrange for the acquisition of the Equipment. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, AS FOLLOWS; <br />1. That the terms of said Lease agreement are in the best <br />interests of the City of South Bend, Indiana, for the acquisition <br />of such Equipment, and the Common Council of the City of South <br />Bend, Indiana designates and confirms the following persons to <br />execute and deliver, and to witness the execution and delivery, <br />respectively, the Lease Agreement and any related documents <br />necessary to the consummation of the transactions contemplated by <br />the Lease Agreement. <br />Party to Execute Lease Agreement: Party to Attest to the <br />Execution of Lease <br />John E. Leszczynski, President Angela K. Jacob, Clerk <br />Board of Public Works Board of Public Works <br />2. That Pursuant to Section 265(b)(3) of the Internal <br />Revenue Code, this Lease Agreement be and hereby is designated a <br />"qualified tax - exempt obligation" includable within the ten <br />million dollars ($10,000.000) of the aggregate issues designated <br />as "qualified tax - exempt obligations" for the calendar year <br />within which this Lease is entered into. <br />3. That the Common Council of the City of South Bend hereby <br />represents that the reasonably anticipated amount of qualified <br />tax - exempt obligations which have been and will be issued by the <br />City of South Bend, Indiana does not exceed $10,000.000 for the <br />calendar year within which this Lease Agreement is to be a "Tax <br />exempt obligation" pursuant to Section 265(b)(3) of the Internal <br />Revenue Code. <br />4. 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 />/s/ Roland Kelly <br />Member, Common Council <br />A public hearing was held on the resolution at this time. Jeff <br />Rinard, Deputy Controller, made the presentation for the <br />resolution. He indicated lease agreement would be for financing <br />a variety of equipment needs in one package. He indicated that <br />by pooling this in one package we will be able to take advantage <br />of 5.63% interest, for five years, and the first payment will not <br />be due until 1997. Council Member Coleman made a motion to adopt <br />this resolution, seconded by Council Member Zakrzewski. The <br />resolution was adopted by a roll call vote of nine ayes. <br />BILLS, FIRST READING <br />BILL NO. 49 -96 A BILL AMENDING THE ZONING ORDINANCE AND <br />ESTABLISHING AN HISTORIC LANDMARK FOR THE <br />PROPERTY LOCATED AT 221 EAST SOUTH STREET, IN <br />THE CITY OF SOUTH BEND, INDIANA <br />
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