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120ON CouNry -OTT BuaDING <br />227 W. JEFFERSON BLVD. <br />SOUTH BEND, INDIANA 46601 -1830 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />PHoNE 574/ 235-9216 <br />FAX 574/235 -9928 <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />February 17, 2015 <br />Mr. Tim Scott <br />President <br />City of South Bend Common Council <br />227 W. Jefferson Boulevard, 4"' Floor <br />South Bend, Indiana 46601 <br />RE: City of South Bend, Indiana Economic Development Income Tax Bonds of 2015 <br />Dear Mr. Scott: <br />Enclosed you will find an Amendatory Ordinance that amends portions of Bond Ordinance No. <br />10346 -15 adopted by the Council on January 26, 2015 (the "Original Ordinance "). We are <br />requesting that this Amendatory Ordinance be submitted to the Common Council for first reading <br />at its February 23, 2015 meeting. <br />The Original Ordinance authorized the issuance of Economic Development Revenue Bonds to pay <br />for various park improvements. Following adoption of the Original Ordinance, staff initiated <br />conversations with Standard & Poor's rating agency ( "S &P ") to provide a rating oil the Bonds <br />before sale. Based on those discussions with S &P, the City now desires to make certain <br />amendments to the Original Ordinance, specifically and solely to Sections 7(b)(i) and 10(c) of the <br />Original Ordinance per S & P recommendations. For your information, I am also enclosing a copy <br />of the original language of Sections 7(b) (i) and 10(c) of Ordinance 10346 -15 showing the changes <br />that have been made in the new ordinance. <br />This bill will be presented for first reading on February 23, 2015 and second reading, public <br />hearing and third reading on March 9, 2015. I will present the Amendatory Ordinance. <br />Sincerely, <br />I47M-urphy <br />City Controller <br />Enclosures <br />rtr;� N <br />p,R <br />0,:% <br />