04-14-14 Common Council Meeting Minutes

Home Browse Search

REGULAR MEETING APRIL 14, 2014 WHEREAS, the principal and interest payable on said bonds are not payable from funds raised by taxation by the City; and WHEREAS, the issuance of said bonds shall not obligate the full faith and credit for the taxing power of the City; and WHEREAS, subject to required approvals, it appears from the application submitted to the Commission by the Applicant that the financing of the Project would be a public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants; NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council finds, determines, ratifies and confirms that the creation and retention of opportunities for gainful employment and the cremion of business opportunities to be achieved by the Project in the City will be of benefit to the health and general welfare of the citizens of the City; and that it is in the public interest that this Common Council take such action as it lawfully may to encourage diversification of industry and promotion of job opportunities in the City. SECTION II. The Common Council further finds, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds of the City under the Act in an aggregate principal amount not to exceed $25,000,000.00 for the Project and the loan of the proceeds of the revenue bonds to the Applicant will serve the public purposes referred to above, in accordance with the Act. SECTION 111. In order to induce the Applicant to proceed with the Project, the Common Council hereby finds, determines, ratifies and confirms that: i) It will take or cause to be taken such actions pursuant to the Act as may be reasonably required to implement the aforesaid financing, or as it may deem reasonably appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the City and the Applicant; and ii) It will adopt such ordinances and resolution and authorize the execution and delivery of such instruments and the taking of such action as may be reasonably necessary and advisable for the authorization, issuance and sale of said economic development bonds. SECTION IV. All costs of the Project incurred for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, acquisition, construction and equipping of the Project, including reimbursement or repayment to the Applicant of moneys expended prior to the adoption by the City of this resolution would be permitted to be included as part of the Project costs to be financed out of the loan of the proceeds from the sale of the bonds to the extent permitted by the Act and the Internal Revenue Code of 1986, w amended, and applicable regulations promulgated thereunder. SECTION V. All action taken and approvals given by the City with regard to the Applicant, are based upon the evidence submitted and representations made by the Applicant, its _2_ E .u5.13706150.01 21