02-23-09 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETING FEBRUARY 23, 2009 WHEREAS, the Authority previously adopted its Resolution No. 162 at a meeting of the Authority held on January 16, 2008, in which the Authority determined to issue and sell its lease rental refunding bonds in an aggregate principal amount not to exceed Eight Million Dollars ($8,000,000) (the "Refunding Bonds") for the purpose of currently refunding the Prior Bonds to provide a savings; and WHEREAS, the Authority was not able to sell its Refunding Bonds at interest rates which would provide sufficient savings prior to July 1, 2008, due to market conditions; and WHEREAS, Section 164 of P.L. 146-2008 added § 6-1.1-17-20.5 to the Indiana Code effective as of July 1, 2008, which now requires that the Common Council, as the fiscal body of the City, approve of the issuance of the proposed Refunding Bonds by the Authority; and WHEREAS, as a result of the issuance of the Refunding Bonds and the corresponding reduction of rental payments due under the Lease, the Commission will achieve significant annual savings; and NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The issuance of the Refunding Bonds by the Authority for the purpose of refunding the Prior Bonds, which will permit the Lease to be amended to reduce the rental payments due thereunder by the Commission to the Authority, thus achieving a savings to the Commission, is hereby approved. Section II. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor as provided by law. s/Derek D. Dieter Member of the Common Council th Mayor Stephen Luecke, 14 Floor County-City Building, 227 W. Jefferson Blvd., South Bend, Indiana, made the presentation for this bill. Mayor Luecke advised that the Resolution would approve the issuance and sale of Lease Rental Refunding Bonds pertaining to the 1997 Lease between the South Bend Housing Authority and the South Bend Redevelopment Commission for the Morris Performing Arts Center, the Palais Royale and other related improvements. Mayor Luecke stated that the approval of this Resolution and the consequent issuance of the requested Refunding Bonds will permit amendment of the affected Lease, a reduction in rent payments due to the Authority, and overall savings. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, councilmember Puzzello made a motion to adopt this Resolution. Councilmember Oliver Davis seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. BILLS – FIRST READING BILL NO. 13-09 FIRST READING ON A BILL AMENDING THE ZONING ORDINANCE FOR PROPERTY LOCATED AT 2517 & 2521 WESTERN AVENUE, COUNCILMANIC DISTRICT 2, IN THE CITY OF SOUTH BEND, INDIANA 23