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05-22-2017 Packet
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05-22-2017 Packet
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"Qualified Investments" means any of the following classes of securities, to the extent to <br /> which investment in such securities is permitted under State law: (i) direct obligations of, or <br /> obligations the payment of the principal of and interest on which when due are unconditionally <br /> guaranteed by, the United States of America; (ii) bonds, debentures, participation certificates, or <br /> notes of any of the following agencies of the United States government: Federal Farm Credit <br /> Banks, the Federal National Mortgage Association, the Government National Mortgage <br /> Association, the Student Financing Marketing Corporation, the Federal Land Bank, the World <br /> Bank,the Resolution Trust Corporation,the Federal Home Financing Mortgage Corporation, and <br /> the Federal Home Financing Bank; (iii) investments which evidence direct ownership of future <br /> interest and principal payments of obligations described in (i) or (ii) above; (iv) mutual funds or <br /> money market funds (including an affiliate of the Trustee) which only invest in obligations <br /> described in (i), (ii), or (vii) herein and which are rated in the highest category by a national <br /> rating agency; (v) unsecured interest-bearing obligations of any commercial bank (including the <br /> Trustee), trust company, bank holding company, insurance company, or any other entity with <br /> long-term debt obligations which have been assigned to a rating category no less than the second <br /> highest category assigned by Standard & Poor's Ratings Group and Moody's Investors Service; <br /> (vi) deposits in interest-bearing time deposits or savings accounts in banks (including the <br /> Trustee) organized under the laws of any state of the United States or under the laws of the <br /> United States or in savings and Financing associations organized under the laws of any state of <br /> the United States or under the laws of the United States, provided that any such deposits are (x) <br /> insured by the Federal Deposit Insurance Corporation or (y) fully secured by obligations of the <br /> type specified in (i), (ii), (iii), or (v) above; and (vii) fully collateralized direct repurchase <br /> agreements or guaranteed investment contracts having a defined termination date, secured by <br /> obligations of the United States of America or its agencies and instrumentalities in market value <br /> of not less than the principal amount of the funds disbursed, pledged with a third party selected <br /> or approved by the Developer, and placed through a primary government securities dealer, as <br /> defined by the Board of Governors of the Federal Reserve System, or a nationally or state <br /> chartered bank (which may include the Trustee). <br /> "Redevelopment Commission" means the South Bend Redevelopment Commission. <br /> "Series 2017 Bonds" or "Bonds" means the Taxable Economic Development Revenue <br /> Bonds, Series 2017 (Studebaker Project) to be issued by the Issuer under the Indenture in the <br /> aggregate principal amount of$3,500,000. <br /> "State" means the State of Indiana. <br /> "Tax Increment" means all real property tax proceeds and depreciable personal property <br /> tax proceeds of designated taxpayers from assessed valuation of property in the Allocation Area <br /> in excess of the assessed valuation described in IC 36-7-14-39(b)(1), as such statutory provision <br /> exists on the date of issuance of the Series 2017 Bonds. <br /> "TIF Pledge Resolution" means the resolution of the Redevelopment Commission <br /> adopted on May 25, 2017, pledging TIF Revenues to the Issuer. <br /> "TIF Revenues" means $3,500,000 of the Tax Increment funds on hand generated in the <br /> Allocation Area and held in the Allocation Fund (as described in the TIF Pledge Resolution), <br /> which moneys are to be separated from all other moneys in said Fund as of the day of closing <br /> - 5 - <br /> 1\11853148.2 <br />
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