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32-17 Economic Development Revenue Bonds (Studebaker Project)
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32-17 Economic Development Revenue Bonds (Studebaker Project)
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Last modified
5/17/2017 1:41:10 PM
Creation date
6/7/2017 1:24:57 PM
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City Council - City Clerk
City Counci - Date
5/22/2017
Bill Number
32-17
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ARTICLE II. <br /> REPRESENTATIONS <br /> Section 2.1. Representations by Issuer. Issuer represents and warrants that: <br /> (a) The Issuer is a municipal corporation duly organized and validly existing under <br /> the laws of the State. Under the provisions of the Act, the Issuer is authorized to enter into the <br /> transactions contemplated by this Financing Agreement and to carry out its obligations hereunder. <br /> The Issuer has been duly authorized to execute and deliver this Financing Agreement. <br /> (b) The Issuer agrees to provide funds from the issuance of the Series 2017 Bonds for <br /> financing a portion of the cost of the construction of the Project, to the end that industry and the <br /> economy may be diversified,job opportunities promoted and redevelopment accomplished. <br /> (c) The Issuer covenants that it will timely pay the TIF Revenues to the Trustee as <br /> provided in the Indenture. The Issuer represents and warrants that the TIF Pledge Resolution of <br /> the Redevelopment Commission was validly adopted and constitutes a valid and binding <br /> obligation of the Issuer, enforceable against the Issuer in accordance with its terms. <br /> Section 2.2. Representations by Developer. Developer represents and warrants that: <br /> (a) Developer is a limited liability company duly organized, existing and authorized <br /> to do business under the laws of the State of Indiana, is not in violation of any provision of its <br /> Articles of Organization or Operating Agreement, has not received notice and has no reasonable <br /> grounds to believe that it is in violation of any laws in any manner material to its ability to <br /> perform its obligations under this Financing Agreement, has power to enter into and to perform its <br /> obligations under this Financing Agreement and has duly authorized the execution and delivery of <br /> this Financing Agreement by appropriate corporate action. <br /> (b) All of the proceeds from the Series 2017 Bonds (including any income earned on <br /> the investment of such proceeds) will be used solely for Costs of Construction. <br /> (c) The Developer intends to operate or cause the Project to be operated as an <br /> economic development facility under the Act until the expiration or earlier termination of this <br /> Financing Agreement as provided herein, unless the Developer has sold or otherwise transferred <br /> the Project to a Surviving Corporation (as hereinafter defined) in accordance with Section 3.3 of <br /> this Financing Agreement. <br /> (d) Neither the execution and delivery of this Financing Agreement, the <br /> consummation of the transactions contemplated hereby nor the fulfillment of or compliance with <br /> the terms and conditions of this Financing Agreement, will contravene the Developer's Articles of <br /> Organization or Operating Agreement or any law or any governmental rule, regulation or order <br /> presently binding on the Developer or conflicts with or results in a breach of the terms, conditions <br /> or provisions of any agreement or instrument to which Developer is now a parry or by which it is <br /> bound, or constitutes a default under any of the foregoing, or results in the creation or imposition <br /> of any liens, charges, or encumbrances whatsoever upon any of the property or assets of <br /> Developer under the terms of any instrument or agreement. <br /> - 7 - <br /> I\11853148.2 <br />
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