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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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ICE MILLER LLP <br /> DRAFT FOR DISCUSSION <br /> PURPOSES ONLY <br /> May 3,2017 <br /> BOND PURCHASE AGREEMENT <br /> BOND PURCHASE AGREEMENT, dated as of the day of , <br /> 2017, by and among the CITY OF SOUTH BEND, INDIANA("City"), a municipality organized <br /> and existing under the laws of the State of Indiana, RDistrict Two LLC, an Indiana limited <br /> liability company ("Company") and Regional Development Authority of Northern Indiana <br /> ("Purchaser"). <br /> WITNESSETH: <br /> WHEREAS, the City has duly authorized the issuance of its bonds designated "Taxable <br /> Economic Development Revenue Bonds, Series 2017 (Studebaker Project)" ('Bonds") in the <br /> aggregate principal amount of $3,500,000 by the adoption of its Bond Ordinance on June 12, <br /> 2017, a true and correct copy of which is incorporated herein by reference ("Bond Ordinance") <br /> and as described in the Trust Indenture, dated as of June 1, 2017 ("Indenture") between the City <br /> and 1 st Source Bank, as trustee ("Trustee"); and <br /> WHEREAS,the Purchaser has authorized the purchase of the Bonds; <br /> NOW, THEREFORE, THE CITY, THE COMPANY AND THE PURCHASER AGREE: <br /> Section 1. Purchase and Sale of the Bonds. (a) The Purchaser hereby agrees to <br /> purchase the Bonds and the City hereby agrees to use its best efforts to issue the Bonds and to <br /> sell the Bonds to the Purchaser in the face amount of$3,500,000. The Bonds shall be dated their <br /> date of issuance and shall be paid for in installments and the first installment shall be for <br /> $ to be deposited with Trustee pursuant to the Indenture, and shall be <br /> subject to optional redemption prior to their stated maturity as set forth in Exhibit A attached <br /> hereto and made a part hereof. The Bonds shall bear interest at the rate of 1% per annum and <br /> shall accrue interest on the outstanding balance of the Bond from the date of issuance of the <br /> Bonds based upon the average daily balance of the Bonds. The other terms of the Bonds are set <br /> forth in the Bonds and the Indenture. The Bonds shall constitute a contract between the City and <br /> the Purchaser, as the owner of the Bonds. <br /> (b) The Bonds shall be issued in minimum denominations of$100,000 and integral <br /> multiples of$1,000 thereafter and shall be numbered from R-1 upward if more than one Bond <br /> shall be delivered. <br /> (c) The City has taken or will take prior to closing all actions required by law to <br /> enable it to issue its Bonds. <br /> (d) Prior to delivery of the Bonds by the City, the Purchaser will provide an <br /> investment letter to the effect that by acceptance of the Bonds the Purchaser will be deemed to <br /> have consented to all of the terms and provisions of the Bond Ordinance, the Indenture and the <br /> Financing Agreement (both as defined in the Indenture) and will represent that: <br /> (i) It is a sophisticated investor and is familiar with securities such as the Bonds. <br /> 1\11862988.2 <br />
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