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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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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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(ii) It is familiar with the City; it has received such information concerning the City, <br /> the Bonds and the TIF Revenues (as defined in the Indenture) as it deems to be <br /> necessary in connection with investment in the Bonds. It has received, read and <br /> had an opportunity to comment upon and has consented to the provisions of the <br /> Indenture, the Bonds and the Financing Agreement. Prior to the purchase of the <br /> Bonds, it has been provided with the opportunity to ask questions of and receive <br /> answers from the representatives of the Issuer concerning the terms and <br /> conditions of the Bonds, the tax status of the Bonds, legal opinions and <br /> enforceability of remedies, the security therefor, and property tax reform, and to <br /> obtain any additional information needed in order to verify the accuracy of the <br /> information obtained to the extent that the Issuer possesses such information or <br /> can acquire it without unreasonable effort or expense. We are not relying on Ice <br /> Miller LLP for information concerning the financial status of the Issuer or the <br /> ability of the Issuer to honor its financial obligations or other covenants under the <br /> Bonds,the Indenture or the Financing Agreement. <br /> (iii) It is acquiring the Bonds for its own account with no present intent to resell; and <br /> will not sell, convey, pledge or otherwise transfer the Bonds without prior <br /> compliance with applicable registration and disclosure requirements of state and <br /> federal securities law. <br /> (iv) It has investigated the security for the Bonds, including the availability of TIF <br /> Revenues, to its satisfaction, and it understands that the principal on the Bonds is <br /> payable solely from TIF Revenues. It further understands that the Issuer does not <br /> have the power or the authority to levy a tax to pay the principal of or interest on <br /> the Bonds. <br /> (v) It understands that under current law the City's collection of the TIF Revenues <br /> may be limited by operation of IC 6-1.1-20.6, which provides taxpayers with a tax <br /> credit for all property taxes attributable to difference classes of property in an <br /> amount that exceeds certain percentages of the gross assessed value of that <br /> property. It understands that the Issuer may not levy a property tax or borrow <br /> money to make up any shortfall due to the application of this tax credit. <br /> (vi) It recognizes that: (a) the opinions it has received express the professional <br /> judgment of the attorneys participating in the transaction as to the legal issues <br /> addressed herein; (b) by rendering such opinions, the attorneys do not become <br /> insurers or guarantors of (i) that expression of professional judgment; (ii) the <br /> transaction opined upon; or (iii) the future performance of parties to such <br /> transaction; and (c) the rendering of the opinions does not guarantee the outcome <br /> of any legal dispute that may arise out of the transaction. <br /> (vii) It understands that the City has no continuing disclosure obligation on the Bonds. <br /> (viii) It understands that interest on the Bonds is taxable for federal income tax <br /> purposes. <br /> -2- <br /> I\11862988.2 <br />
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