6B(7) Resoluiton No. 2798 - Laserfiche WebLink

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shall be issued in the name of the City, for and on behalf of the Redevelopment District, with a discount for each series of bonds not to exceed the discount set forth in or determined by the Final Bond Resolution to be adopted by the Commission, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment, economic development and bond issuance, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest, and any debt service reserve, which estimated cost of the redevelopment, economic development and such expenses to be financed from proceeds of the Bonds shall not exceed Four Million Nine Hundred Sixty -five Thousand and 00 /100 Dollars ($4,965,000.00), plus investment earnings thereon. The Bonds shall not constitute a corporate obligation or indebtedness of the City but shall constitute an obligation of the Redevelopment District. The Bonds, together with interest thereon, shall be payable out of the PSCDA Revenues and, if the PSCDA Revenues is not sufficient, the COIT Revenues. The Bonds shall bear interest at a rate or rates not exceeding eight percent (8.0 %). The Bonds shall mature and be payable not later than twenty (20) years from the date of issuance of the Bonds. The Bonds may be subject to redemption prior to maturity in whole or in part in accordance with the terms set out in the Final Bond Resolution of the Commission. 2. The Secretary of the Commission is hereby directed as required by law to cause to be published the notice of hearing on the appropriation of the Bond proceeds as required by I.C. 6- 1.1 -18 -5 and I.C. 5 -3 -1, which hearing shall be conducted at the regular meeting of the Commission scheduled to be held on November 19, 2010, at 10:00 a.m. in Room 1308 in the County -City Building located at 227 West Jefferson Boulevard, South Bend, Indiana. 3. The Commission hereby establishes its intent, pursuant to I.C. 5- 1- 4 -6(b) and § 1.150 -2 of the Treasury Regulations, that preliminary costs incurred by or on behalf of the Commission in financing and completing the Project be reimbursed from the proceeds of the Bonds. 4. The President and Secretary of the Commission shall certify a copy of this Resolution to the Controller of the City. 5. This Resolution shall be in full force and effect after its adoption by the Commission. -3- BDDBOI 6397179v1