No. 2225 amended and restated authorizing the issuance of COSB redevelopment district adjustable rate demand tax increment revenue bonds (series 2006 Erskine Commons Project) and other related matters

Home Browse Search

0 WHEREAS, the Commission adopted its final bond resolution (Resolution No. 2074) on July 27, 2004 (the "2004 Resolution "), determining to issue the Bonds in accordance with the terms set forth therein and in the trust indenture approved thereby; and WHEREAS, the Commission now desires to amend and restate the 2004 Resolution in its entirety in order to permit the Commission now to proceed with the issuance of the Bonds, in accordance with the Act; and WHEREAS, the Commission desires to issue the Bonds pursuant to a trust indenture and consequently desires to appoint The Bank of New York Trust Company, N.A., and its successor and assigns, as trustee of the Bonds (the "Trustee "), and there has been prepared and submitted to the Commission a form of Trust Indenture (the "Trust Indenture ") between the Commission and the Trustee, along with a form of City of South Bend, Indiana, Redevelopment District Adjustable Rate Demand Tax Increment Revenue Bonds, Series 2006 (Erskine Commons) (the 'Bond Form ") attached thereto as an exhibit, and the Commission now desires to approve the form of such Trust Indenture and the Bond Form; and WHEREAS, initially, the Bonds will be further secured by a letter of credit (the "Letter of Credit ") obtained by the Developer to be issued by Fifth Third Bank, and the Commission desires to authorize the President and the Secretary of the Commission to approve of said Letter of Credit and take such other actions as may be necessary to effect the issuance of said Letter of Credit; 00 NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: SECTION 1. For the purpose of procuring funds to pay for the cost of the Improvements in or serving the Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the completion of Improvements, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the Bonds as set forth herein, together with the expenses in connection with or on account of the issuance of the Bonds, the City acting for and on behalf of the Redevelopment District, shall issue make a loan in the aggregate principal amount not to exceed Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00). In order to procure funds for said loan, the Controller of the City (the "Controller ") is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the Redevelopment District upon the terms and conditions described in this resolution, the Trust Indenture and the Bonds, which Bonds shall be issued in the name of the City, for and on behalf of the Redevelopment District and which shall be designated "City of South Bend, Indiana, Redevelopment District Adjustable Rate Demand Tax Increment Revenue Bonds, Series 2004 (Erskine Commons Project)" in an aggregate principal amount not to exceed Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00), and which amount does not exceed the cost, as estimated by the Commission, of the Improvements in or serving the is Allocation Area, together with a sum sufficient to pay the estimated cost of all expenses BDDB01 33020845 - 4 -