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Authorize- Issuance of Revenue Bonds $11,960,000
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Authorize- Issuance of Revenue Bonds $11,960,000
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Last modified
3/21/2011 3:56:49 PM
Creation date
3/21/2011 3:56:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/28/1997
Ord-Res Number
8778-97
Bill Number
34-97
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1 . <br /> An amount equal to the Debt Service Requirement received from the sale of the Bonds on the <br /> date of their issuance shall be deposited into the Reserve Account. The remaining proceeds from <br /> the sale of the Bonds shall be deposited in a special fund to be designated as the "City of South <br /> Bend, Indiana, Economic Development Project Construction Fund" (the "Construction Fund"). <br /> Such fund shall be deposited with a legally qualified depository or depositories for funds of the <br /> City as provided by law and shall be segregated and kept separate and apart from all other funds <br /> of the City and may be invested as permitted by law. The money in the Construction Fund shall <br /> be expended only for the purpose of paying the costs of the Economic Development Project <br /> together with expenses in connection with the issuance of the Bonds. Any balances in the <br /> Construction Fund after the completion of the Economic Development Project which are not <br /> required to meet unpaid obligations incurred in connection with the construction of the Economic <br /> Development Project together with expenses in connection with the issuance of the Bonds, shall <br /> be deposited into the Bond Principal and Interest Account of the Economic Development Income <br /> Tax Fund and used solely for the purposes of that account as provided for herein. <br /> SECTION 10. (a) Optional Redemption. The Bonds maturing on or after <br /> August 1, 2008, may be redeemed by the City in whole or in part, on August 1, 2007, or at any <br /> time thereafter, in order of maturity determined by the City, and by lot within any such maturities <br /> by the Registrar, at a redemption price expressed as a percentage of the principal amount of each <br /> Bond to be redeemed in accordance with the following schedule, plus accrued interest to the date <br /> of redemption: <br /> Redemption Period (Both Dates Inclusive� Redemption Price <br /> August 1, 2007, through and including July 3l, 2008 102% <br /> August l, 2008, through and including July 31, 2009 101% <br /> August 1, 2009, and thereafter prior to maturity 100% <br /> Official notice of such redemption identifying the Bonds shall be mailed by the Registrar and <br /> Paying Agent by certified or registered mail at least thirty (30) days and not more than sixty (60) <br /> days prior to the scheduled redemption date to each of the registered owners of the Bonds called <br /> for redemption (unless waived by any such registered owner) at the address shown on the <br /> registration books of the Registrar and Paying Agent, or at such other address as is furnished in <br /> writing by such registered owner to the Registrar; provided, however, that failure to give such <br /> notice by mailing, or any defect therein, with respect to any Bond shall not affect the validity of <br /> the proceedings for the redemption of any other Bond. The notice shall specify the redemption <br /> price, the date and place of redemption, and the registration numbers (and, in case of partial <br /> redemption, the respective principal amounts) of the Bonds called for redemption. The place of <br /> redemption may be at the principal corporate office of the Registrar and Paying Agent or as <br /> otherwise determined by the City. Interest on the Bonds (or portions thereo� so called for <br /> redemption shall cease to accrue on the redemption date fixed in such notice, if sufficient funds <br /> are available at the place of redemption to pay the redemption price on the redemption date and <br /> when such Bonds (or portions thereo� are presented for payment. Any Bond redeemed in part <br /> may be exchanged for a Bond or Bonds of the same maturity in authorized denominations equal <br /> -15- <br />
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