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No. 2805 authorizing the issuance of revenue bonds of the South Bend redevelopment district for the purpose of raising money for redevelopment/economic development in the CDA
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No. 2805 authorizing the issuance of revenue bonds of the South Bend redevelopment district for the purpose of raising money for redevelopment/economic development in the CDA
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designed to preserve the exclusion of interest on the Bonds from gross income under federal law <br />(the "Tax Exemption ") need not be complied with if the Redevelopment District receives an <br />opinion of nationally recognized bond counsel that any Tax Section is unnecessary to preserve <br />the Tax Exemption. <br />SECTION 14. If, when the Bonds or a portion thereof shall have become due <br />and payable in accordance with their terms or shall have been duly called for redemption or <br />irrevocable instructions to call the Bonds or a portion thereof for redemption shall have been <br />given, and the whole amount of the principal of and premium, if any, and interest so due and <br />payable upon all of the Bonds or a portion thereof then outstanding shall be paid or (i) sufficient <br />monies for such purpose, or (ii) direct obligations of, or obligations the principal of and interest <br />on which are unconditionally guaranteed by, the United States of America, the principal of and <br />the interest on which when due will provide sufficient monies for such purpose, or (iii) time <br />certificates of deposit fully secured as to both principal and interest by obligations of the kind <br />described in (ii) above of a bank or banks the principal of and interest on which when due will <br />provide sufficient monies for such purpose, shall be held in trust for such purpose, and provision <br />shall also have been made for paying all fees and expenses in connection with the redemption, <br />then and in that case the Bonds or such portion thereof issued hereunder shall no longer be <br />deemed outstanding or an indebtedness of the Redevelopment District. <br />SECTION 15. If any section, paragraph or provision of this Resolution shall be <br />held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such <br />section, paragraph or provision shall not affect any of the remaining provisions of this <br />lc� Resolution. <br />SECTION 16. All resolutions and orders, or parts thereof, in conflict with the <br />provisions of this Resolution are, to the extent of such conflict, hereby repealed, and this <br />Resolution shall be in immediate effect from and after its adoption. <br />SECTION 17. If the date for making any payment or the last date for <br />performance of any act or the exercising of any right, as provided in this Resolution, shall be a <br />legal holiday or a day on which banking institutions in the City or the city in which the Paying <br />Agent is located are typically closed, such payment may be made or act performed or right <br />exercised on the next succeeding day not a legal holiday or a day on which such banking <br />institutions are typically closed, with the same force and effect as if done on the nominal date <br />provided in this Resolution, and no interest shall accrue for the period after such nominal date. <br />SECTION 18. The Commission may, from time to time and at any time, without <br />the consent of, or notice to, any of the owners of the Bonds, adopt resolutions supplemental <br />hereto (which supplemental resolutions shall thereafter form a part hereof) for any one or more <br />of the following purposes: <br />a. To cure any ambiguity or formal defect or omission in this <br />Resolution or in any supplemental resolution; <br />b. To grant to or confer upon the owners of the Bonds any additional <br />benefits, rights, remedies, powers, authority or security that may lawfully be granted to or <br />BDDB01 6406657v2 -21 - <br />
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