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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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Whenever at any time within one year after the date of the mailing of such notice, <br />the Commission shall receive an instrument or instruments purporting to be executed by the <br />owners of the Bonds of not less than sixty percent (60 %) in aggregate principal amount of the <br />Bonds then outstanding (exclusive of Bonds, if any, owned by the Commission or the City), <br />which instrument or instruments shall refer to the proposed supplemental resolution described in <br />such notice, and shall specifically consent to and approve the adoption thereof in substantially <br />the form of the copy thereof referred to in such notice as on file with the Registrar, thereupon, <br />but not otherwise, the Commission may adopt such supplemental resolution in substantially such <br />form, without liability or responsibility to any owners of the Bonds, whether or not such owner <br />shall have consented thereto. <br />Upon the adoption of any supplemental resolution pursuant to the provisions of <br />this Section 19, this Resolution shall be, and be deemed to be, modified and amended in <br />accordance therewith, and the respective rights, duties and obligations under this Resolution shall <br />thereafter be determined, exercised and enforced hereunder, subject in all respects to such <br />modifications and amendments. <br />SECTION 20. The appropriate officers are hereby authorized to take all actions <br />required to obtain a rating for the Bonds, if economically feasible and desirable, and to enter into <br />a guaranty agreement with a corporate guarantor for the purpose of further securing the payment <br />of the principal of and interest on the Bonds. <br />SECTION 21. This Resolution shall be in full force and effect after its adoption <br />cw� by the Commission. <br />BDDB01 6406657v2 -23- <br />
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