No. 2004 amending resolution No. 1965 a bond resolution of the SBRC authorizing the issuance of taxincrement revenue bonds, series 2003 of the SB redevelopment district

Home Browse Search

In the event any of the Bonds are issued as Term Bonds, the form of the Bond set forth in Section 3 of this Resolution shall be modified accordingly. Any reference to payment of principal on the Bonds shall include payment of scheduled mandatory sinking fund redemption payments described in this Section 2. follows: Section 3. Section 3 of the Bond Resolution is hereby amended to read as SECTION 3. (a) The Bonds may be sold (i) at public sale in accordance with I.C. 5 -3 -1, (ii) at a negotiated, private sale upon terms acceptable to the President of the Commission and the Controller, or (iii) at a private sale to the Indiana Bond Bank ( "the Bond Bank "). In no event shall the Bonds be sold at a purchase price of less than ninety -nine percent (99%) of the par value of the Bonds or such higher purchase price as may be set forth in the Issuer's Certificate. If the President of the Commission and the Controller determine to proceed with a negotiated sale of the Bonds, they shall set forth such determination in the Issuer's Certificate. The President of the Commission and the Controller are hereby authorized to enter into a bond purchase agreement for the sale of the Bonds on the terms and conditions set forth therein, consistent with the provisions of this Resolution. (b) In the event that the Bonds are not sold via a negotiated sale, prior to the sale of the Bonds, the Controller shall cause to be published a notice of intent to sell bonds two times at least one week apart in the South Bend Tribune, the Tri- County News, and the Court and Commercial Record. The notice of such sale or a summary thereof may also be published in such other publications, in the discretion of the Controller. The notice must state that any person interested in submitting a bid for the Bonds may furnish in writing, at the address set forth in the notice, the person's name, address, and telephone number, and that any such person may also furnish a telex number. The notice must also state: (1) the amount of the Bonds to be offered; (2) the denominations; (3) the dates of maturity; (4) the maximum rate or rates of interest; (5) the place of sale; and (6) the time within which the name, address and telephone number must be furnished, which must not be less than seven (7) days after the last publication of the notice. Each person so registered shall be notified of the date and time bids will be received not less than twenty -four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by the person, and also by telex if the person furnishes a telex number. Such notice may also include such other information as the Controller shall deem necessary. Such notice shall also provide, among other things, that each bid shall be accompanied by a certified or cashier's check or a financial surety bond in an amount equal to one percent (1 %) of the principal amount of the Bonds to guarantee performance SBIMANI 158875v2 - 8 -