No. 2012 authorizing issuance of bonds for purpose of providing funds for refunding outstanding bonds and financing redevelopment projects in SBCAA (No. 1A) and paying incidental expenses in connection therewith and on account of issuance of bonds

Home Browse Search

dated as of the date of delivery, and shall bear interest payable semi - annually each February 1 and August 1, beginning on February 1, 2004 calculated on the basis of a 360 -day year comprised of twelve 30 -day months, as set forth in a negotiated sale of the 2003 Bonds to the Indiana Bond Bank. The 2003 Bonds shall mature on February 1 and August 1 of each year, beginning August 1, 2004 in accord with a maturity schedule designed to best provide for equal payments in each year the 2003 Bonds are outstanding. The Executive and the Fiscal Officer are hereby authorized for and on behalf of the Commission to negotiate such a maturity schedule with the purchaser of the 2003 Bonds as evidenced by their execution of the 2003 Bonds. All or a portion of the 2003 Bonds may be aggregated into and issued as one or more term bonds. The term bonds will be subject to mandatory sinking fund redemption with sinking fund payments and final maturities corresponding to the serial maturities described above. Sinking fund payments shall be applied to retire a portion of the term bonds as though it were a redemption of serial bonds, and, if more than one term bond of any maturity is outstanding, redemption of such maturity shall be made by lot. Sinking fund redemption payments shall be made in a principal amount equal to such serial maturities, plus accrued interest to the redemption date, but without premium or penalty. For all purposes of this Resolution, such mandatory sinking fund redemption payments shall be deemed to be required payments of principal which mature on the date of such sinking fund payments. Appropriate changes shall be made in the definitive form of 2003 Bonds, relative to the form of 2003 Bonds contained in this Resolution, to reflect any mandatory sinking fund redemption terms. (b) Source of Payment. The 2003 Bonds are not a general obligation of the City or the District, but are limited and special obligations of the District payable solely as set forth herein and therein. The 2003 Bonds are, as to all the principal thereof and interest due thereon, payable solely from allocated incremental taxes on real property in the Allocation Area, and earnings thereon, pursuant to Indiana Code § 36- 7 -14 -39 (the "TIF Revenues "). (c) Payments. All payments of interest on and principal of the 2003 Bonds shall be paid by check mailed one business day prior to the interest payment date to the registered owners thereof as of the fifteenth (15th) day of the immediately prior month in which interest is payable (the "Record Date ") at the addresses as they appear on the registration and transfer books of the Commission kept for that purpose by the Registrar (as defined in Section 4 hereof) (the "Re _aistration Record") or at such other address as is provided to the Paying Agent (as defined in Section 4 hereof) in writing by such registered owner. Each registered owner of $500,000 or more in principal amount of the 2003 Bonds shall be entitled to receive interest payments by wire transfer by providing written wire instructions to the Paying Agent before the Record Date for any payment. Provided, however, that the final principal payment on each 2003 Bond shall be ILI made upon surrender thereof at the principal office of the Paying Agent in any coin or currency of the United States of America which on the date of such -3-