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authorize and approve the issuance of additional bonds not to exceed Three Million and 00 /100
<br />Dollars ($3,000,000.00) so that the total amount of Bonds to be issued shall not exceed Sixteen
<br />Million and 00 /100 Dollars ($16,000,000.00); and
<br />WHEREAS, the Commission desires to authorize publication of a notice of public
<br />hearing regarding the appropriation of the increased principal amount of the Bonds authorized
<br />hereby;
<br />NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment
<br />Commission as follows:
<br />Section 1. Section 1 of the Bond Resolution is hereby amended to read as
<br />follows:
<br />SECTION 1. For the purpose of procuring funds to pay for the
<br />cost of redevelopment and economic development in the Area, together with a
<br />sum sufficient to pay the estimated cost of all expenses reasonably incurred in
<br />connection with the redevelopment and economic development of the Area,
<br />including the total cost of all reasonable and necessary architectural, engineering,
<br />legal, financing, accounting, advertising, bond discount and supervisory expenses,
<br />capitalized interest and a debt service reserve for the Bonds as set forth herein,
<br />together with the expenses in connection with or on account of the issuance of the
<br />Bonds, the City acting for and on behalf of the Redevelopment District, shall
<br />make a loan in the aggregate principal amount not to exceed Sixteen Million and
<br />00 /100 Dollars ($16,000,000.00).
<br />In order to procure funds for said loan, the City Controller (the
<br />"Controller ") is hereby authorized and directed to have prepared and to issue and
<br />sell the negotiable bonds of the Redevelopment District, which Bonds shall be
<br />issued in the name of the City, for and on behalf of the Redevelopment District
<br />and which shall be designated "City of South Bend, Indiana, Redevelopment
<br />District Tax Increment Revenue Bonds, Series 2003 (Airport Economic
<br />Development Area)" in an aggregate principal amount not to exceed Sixteen
<br />Million and 00 /100 Dollars ($16,000,000.00), and which amount (together with
<br />investment earnings thereon in the estimated amount of Two Hundred Thousand
<br />and 00 /100 Dollars ($200,000.00) does not exceed the cost, as estimated by the
<br />Commission, of redevelopment and economic development in the Area,
<br />including, without limitation, the Project, together with a sum sufficient to pay the
<br />estimated cost of all expenses reasonably incurred in connection with the
<br />redevelopment and economic development of the Area, including the total cost of
<br />all reasonable and necessary architectural, engineering, legal, financing,
<br />accounting, advertising, bond discount and supervisory expenses, capitalized
<br />interest and a debt service reserve for the Bonds as provided herein, together with
<br />the expenses in connection with or on account of the issuance of the Bonds
<br />therefor.
<br />SBIMANI 164709vl - 2 -
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