No. 2072 authorizing the issuance of COSB redevelopment district tax increment revenue bonds and related matters

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(W NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: A 1. The City, acting for and on behalf of the Commission, shall provide for the issuance of Bonds in an amount not to exceed Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00) for the purpose of procuring funds to finance the Improvements together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the Improvements, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount, and supervisory expenses, capitalized interest and a debt service reserve for the Bonds (to the extent that the Commission determines that capitalized interest and/or a reserve is reasonably required) and all expenses reasonably incurred in connection with the issuance of Bonds. In order to procure such funds, the Controller of the City is hereby authorized and directed to have prepared and to issue and sell the negotiable Bonds of the Redevelopment District, in one or more series or issues, the principal of and interest on which are payable from the Project Tax Increment Revenues, which Bonds shall be issued in the name of the City, for and on behalf of the Redevelopment District, in an aggregate principal amount not to exceed Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00), with a discount not to exceed the discount set forth in or determined by a final bond resolution to be adopted by the Commission (the "Final Bond Resolution "), together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the Improvements and the issuance of the Bonds, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and reserve amount, if any, which estimated cost of the Improvements and such expenses to be financed from proceeds of the Bonds shall not exceed Two Million Eight Hundred Thousand and 00 /100 Dollars ($2,800,000.00), plus investment earnings thereon. The Bonds shall not constitute a corporate obligation or indebtedness of the City but shall constitute an obligation of the Redevelopment District. The Bonds, together with interest thereon, shall be payable solely out of Project Tax Increment Revenues. The Bonds shall bear interest at a rate or rates and have such maturities as set forth in the Final Bond Resolution. The Bonds may be subject to redemption prior to maturity in whole or in part in accordance with the terms set out in the Final Bond Resolution of the Commission. 2. The Commission hereby approves and ratifies the actions taken by the Secretary of the Commission in conjunction with counsel to publish notice of a public hearing regarding the appropriation of the proceeds of the Bonds as required by Ind. Code § 6- 1.1 -18 -5 and Ind. Code § 5 -3 -1, which hearing shall be conducted at the special meeting of the Commission scheduled to be held on July 27, 2004, at 8:00 a.m. SBIMANI 187463v2 - 2 -