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A3,
<br />WHEREAS, the aforementioned Resolutions were adopted by the
<br />Commission after the Plan Commission adopted Resolution No. 93 on May 19, 1987, and
<br />Resolution No. 94 on September 15, 1987, respectively; and
<br />WHEREAS, the aforementioned Resolutions were adopted by the
<br />Commission after the Common Council adopted its Resolution No. 1511 -87 on May 26,
<br />1987, and Resolution No. 1536 -87 on September 28, 1987; respectively; and
<br />WHEREAS, the Commission adopted Resolution No. 925 on April 6, 1990,
<br />authorizing the issuance of Bonds of the District (the 'Prior Bonds Resolution ") and on June
<br />5, 1990, the City issued negotiable bonds of the District in the name of the City, for and on
<br />behalf of the District, in an aggregate principal amount of Four Million Nine Hundred
<br />Thousand and 00 /100 Dollars ($4,900,000.00) (the 'Prior Bonds ") for the purpose of
<br />financing the cost of property acquisition and redevelopment in the Area and the cost of
<br />all expenses incurred in connection with the acquisition and redevelopment of the Area
<br />together with the expenses in connection with the issuance of Bonds therefor; and
<br />WHEREAS, the Commission desires to provide for the advance refunding
<br />prior to maturity of the Prior Bonds in order to discharge the liens of and the obligations
<br />of the City, acting for and on behalf of the District, under the Prior Bonds Resolution
<br />pursuant to which the Prior Bonds have been issued; and
<br />WHEREAS, in order to accomplish such advance refunding of the outstanding
<br />Prior Bonds and to secure the principal of, premium, if any, and interest on the Prior Bonds
<br />through the respective maturity or redemption dates thereof, as the case may be, this
<br />Commission has determined that a portion of the net proceeds from the sale of the Bonds
<br />authorized hereby will be paid to the Escrow Agent (as defined herein) and held and
<br />applied pursuant to an irrevocable escrow deposit agreement (the 'Escrow Agreement ")
<br />between the City, acting or an on behalf of the District, and the Escrow Agent with amounts
<br />on deposit under the Escrow Agreement to be used for the purchase of Permitted
<br />Investments (as defined herein) in a principal amount, which together with the interest to
<br />be earned thereon and other available funds, if any, will be sufficient to pay the principal
<br />of, premium, if any, and interest on the Prior Bonds to and on their respective maturity or
<br />redemption dates, as the case may be; and
<br />WHEREAS, this Commission consequently seeks to authorize the issuance of
<br />Bonds to finance the advance refunding of the Prior Bonds to affect a cost saving to the City
<br />acting for and on behalf of the District, and the sale of such Bonds, pursuant to the Act and
<br />the provisions of I.C. 5 -1 -5, subject to and dependent upon the terms and conditions
<br />hereinafter set forth; and
<br />WHEREAS, a preliminary official statement dated March 15, 1996 (the
<br />"Official Statement "), relating to the issuance of said Bonds, has been prepared by H. J.
<br />Umbaugh & Associates, as financial advisors to the Commission, and presented to the
<br />Commission at this meeting, and the Commission desires to approve and deem final the
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