No. 1422 authorizing the issuance and sale of special taxing district refunding bonds of the SB redevelopment district for the purpose of advance refunding the COSB redevelopment district bonds of 1990

Home Browse Search

Official Statement as of its date in accordance with the provisions of Rule 15c2 -12 of the Securities and Exchange Commission (the "SEC Rule ") subject to completion as permitted AWN by the SEC Rule and authorize distribution of the deemed final Official Statement; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION THAT: U SECTION 1. For the purpose of procuring funds to pay for the cost of advance refunding the Prior Bonds together with the expenses in connection with or on account of the issuance of Bonds therefor, the City acting for and on behalf of the District, shall make a loan in an amount not to exceed Five Million Five Hundred Thousand 00 /100 Dollars ($5,500,000.00). In order to procure the funds for said loan, the Controller of the City is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the District, the principal of and interest on which are payable solely from a special tax to be levied upon all of the taxable property in the District and deposited in the Redevelopment District Bond Fund, which Bonds shall be issued in the name of the City, for and on behalf of the District, and which shall be designated "City of South Bend Redevelopment District Refunding Bonds of 1996," in an aggregate principal amount not to exceed Five Million Five Hundred Thousand and 00 /100 Dollars ($5,500,000.00) (the "Bonds "), and which amount does not exceed the cost of advance refunding the Prior Bonds, together with the expenses in connection with or on account of the issuance of Bonds therefor. The Bonds shall not constitute a corporate obligation or indebtedness of the City but shall constitute an obligation and an indebtedness of the District, as a special taxing district. The Bonds, together with interest thereon, shall be payable only out of a special tax to be levied upon all of the taxable property in the District and deposited in the Redevelopment District Bond Fund. The Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5,000), or integral multiples thereof, not exceeding the aggregate principal amount of Bonds maturing in any year and shall be numbered consecutively from 96R -1 upwards. The Bonds shall bear interest at a rate or rates not exceeding eight percent (8.0 %) per annum, the exact rate or rates to be determined by negotiated sale pursuant to I.C. 5 -1 -5 as determined by the Mayor and the Controller, and as set forth in a certificate of the City, acting for and on behalf of the District, and executed by the Mayor and the Controller (hereinafter referred to as the "Issuer's Certificate "). The interest on the Bonds shall be payable semiannually on the first day of February and the first day of August of each year commencing August 1, 1996. Interest shall be calculated on the basis of twelve (12) thirty -day months for a three hundred sixty -day year. The Bonds shall mature and be payable serially on the February 1 immediately following the date of issuance of the Bonds and on each February 1 thereafter, and shall have a final maturity date no later than February 1, 2006. The Bonds shall mature in such principal amounts as set forth in the Issuer's Certificate. -3-