No. 1118 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985, 1986, 1988 for the purpose of raising money for redevelopment in the SBCAA

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WHEREAS, the Commission now further determines that the issuance of Series 1992 Bonds in the aggregate principal amount of Two Million Nine Hundred Thousand and 00/100 Dollars ($2,900,000.00) is necessary in order to provide funds for payment of redevelopment in the Allocation Area related to the Project. NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission, as follows: SECTION 1. For the purpose of raising money to pay the cost of redevelopment in the Allocation Area together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment in the Allocation Area related to the Project, including the total cost of all necessary architectural, engineering, legal, accounting, advertising, bond discount and supervisory expenses, a debt service reserve and capitalized interest as provided herein together with the expenses in connection with the issuance of the Series 1992 Bonds, the City acting for and on behalf of the Redevelopment District, shall make a loan in the amount of Two Million Nine Hundred Thousand and 00/100 Dollars ($2,900,000.00). In order to procure funds for said loan, the Controller is hereby authorized and directed to have prepared and issue and sell negotiable bonds of the Redevelopment District, which bonds shall be issued in the name of the City and which shall be designated "City of South Bend Redevelopment District Tax Increment Revenue Bond of 1992" in an aggregate principal amount of Two Million Nine Hundred Thousand and 00 /100 Dollars ($2,900,000.00), and which amount does not exceed the total, as estimated by the Commission, of all expenses reasonably to be incurred in connection with redevelopment in the Allocation Area related to the Project, 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 as provided herein, together with the expenses in connection with or on account of the issuance of the Bonds therefor, excluding those costs paid for out of the proceeds derived from the sale of the Series 1985 Bonds, Series 1986 Bonds and the Series 1988 Bonds. The Series 1992 Bonds shall not constitute a corporate obligation or indebtedness of the City, but the same shall be an obligation of the Redevelopment District and shall be payable solely out of the Tax Increment. The Series 1992 Bonds shall be issued in fully registered form in denominations of not less than One Hundred Thousand and 00/100 Dollars ($100,000.00) or in integral multiples thereof (the "Authorized Denominations ") not exceeding the aggregate principal amount of the Series 1992 Bonds maturing in any year, shall be numbered consecutively from 92R -1 upwards and shall bear interest at a rate or rates not exceeding eight percent (8 %) per annum (the exact rate or rates to be 0