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RESOLUTION NO. 2955
<br />A SUPPLEMENTAL BOND RESOLUTION OF THE CITY OF SOUTH BEND
<br />REDEVELOPMENT COMMISSION, SUPPLEMENTING AND AMENDING
<br />RESOLUTION NO. 2012, ADOPTED ON OCTOBER 17, 2003, ALL FOR THE
<br />PURPOSE OF AUTHORIZING THE MODIFICATION OF CERTAIN CONTRACTUAL
<br />RIGHTS, THE EXECUTION AND DELIVERY OF ITS CITY OF SOUTH BEND,
<br />INDIANA, REDEVELOPMENT DISTRICT AMENDED TAX INCREMENT REVENUE
<br />BONDS, SERIES 2003 (SOUTH BEND CENTRAL DEVELOPMENT AREA), AND
<br />REGARDING CERTAIN RELATED MATTERS
<br />WHEREAS, the City of South Bend Redevelopment Commission (the "Commission "),
<br />governing body of the City of South Bend, Indiana, Redevelopment District (the "District "),
<br />exists and operates under the provisions of Indiana Code 36 -7 -14, as amended, and Indiana Code
<br />36 -7 -25, as amended (collectively, the "Act "); and
<br />WHEREAS, on December 30, 2003, the Commission, acting in the name of the City of
<br />South Bend, Indiana (the "City "), issued its bonds designated as the "City of South Bend,
<br />Indiana, Redevelopment District Tax Increment Revenue Bonds, Series 2003 (South Bend
<br />Central Development Area)" in the original aggregate principal amount of $19,795,000 (the
<br />"Original 2003 SBCDA Bonds "), which are payable from property taxes generated in the South
<br />Bend Central Allocation Area (South Bend Allocation Area No. IA) previously established by
<br />the Commission and allocated in accordance with Indiana Code 36- 7- 14 -39, as amended, in
<br />order to provide funds to refund certain prior obligations of the Commission and to pay for the
<br />costs of renovating and constructing certain downtown parking garages and other public works
<br />projects in the area, all pursuant to Resolution No. 2012, adopted by the Commission on October
<br />17, 2003 (the "Original Resolution "); and
<br />WHEREAS, as of the date hereof, the Original 2003 SBCDA Bonds are outstanding in
<br />the aggregate principal amount of $18,030,000; and
<br />WHEREAS, pursuant to the terms of the Original 2003 SBCDA Bonds and the Qualified
<br />Entity Purchase Agreement, dated December 17, 2003 (the "Original Purchase Agreement "), by
<br />and among the Commission, the City and the Indiana Bond Bank (the "Bond Bank "), the
<br />Original 2003 SBCDA Bonds maturing on or after February 1, 2013, are subject to redemption
<br />prior to maturity, at the option of the Commission, in whole or in part, on any date on or after
<br />August 1, 2012 (as may be determined by the Commission), at a redemption price equal to the
<br />principal amount of the Original 2003 SBCDA Bonds to be redeemed, plus accrued interest to
<br />the redemption date, and without any redemption premium (the "Call Rights "); and
<br />WHEREAS, the Bond Bank previously issued its Indiana Bond Bank Special Program
<br />Bonds, Series 2003 E (South Bend TIF Districts), dated December 30, 2003, in the aggregate
<br />principal amount of $36,530,000 (the "Prior Bond Bank Bonds "), for the purpose of providing
<br />funds to purchase the Original 2003 SBCDA Bonds from the Qualified Entity, together with
<br />certain other obligations of the Qualified Entity; and
<br />INDS01 BJB 13019620
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