No. 1065 amending Resolution No. 1054 and amending the resolutions unbder which tax incremnent bonds are outstanding

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payment of and defeasing the Refunded Bonds from proceeds of other bonds; and WHEREAS, such refunding is not prohibited by Resolution No. 747, as amended or Resolution No. 775, as amended (the "Prior Resolutions ") which authorized the Refunded Bonds or by the agreements executed in connection therewith, nor will the refunding adversely effect owners of the Refunded Bonds; and WHEREAS, the Commission deems it advisable to issue the advance refunding bonds authorized by this Resolution as "City of South Bend Redevelopment District Tax Increment Revenue Refunding Bonds of 1992" in original principal amount not to exceed Five Million Forty -Five Thousand Dollars ($5,045,000) (the "Bonds ") for the purpose of providing, to the extent necessary to accomplish the advance refunding of the Refunded Bonds, together with certain funds relating to the Refunded Bonds, for the payment of (i) the principal amount the Refunded Bonds outstanding and redemption premiums thereon, if any, (ii) the interest payable on the Refunded Bonds, (iii) the costs of the refunding, and (iv) the costs of issuance of the Bonds and the funding of a reserve therefor; and WHEREAS, the Commission deems it advisable to escrow certain proceeds of and investment income of the Bonds pursuant to the terms of a customary advance refunding escrow agreement (the "Escrow Agreement ") to be entered into with Bank One, Indianapolis, National Association, as escrow agent (the "Escrow Agent "); and WHEREAS, there heretofore have been authorized and issued the bonds designated as "City of South Bend Redevelopment District -2-