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payment of and defeasing the Refunded Bonds from proceeds of other <br />bonds; and <br />WHEREAS, such refunding is not prohibited by Resolution <br />No. 747, as amended or Resolution No. 775, as amended (the "Prior <br />Resolutions ") which authorized the Refunded Bonds or by the <br />agreements executed in connection therewith, nor will the refunding <br />adversely effect owners of the Refunded Bonds; and <br />WHEREAS, the Commission deems it advisable to issue the <br />advance refunding bonds authorized by this Resolution as "City of <br />South Bend Redevelopment District Tax Increment Revenue Refunding <br />Bonds of 1992" in original principal amount not to exceed Six <br />Million Five Hundred Thousand Dollars ($6,500,000) (the "Bonds ") <br />for the purpose of providing, to the extent necessary to accomplish <br />the advance refunding of the Refunded Bonds, together with certain <br />funds relating to the Refunded Bonds, for the payment of (i) the <br />principal amount the Refunded Bonds outstanding and redemption <br />premiums thereon, if any, (ii) the interest payable on the Refunded <br />Bonds, (iii) the costs of the refunding, and (iv) the costs of <br />issuance of the Bonds and the funding of a reserve therefor; and <br />WHEREAS, the Commission deems it advisable to escrow <br />certain proceeds of and investment income of the Bonds pursuant to <br />the terms of a customary advance refunding escrow agreement (the <br />"Escrow Agreement ") to be entered into with Bank One, Indianapolis, <br />National Association, as escrow agent (the "Escrow Agent "). <br />-2- <br />