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60-18 Bond Financing for the Community Center Project
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60-18 Bond Financing for the Community Center Project
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11/7/2018 2:09:11 PM
Creation date
11/7/2018 2:08:28 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/12/2018
Bill Number
60-18
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payment at that time, and shall no longer be protected by the Indenture and shall not be deemed <br /> to be outstanding under the provisions of the Indenture. <br /> The Series 20_ Bonds, and the interest payable thereon, do not and shall not <br /> represent or constitute a debt of the Issuer, the State of Indiana, or any political <br /> subdivision or taxing authority thereof within the meaning of the provisions of the <br /> constitution or statutes of the State of Indiana or a pledge of the faith and credit of the <br /> Issuer, the State of Indiana, or any political subdivision or taxing authority thereof. The <br /> Series 20_Bonds, as to both principal and interest, are not an obligation or liability of the <br /> Issuer, the State of Indiana, or of any political subdivision or taxing authority thereof, but <br /> are a special limited obligation of the Issuer and are payable solely and only from the Trust <br /> Estate, consisting of funds and accounts held under the Indenture and the Pledged <br /> Revenues pledged and assigned for payment of the Bonds in accordance with the <br /> Indenture. Neither the faith and credit nor the taxing power of the Issuer, the State of <br /> Indiana or any political subdivision or taxing authority thereof is pledged to the payment <br /> of the principal of or the interest on this Series 20_ Bond. The Series 20_ Bonds do not <br /> grant the owners or holders thereof any right to have the Issuer, the State of Indiana or its <br /> General Assembly, or any political subdivision or taxing authority of the State of Indiana, <br /> levy any taxes or appropriate any funds for the payment of the principal of or interest on <br /> the Series 20_ Bonds. The Issuer has no taxing power with respect to the Series 20_ <br /> Bonds. No covenant or agreement contained in the Series 20_ Bonds or the Indenture <br /> shall be deemed to be a covenant or agreement of any member, director, officer, agent, <br /> attorney or employee of the City of South Bend Economic Development Commission (the <br /> "Economic Development Commission"), the Redevelopment Commission or the Issuer in <br /> his or her individual capacity, and no member, director, officer, agent, attorney or <br /> employee of the Economic Development Commission, the Redevelopment Commission or <br /> the Issuer executing the Series 20_ Bonds shall be liable personally on the Series 20_ <br /> Bonds or be subject to any personal liability or accountability by reason of the issuance of <br /> the Series 20_ Bonds. Under no circumstances shall the Public Library be liable for <br /> making any payments due under the Indenture or on the Series 20_Bonds, including any <br /> payment of principal of,premium,if any, or interest on the Series 20_Bonds. <br /> The Redevelopment Commission reserves the right to authorize and issue additional <br /> obligations payable from the Pledged Revenues on a parity with the pledge thereof to the bonds <br /> of the issue of which this Series 20_Bond is a part, subject to satisfaction of the conditions set <br /> forth in the TIF Pledge Resolution. <br /> The holder of this Series 20_ Bond shall have no right to enforce the provisions of the <br /> Indenture or to institute action to enforce the covenants therein, or to take any action with respect <br /> to any event of default under the Indenture, or to institute, appear in or defend any suit or other <br /> proceedings with respect thereto, except as provided in the Indenture. Modifications or <br /> alterations of the Indenture, or of any supplements thereto, may be made to the extent and in the <br /> circumstances permitted by the Indenture. <br /> It is hereby certified that all conditions, acts and things required to exist, happen and be <br /> performed under the laws of the State of Indiana and under the Indenture precedent to and in the <br /> A-4 <br />
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