No. 0829 approving an addendum to the official statement concerning the City of South Bend redevelopment district tax increment revenue bonds of 1988

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OFFICIAL NOTICE OF SALE $1,800,000 AW CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS OF 1988 Sealed bids for the City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1988 in the aggregate principal amount of One Million Eight Hundred Thousand Dollars ($1,800,000) (the "Bonds ") will be opened by the City Controller of the City of South Bend (the "City "), on Monday, February 8, 1988, at 12:00 Noon, Eastern Standard Time, at the Office of the City Controller in Room 1400 of the County -City Building, 227 West Jefferson Boulevard, in South Bend, Indiana. The City Controller will consider award of the Bonds immediately following the opening of bids, subject to approval of the interest rate by the State Board of Tax Commissioners if any interest rate or the net effective rate exceeds eight percent (8%) per annum. If no acceptable bid is received at the time fixed for the sale of the Bonds, then the sale may be continued from day - today for a period not to exceed thirty (30) days without readvertising. During the continuation of the sale, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale in the Bond Sale Notice. The acceptability of a bid is within the sole discretion of the Controller. DETAILS OF THE BONDS The Bonds will be dated February I, 1988, and will bear interest payable on August I, 1988 and Alliftemiannually thereafter on February I and August I of each year. Interest will be computed on the sis of a 360 -day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5,000) or in integral multiples thereof (the "Authorized Denominations "). The principal and premium, if any, on the Bonds shall be payable at the principal office of the Paying Agent, and interest on the Bonds shall be paid by check or draft mailed or delivered to the registered owners of the Bonds at the address as it appears on the books for registration and for transfer of the Bonds kept and maintained by the Registrar (the 'Bond Register ") as of the 15th of the month immediately preceding the interest payment date or at any such other address as provided to the Paying Agent in writing by such registered owners. The Bonds shal I mature and be payable on February I st in the amounts and years as follows: $25,000 1993 -1996 $75,000 1997 -1998 $1009000 1999 $150,000 2003 -2004 $125,000 2000 -2002 $775,000 2005 Bonds maturing on or after February 1, 2000 are redeemable in advance of maturity, at the option of the South Bend Redevelopment Commission (the "Commission "), beginning on February I, 1999, in whole or in part (only in Authorized Denominations). If redeemed in whole, the Bonds may be redeemed on February I, 1999 or on any date thereafter. If in part, Bonds may be redeemed in any order of maturity selected by the Commission and within a maturity by lot (in such manner as may be ,,termined by the Registrar) on February 1, 1999 and on any interest payment date thereafter. All Cr shall be at a price of par and accrued interest. In the case of redemption of the Bonds, notice of the call for any such redemption identifying the Bonds, or portions of the Bonds, to be redeemed shall be given by the Registrar on behalf of the Commission by mailing a copy of the redemption notice by registered or certified mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the Bond Register; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any such Bond shall not affect the validity of any proceedings for the redemption of other Bonds.