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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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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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SECURITY AND PURPOSE <br />The Bonds do not constitute a corporate obligation or indebtedness of the City, but the same is an <br />obligation of the South Bend Redevelopment District (the "District "), which is a special taxing <br />district having the same boundaries as the City, and is payable solely out of taxes on real property <br />sated in the South Bend Central Allocation Area (South Bend Allocation Area No. IA) (the <br />Allocation Area ") allocated and deposited in the Allocation Area Special Fund (the "Allocation <br />Fund "), pursuant to the provisions of IC 36- 7 -14 -39 and proceeds from the sale or leasing of property <br />in the Allocation Area under I C 36- 7 -14 -22 deposited in the Allocation Fund as required by IC 36 -7- <br />14-26 (these sources of revenues that will be used for payment of the Bonds shall hereinafter be <br />referred to as the "Tax Increment "). <br />The Bonds are being issued under the provisions of IC 36 -7 -14 in order to provide funds for payment <br />of part of the cost of property acquisition and redevelopment in the Allocation Area. <br />The District has previously issued $4,200,000 Tax Increment Revenue Bonds of 1985 (the "1985 <br />Bonds ") and $1,750,000 Tax Increment Revenue Bonds of 1986 (the "1986 Bonds ") with the 1986 Bonds <br />being on a parity with the 1985 Bonds. Both bond issues remain outstanding in their entirety as of <br />February 2, 1988. The authorizing bond resolutions provide the District the right to issue additional <br />bonds (the "Parity Bonds ") payable from the Tax Increment, ranking on a parity with the 1985 Bonds <br />and the 1986 Bonds. The Commission has approved and confirmed that the conditions precedent <br />required in the 1985 and 1986 bond resolutions pertaining to the issuance of said Parity Bonds have <br />been met and has authorized the issuance of the Bonds described herein. <br />The District reserves the right to authorize and issue additional Parity Bonds, payable from Tax <br />Increment, ranking on a parity with the Bonds, the 1985 Bonds, and the 1986 Bonds, under certain <br />CP nditions as specified in the 1988 bond resolution adopted by the Commission on November 12, 1987. <br />TYPE OF BID <br />A sealed bid for not less than $1,755,000.00 and accrued interest on the total principal amount of the <br />Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to <br />the time set for bid opening, a certified or cashier's check in the amount of $18,000 payable to the <br />order of the South Bend Redevelopment District shall have been filed with the City Controller or <br />with SPRINGSTED Incorporated, the City's Financial Advisor, at the home office of SPRINGSTED <br />Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, (612) 223 -3000. No bid <br />will be considered for which said check has not been filed. The checks of unsuccessful bidders will be <br />returned immediately following the award of the Bonds. The check of the Purchaser will be retained <br />by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. <br />The City will deposit the check of the Purchaser, the amount of which will be deducted at <br />settlement. Bidders for the Bonds shall be required to name the rate or rates of interest which the <br />Bonds are to bear, not exceeding twelve percent (12 %) per annum and such interest rate or rates shal I <br />be in multiples of 1/8 or 1/20 of one percent (I %). Bids specifying more than one interest rate shall <br />also specify the maturities of the Bonds bearing each rate and all Bonds maturing on the same date <br />shall bear the some rate. No rate for any maturity shall be more than one percent (1%) lower than <br />any prior rate. No conditional bid will be considered. Although not a term of sale, it is requested <br />that each bid show the net dollar interest cost to final maturity and the net effective average <br />terest rate on the entire Issue. <br />MUNICIPAL BOND INSURANCE <br />An application for a municipal bond guaranty insurance policy for this issue has been made. If a bond <br />guaranty insurance policy is issued, it will unconditionally and irrevocably guarantee payment of the <br />principal of and interest on the Bonds. The premium for such policy, if issued, will be paid by the <br />District. No such municipal bond guaranty issuance has yet been obtained for the Bonds. Bidders are <br />advised to contact the City Controller at Room 1400, County -City Building, 227 West Jefferson <br />
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