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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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3/21/2013 4:22:24 PM
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10/1/2012 2:09:23 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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"Independent Counsel" means an attorney duly admitted to practice law before the <br />highest court of any state and not regularly employed on a substantial basis by the Issuer or <br />the Borrower and acceptable to the Trustee. <br />"Institutional Holder" means (i) the Banks, (ii) the Purchasers, and (iii) any other <br />bank, trust company, insurance company, pension fund or similar financial institution <br />holding at the time fully registered Bonds equal in aggregate principal amount to at least <br />10% in aggregate principal amount of Bonds then outstanding. <br />"Issuer" means City of South Bend, Indiana, a municipal corporation and political <br />subdivision of the State of Indiana, and its successors and assigns. <br />"Loan Agreement" means the Loan Agreement dated as of November 15, 1993 <br />executed by and between the Issuer and the Borrower and any amendments and supplements <br />thereto. <br />"Make -Whole Amount" shall mean in connection with any prepayment or acceleration <br />of the Bonds or the Taxable Note as the case may be the excess, if any, of (a) the aggregate <br />present values as of the date of such prepayment of each dollar of principal being prepaid <br />(taking into account the application of such prepayment required in accordance with the <br />maturities stated on the face of the Bond, if any, or the Taxable Note as the case may be) and <br />the amount of interest (exclusive of interest accrued to the date of prepayment) that would <br />have been payable in respect of such dollar if such prepayment had not been made, <br />determined by discounting such amounts at the Reinvestment Rate from the respective dates <br />on which they would have been payable, over (b) 100% of the principal amount of the <br />Bonds or the Taxable Note as the case may be being prepaid at the date such Bonds or the <br />Taxable Note as the case may be are to be prepaid. If the applicable Reinvestment Rate at <br />the time of determination of the Make -Whole Amount is equal to or higher than (1) with <br />respect to the Bonds, 5.52 %, or (2) with respect to the Taxable Note, 6.90 %, then the <br />Make -Whole Amount for any payment or prepayment of the Bonds or the Taxable Note as <br />the case may be is zero. For purposes of any determination of the Make -Whole Amount: <br />"Reinvestment Rate" shall mean the yield reported, as of 10:00 a.m. (New <br />York, New York time) on the Business Day next preceding the date of prepayment or <br />payment of the Bonds on the display designated as "Page 500" on the Telerate Service <br />(or such other display as may replace "Page 500" on the Telerate Service) for actively <br />traded U.S. Treasury Securities having a maturity corresponding to the series of <br />Bonds or the Taxable Note as the case may be then being prepaid or paid as of the date <br />of prepayment or payment or if such yield shall not be reported as of such time or if <br />the yields reported as of such time are not ascertainable in accordance with the <br />preceding clause, then the arithmetic mean of the yields under the respective headings <br />"This Week" and "Last Week" published in the Statistical Release under the caption <br />"Treasury Constant Maturities" for the maturity (rounded to the nearest month) <br />corresponding to the Weighted Average Life to Maturity of the principal being <br />prepaid (taking into account the application of such prepayment required in <br />accordance with the maturities stated on the face of the Bonds, if any). If no maturity <br />K12 <br />
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