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South Bend Redevelopment Commission <br />Regular Meeting - May 20, 1994 <br />6. NEW BUSINESS (Cont.) <br />j. Commission approval requested for <br />Resolution No. 1258 establishing certain <br />funds and accounts in connection with the <br />Lease dated as of November 1. 19935 <br />between the South Bend Redevelopment <br />Commission and the South Bend <br />Redevelopment Authority relating to o the <br />Century Center Project and other related <br />matters. <br />Mrs. Kolata noted that the Hall of Fame <br />bond issue has been broken into two parts, <br />the Century Center portion and the Hall of <br />Fame portion. The Redevelopment <br />Authority took action on May 17 to <br />authorize the Official Statement, the Trust <br />Indenture and other documents related to <br />the sale of the bond. Resolution No. 1258 <br />establishes accounts for the lease payments <br />to be made from by the Commission to the <br />Authority. The resolution also states that <br />if there is not enough money in that <br />account on August 1 of any year, the <br />Commission will levy taxes to make the <br />payment. However, the project has been <br />structured so that there should be no need <br />to levy a tax. <br />Mrs. Kolata noted that this bond will <br />receive bond insurance and that there will <br />be a reserve fund set up as well. <br />Mrs. Kolata noted that the sale of the Hall <br />of Fame bond will take place at least 15 <br />days after the sale of the Century Center <br />bond. The bonds have slightly different <br />financing structures and the IRS says that <br />if they are sold less than 15 days apart, <br />