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South Bend Redevelopment Commission <br />Regular Meeting - January 16, 1998 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />lease for Palais Royale/Morris Civic <br />Center project and approving the <br />execution of an addendum to the lease. <br />L Commission approval requested for <br />Resolution No. 1572 establishing certain <br />funds and accounts in connection with <br />the amended and restated lease dated as <br />of May 1, 1997, as amended by an <br />addendum to lease dated as of January <br />15, 1998, between the South Bend <br />Redevelopment Commission and the <br />South Bend Redevelopment Authority <br />relating to the Palais Royale/Morris <br />Civic Center project and other related <br />matters. <br />Randy Rompola of Baker & Daniels stated <br />that this resolution is the actual pledge <br />resolution by which the Commission <br />agrees that in the event that there are not <br />sufficient revenues, a tax will be levied. <br />By adopting this resolution, it will secure <br />the financing and allow for a good interest <br />rate on the financing. The expectation is <br />that a tax levy won't be needed and the <br />Reserve Fund will be available. The <br />bonds are structured so that there is a <br />sufficient amount of coverage available, if <br />needed, to make the lease rental payments. <br />Mr. Rompola noted that Resolution <br />No. 1572 is needed to provide security and <br />the bondholders will look at this resolution <br />FA HOME1. CPHIPPS \WPDATA \COMMSM011698.MIN -10- <br />