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9524-04 Authorizing to Issue its "Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Common Project)"
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9524-04 Authorizing to Issue its "Taxable Economic Development Revenue Bonds, Series 2004 (Erskine Common Project)"
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Last modified
12/13/2010 9:38:05 AM
Creation date
4/18/2008 10:03:54 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/23/2004
Ord-Res Number
9524-04
Bill Number
48-04
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BAKER~DANIELS <br />Est. 1863 ' First Bank Building, 205 W. Jefferson Blvd., Suite 250 South Bend, Indiana 46601 574.234.4149 Fax 574.239.1900 www.bakerdaniels.com <br />Randolph R. Rompola Indiana <br />Attorney at Law Washington, D.C. <br />Dir: 574.239.1926 <br />randolph.rompola@bakerd.com Cnina <br />August 18, 2004 <br />VIA HAND DELIVERY <br />John Voorde <br />Clerk, City of South Bend <br />County-City Building, 4"' Floor <br />South Bend, IN 46601 <br />Re: Substitute Ordinance for Consideration by the Common Council <br />Authorizing the Issuance of Taxable Economic Development <br />Revenue Bonds for the Erskine Commons Project <br />Dear Mr. Voorde: <br />Enclosed with this letter is a substitute form of ordinance for consideration by the <br />Common Council in place of the form of ordinance previously filed with your office on <br />August 4, 2004. We have also enclosed substantially final forms of the Trust Indenture, <br />including a form of bond, the Loan Agreement, including a form of promissory note, and a Bond <br />Purchase Agreement. These forms of these documents are to be approved by adoption of the <br />ordinance. Ken Fedder, counsel for the Economic Development Commission, had asked us to <br />assist with the filing of these documents with your office. <br />With regards to the enclosed substitute ordinance, the only substantive change <br />from the originally filed ordinance is that the borrower will be Anchor South Bend, LLC, an <br />entity related to Anchor Acquisitions, Ltd., for the purpose of constructing and developing the <br />improvements described in the substitute ordinance. The ordinance continues to provide that the <br />principal amount of the bonds will not exceed $3.8 million and the interest rate may not exceed <br />8.0%, and that the City will bear no responsibility, financial or otherwise, with respect to the <br />payment of the principal of and interest on the bonds or any other expenses associated with the <br />bond issuance. <br />Adoption of the ordinance by the Council at its meeting on August 23 will allow <br />for the project to be timely completed. The Economic Development Commission is scheduled to <br />meet on August 20th to consider the project. <br />SBIMANI 190714v1 <br />
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