Regarding Issurance of economic development revenue refunding bonds Regency Place Project

Home Browse Search

WHEREAS, the City, as requested by the Developer, has determined to issue, sell and deliver $3,610,000 City of South Bend, Health Care Facilities Revenue Refunding Bonds, Regency Place of South Bend Issue (FHA Insured Project) Series 1992 A (the "Bonds ") pursuant to the Act to make funds available for the refunding of the 1982 Bonds and the refinancing of the Project; and WHEREAS, the 1982 Bonds shall be called for redemption on February 1, 1993; and WHEREAS, upon the redemption of the 1982 Bonds, the Note and the Mortgage will be held by the Trustee as security for the Bonds and FHA will continue to insure the advances of funds secured by the Mortgage and Note; and WHEREAS, the Authority desires to sell the Bonds through a private placement thereof with certain investors, through Bank One, Columbus, N.A. (the "Placement Agent "); and WHEREAS, there have been prepared and submitted to the Common Council of the City (the "Common Council ") proposed forms of: (i) the Trust Indenture dated as of November 1, 1992 (the "Indenture ") between the City and Society National Bank, Indiana, as trustee (the "Trustee ") pursuant to which the Bonds will be issued; (ii) a Preliminary Private Placement Memorandum (the "Preliminary Placement Memorandum ") to be used by the Placement Agent in connection with the sale of the Bonds; (iii) a Bond Placement Agreement (the "Placement Agreement ") between the City and the Placement Agent in connection with the sale of the Bonds; (iv) a Tax Regulatory Agreement and No Arbitrage Certificate to be dated the date of issuance of the Bonds (the "Tax Regulatory Agreement ") between the City-and the Trustee; and (v) the Loan Agreement (the "Loan Agreement ") dated as of November 1, 1992 between the City and the Developer. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. Incorporation of Recitals. The Recitals contained in this Ordinance are true and correct and are incorporated in this Ordinance by this reference. 10845.1 -2-