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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Last modified
5/13/2013 1:13:30 PM
Creation date
10/11/2012 11:14:15 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8314-92
Bill Number
87-92
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WHEREAS, the City, as requested by the Developer, has determined to issue, sell and <br />deliver $3,610,000 City of South Bend, Health Care Facilities Revenue Refunding Bonds, <br />Regency Place of South Bend Issue (FHA Insured Project) Series 1992 A (the "Bonds ") pursuant <br />to the Act to make funds available for the refunding of the 1982 Bonds and the refinancing of <br />the Project; and <br />WHEREAS, the 1982 Bonds shall be called for redemption on February 1, 1993; and <br />WHEREAS, upon the redemption of the 1982 Bonds, the Note and the Mortgage will be <br />held by the Trustee as security for the Bonds and FHA will continue to insure the advances of <br />funds secured by the Mortgage and Note; and <br />WHEREAS, the Authority desires to sell the Bonds through a private placement thereof <br />with certain investors, through Bank One, Columbus, N.A. (the "Placement Agent "); and <br />WHEREAS, there have been prepared and submitted to the Common Council of the City <br />(the "Common Council ") proposed forms of: <br />(i) the Trust Indenture dated as of November 1, 1992 (the "Indenture ") <br />between the City and Society National Bank, Indiana, as trustee (the "Trustee ") pursuant <br />to which the Bonds will be issued; <br />(ii) a Preliminary Private Placement Memorandum (the "Preliminary <br />Placement Memorandum ") to be used by the Placement Agent in connection with the sale <br />of the Bonds; <br />(iii) a Bond Placement Agreement (the "Placement Agreement ") between the <br />City and the Placement Agent in connection with the sale of the Bonds; <br />(iv) a Tax Regulatory Agreement and No Arbitrage Certificate to be dated the <br />date of issuance of the Bonds (the "Tax Regulatory Agreement ") between the City-and <br />the Trustee; and <br />(v) the Loan Agreement (the "Loan Agreement ") dated as of November 1, <br />1992 between the City and the Developer. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA: <br />Section 1. Incorporation of Recitals. The Recitals contained in this Ordinance are true <br />and correct and are incorporated in this Ordinance by this reference. <br />10845.1 <br />-2- <br />
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