1998-01-21 Resolution 117 - Laserfiche WebLink

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WHEREAS, the Authorit ~l~~ires to authorize the issuance of the Bonds in the aggregate principal amount not to exceed Fifteen Million and 00/100 Dollars ($15,000,000.00) to provide for the financing of the Project and to appoint a Trustee for the Bonds; and WHEREAS, there has been prepared and submitted to the Authority a form of Trust Agreement to be dated as of March 1,1998, between the Authority and Norwest'Bank Indiana, N.A., South Bend, Indiana, as Trustee (the "Trust Agreement") which Trust Agreement provides for, - among other things, the issuance of such Bonds to finance the Project; and WHEREAS, a "nearly final" Official Statement dated January 27, 1998, relating to the issuance of the Bonds (the "Official Statement") has been prepared by Crowe Chizek & Co., L.L.P., as financial advisor to the Authority, and presented to the Authority; NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment • Authority as follows: Section 1. In order to pay and finance. the costs of the Project and to pay costs of issuance, there is hereby authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, pursuant to I.C. 36-7-14.5 et seg., the Bonds in the aggregate principal sum of Fifteen Million and 00/100 Dollars ($15,000,000.00). Presently, the Authority anticipates the Bonds to be issued in an approximate aggregate principal amount of Thirteen Million Seven Hundred Ten Thousand and 00/100 Dollars ($13,710,000.00). The final aggregate bond principal amount will be set forth in the Issuer's Certificate provided- for in Section 2 hereof. Section 2. The Bonds shall be numbered consecutively from 98R-1 upwards and shall bear interest at a rate or rates not exceeding six and one-half percent (6.50%) per annum (or such lesser per annum interest rate as the President orVice-President of the Authority may establish with the advice of its financial advisor at the time of the publication of the notice of intent to sell the -2- ::ODMA\PCDOCS\SBDOCS t \5480\1