Laserfiche WebLink
~. J ~ <br />U <br />RESOLUTION NO. 125 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />AUTHORITY AUTHORIZING THE EXPENDITURE OF FUNDS <br />RECEIVED ON BEHALF OF THE AUTHORITY TO PAY <br />OUTSTANDING PRINCIPAL OF THE BONDS ISSUED TO FINANCE <br />THE COLLEGE FOOTBALL HALL OF FAME <br />WHEREAS, the South Bend Redevelopment Authority (the "Authority") previously <br />issued in 1994 and has currently outstanding certain lease rental revenue bonds known as the "South <br />Bend Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994 <br />(College Football Hall of Fame Project)" (the "Bonds") which Bonds were used to pay capital <br />expenditures relating to the construction of the College Football Hall of Fame (the "Project"); and <br />WHEREAS, an application for a grant was submitted on behalf of the Authority to <br />• <br />the State of Indiana for the purpose of seeking moneys from the Build Indiana Fund to assist in <br />paying capital expenditures related to the Project; and <br />WHEREAS, the State awarded Five Hundred Thousand and 00/100 Dollars <br />($500,000.00) (the "Grant Amount") for the purpose of paying capital expenditures related to the <br />Project, and the Authority desires to authorize use of said Grant Amount for the purpose of paying <br />a corresponding amount of principal on the outstanding Bonds; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMENT AUTHORITY, AS FOLLOWS: <br />1. The Authority hereby authorizes the payment of the Grant Amount to the <br />Norwest Bank Indiana, N.A., as trustee (the "Trustee"), under that certain Trust Indenture dated as <br />• of June 1, 1994, between the Authority and the Trustee (the "Trust Indenture"). The Grant Amount <br />