1998-10-19 Resolution 130 - Laserfiche WebLink

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• • Maturity Dates ....................................................:.. Lease Payment Dates .................................... Redemption ............................................................. serial Bonds =March 1, 1999 and annually thereafter to March 1, 2013, inclusive; provided, however, that upon the election of the successful bidder, any of the Refunding Bonds may be issued as term bonds subject to mandatory sinking fund redemption at 100% of face value in accordance with the maturity schedule set forth on the cover of this Official Statement (subject to change as provided in the "NOTICE OF INTENT TO SELL" herein.) Semi-annually on February 25 and August 25. Lease rental commences on February 25,1999 The Refunding Bonds maturing on or after March 1, 2007, may be redeemed prior to maturity at the option of the Authority, in whole or in part, in whole multiples of $5,000 by the Trustee, in any order of maturity determined by the Authority and by lot within maturities, on any date not earlier than March 1, 2006 at face value plus accrued interest to the redemption date plus the following premiums expressed as a percentage of the principal amount to be redeemed: 2% if redeemed on March 1, 2006 or thereafter on or before February 28, 2007 1% if redeemed on March 1, 2007 or thereafter on or before February 29, 2008; or 0% if redeemed on March 1, 2008 or thereafter prior to maturity. Other Terms and Conditions ................................ The Refunding Bonds are issuable only as fully registered bonds and when issued will be registered in the name of Cede & Co., as nominee for-the Depository Trust Company, New York, New York. Purchases of beneficial interests in the Refunding Bonds will be made in book-entry-only form, in the denomination of $5,000 or any integral multiple thereof. Good Faith Funds ................................................... Bank Eligibility ....................................................... Each bid shall be enclosed in a sealed envelope addressed to the Secretary-Treasurer of the Authority. The Refunding Bonds will be sold at a price of not less than 99% of the par value thereof and shall bear interest at a rate or rates not to exceed 7% per annum. The Bonds will be awarded to the bidder offering the lowest net interest cost. $62,450 certified or cashiers check or financial surety bond payable to the order of the South Bend Redevelopment Authority. The Refunding Bonds have not been designated "qualified tax- exempt obligations' for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. Use of Proceeds ....................................................... The Refunding Bonds are being issued for the advance refunding of the Authority's Lease Rental Revenue Bonds of 1992 (Blackthorn Golf Course Project) (the "1992 Bonds"), to lower required lease rental payments and to pay expenses incidental to the issuance of the Refunding Bonds. _2_