1998-10-19 Resolution 130 - Laserfiche WebLink

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are awarded shall fail or refuse to comply with the provisions of the bid and this notice, such Deposit shall become the property of the Authority and shall be taken and considered as liquidated damages of the Authority on account of such failure or refusal. The checks of unsuccessful bidders will be returned immediately following the award of the Bonds. The successful bidder will be required to make payment for the Bonds in Federal Reserve or other immediately available funds and accept delivery of the Bonds within five (5) days after being notified that the Bonds are ready for delivery, at a bank designated by the Authority. Any premium bid and accrued interest must be paid in cash at the time of delivery as a part of the purchase price for the Bonds. The Bonds will be ready for delivery within thirty (30) days after the date on which the award is made, and if not deliverable within that period, the successful bidder will be entitled to rescind the sale and the Deposit will be returned. Any notice of rescission must be in writing. At the request of the Authority, the successful bidder shall furnish to the Authority, before delivery of the Bonds, a certificate in form satisfactory to the Authority as to the initial public offering price of the Bonds. It is anticipated that CUSIP identification numbers will be .printed on the Bonds (at the expense of the successful bidder), but neither the failure to print such numbers on any Bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the successful bidder to accept delivery of and pay for the Bonds. At the time of delivery of the Bonds the approving legal opinion of Baker & Daniels, bond counsel, of South Bend, Indiana, as to the validity of the Bonds, together with a transcript of • Bond proceedings, the printed Bonds with such legal opinion printed thereon, and closing certificates in the customary form showing no litigation, will be furnished to the successful bidder at the expense of the Authority. The Authority was organized in compliance with IC 36-7-14.5, for the purpose of financing local public improvements, including the Project (as defined in the Trust Agreement) for lease to the South. Bend Redevelopment Commission (the "Commission") and the construction of which .Project the Authority financed with the proceeds of its lease rental revenue bonds issued in 1992 which bonds are to be refunded with the proceeds of the Bonds hereinabove described. All actions have been taken in compliance with the provisions of IC 36-7-14, IC 36-7-14.5 and IC 5-1-5. The Bonds will be secured by the Trust Agreement, and the Bonds will be issued pursuant to the terms and provisions of said Trust Agreement and a resolution of the Authority entitled "Resolution of the South Bend Redevelopment Authority Authorizing the Issuance of the South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 1998 (Blackthorn Golf Course Project) (the "Bond Resolution"). The property referred to in the Trust Agreement has been leased to the Commission at the rental amounts set forth in such lease, payable on such dates and subject to the terms as set forth in the lease. The funds for the payment of the lease rental will be generated by the Redevelopment District of the City of South Bend from unlimited ad valorem property taxes assessed throughout said District. After the sale of the Bonds, the lease shall be amended to reduce the rental payments due under the lease. All bidders shall be deemed to be advised as to the provisions of the above-mentioned Trust Agreement, Bond Resolution and lease and the provisions of the aforesaid Indiana Code. -6-