1998-10-19 Resolution 130 - Laserfiche WebLink

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CONTINUING DISCLOSURE UNDERTAHING AGREEMENT This UNDERTAKING AGREEMENT (the "Agreement") is made as of November 1, 1998, between the South Bend Redevelopment Authority, a public body corporate and politic, organized and existing under I.C. 36-7-14.5 (the "Authority"), the South Bend Redevelopment Commission, the governing body of the Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana (the "Commission") (both the Authority and the Commission are collectively referred to herein as the "Obligor") and Norwest Bank Indiana, N.A., a banking and financial institution organized under the laws of the United States of America (the "Counterparty"), for the purpose of permitting [, on tiehalf of itself and certain other underwriters] (the "Underwriter[s]"), to purchase the South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 1998 (Blackthorn Golf Course Project), dated 1, 1998 (the "Bonds"), issued pursuant to a Trust Agreement dated as of November 1, 1998, between the Authority and Norwest Bank Indiana, N.A., as trustee (the "Trust Agreement"), in compliance with the Securities and Exchange Commission ("SEC") Rule 15c2-12 (the "SEC Rule") as published in the Federal Register on November 17, 1994. WHEREAS, the Authority has issued its Bonds pursuant to the Trust Agreement; and • WHEREAS, pursuant to a Lease Agreement, between the Authority, as lessor, and the Commission, as lessee, dated as of July 1, 1992, as amended by an Addendum to Lease dated as of October 2, 1998, and as further amended by an Addendum to Lease dated as of 1, 1998 (collectively, the. "Lease"), the Commission is required to pay lease rentals, which rentals will be used to pay the principal and interest due on the Bonds; and WHEREAS, the Commission is an Obligated Person (as defined in the SEC Rule) because the lease rental payments due under the lease are the only source of funds (other than bond proceeds held under the Trust Agreement) pledged to pay the principal and interest due on the Bonds; NOW, THEREFORE, it is agreed by the parties hereto as follows: Section 1. Definitions. The words and terms defined in this Agreement shall have the meanings herein specified. Those words and terms not expressly defined herein shall have the meanings assigned to them in the SEC Rule. (1) "Bondholder" or "holder" or any similar term, when used with reference to a bond or Bonds, means any person who shall be the registered owner of any outstanding Bond, including the holders of beneficial interests in the Bonds. • ::ODMA\PCDOCS\SBDOCS 1 \24503\ i