1998-11-16 Resolution 131 - Laserfiche WebLink

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purposes of providing sufficient funding of the escrow fund .(the "Escrow Fund") that will be • established to advance refund the Refunded Bonds; and WHEREAS, three (3) bids for the purchase of the Bonds were received on behalf of the Authority on November 10, 1998, and City Securities Corporation was the lowest bidder based upon the criteria set forth in the Bond Resolution and the Notice; and WHEREAS, Crowe, Chizek and Company LLP, financial advisor to the Authority (the "Financial Advisor"), has determined that the various maturities of the Bonds may be reduced in certain instances in accordance with the terms of the Notice such that the aggregate principal amount of the Bonds sold to City Securities Corporation will be Six Million One Hundred Thirty- five Thousand and 00/100 Dollars ($6,135,000); and WHEREAS, the Financial Advisor has determined the individual principal amounts of the Bonds as finally determined will adequately fund the Escrow Fund necessary to advance • refund the Refunded Bonds; and WHEREAS, the Authority previously entered into a lease between the Authority and the South Bend Redevelopment Commission (the "Commission") dated as of July 1, 1992, as amended by an Addendum to Lease entered into by the Authority and the Commission and dated as of October 2, 1992 (collectively, the "Lease"), pursuant to which the Authority is leasing the Project to the Commission; and WHEREAS, the Authority desires to approve and execute an addendum to the Lease (the "Addendum") in the form presented to the Authority at this meeting, reflecting lower annual lease rental amounts for the Project; and • -2- ::ODMA\I'CDOCS\SBDOCS 1 \26373\ I