Laserfiche WebLink
• <br />L' <br />WHEREAS, the Authority desires to enter into and adopt a proposed lease to be dated <br />as of March 1, 1999, with the South Bend Redevelopment Commission (the "Commission") in the <br />form presented at this meeting, a copy of which is attached hereto as Exhibit A, for the purpose of <br />paying the principal and interest on its Notes issued to finance the Project, pursuant to IC 36-7-14.5- <br />19; <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment <br />Authority as follows: <br />Section 1. In order to pay and finance the costs of the Project, there is hereby <br />authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, the <br />Notes in the aggregate principal sum not to exceed One Million Eight Hundred Thousand Dollars <br />($1,800,000). <br />Section 2. The Notes shall bear interest at a rate or rates not exceeding eight <br />percent (8%) per annum and shall mature serially on August 1 in the-years and in the amounts as <br />follows: <br />Year Amount Year Amount <br />2003 $200,000 2008 $200,000 <br />2004 200,000 2009 200,000 <br />2005 200,000 2010 200,000 <br />2006 200,000 2011 200,000 <br />2007 200,000 <br />Section 3. The Notes maturing on or after August 1, 2009, may be redeemed prior <br />to maturity, at the option of the Authority, from any moneys made available for that purpose, by <br />• prepaying the principal amount of the Note in accordance with its terms. <br />::ODMA\PCDOCS\SBDOCSl\32703\2 <br />-2- <br />