Bill No. 20-22 Amending Bond Ordinance_City of South Bend, Indiana Variable Rate Economic Development Revenue Bonds, Series 2007 (PEI_Genesis Project)

Home Browse Search

2 the Third Amended and Restated Note is $ , which corresponds to the current outstanding principal amount of the Project Bonds. Under the Original Agreement, the Issuer loaned the Original Borrower the proceeds received from the sale of the Variable Rate Demand Economic Development Revenue Bonds, Series 2007 (PEI/Genesis Project), dated as of the date of their issuance (the “Project Bonds”), and issued by the Issuer in the aggregate principal amount of $8,105,000. The proceeds of the Project Bonds have been applied to assist the Original Borrower in the financing of the Project. The Borrower has agreed to repay such loan by making Loan Payments at the times and in the amounts set forth in this Third Amended and Restated Note. The Project Bonds were issued on October 30, 2007, concurrently with the execution and delivery of the Original Note, pursuant to, and are secured by, that certain Trust Indenture, dated as of January 1, 2007, between the Issuer and the Trustee (the “Original Indenture”), which Original Indenture was amended and restated by that certain Amended and Restated Trust Indenture, dated October 1, 2009, between the Issuer and the Trustee (the “First Amended and Restated Indenture”), and which First Amended and Restated Indenture was amended and restated by that certain Second Amended and Restated Trust Indenture, dated January 3, 2012, between the Issuer and the Trustee (the “Second Amended and Restated Indenture”), and which Second Amended and Restated Indenture will be amended and restated contemporaneously herewith by that certain Third Amended and Restated Trust Indenture, dated May , 2022 (the “Third Amended and Restated Indenture”). To provide funds to pay the Bond Service Charges on the Project Bonds as and when due, the Borrower hereby agrees to and shall make Loan Payments as follows: on each Interest Payment Date the amount equal to interest due on the Project Bonds on such Interest Payment Date, and on each date on which principal of the Project Bonds shall be due and payable pursuant to the mandatory redemption provisions of Section 4.01 of the Third Amended and Restated Indenture or upon maturity of the Project Bonds, an amount equal to such principal due and payable on such date (each such day being a “Loan Payment Date”). In addition, to provide funds to pay the Bond Service Charges on the Project Bonds as and when due at any other time, the Borrower hereby agrees to and shall make Loan Payments on any other date on which any Bond Service Charges on the Project Bonds shall be due and payable, whether upon acceleration, call for redemption or otherwise. If payment or provision for payment in accordance with the Third Amended and Restated Indenture, is made in respect of the Bond Service Charges on the Project Bonds from moneys other than Loan Payments, this Third Amended and Restated Note shall be deemed paid to the extent such payments or provision for payment of Bond Service Charges has been made. The Borrower shall receive a credit against its obligation to make Loan Payments hereunder to the extent of any amounts on deposit in the Bond Fund and available to pay Bond Service Charges on the Project Bonds pursuant to the Third Amended and Restated Indenture. Subject to the foregoing, all Loan Payments shall be in the full amount required hereunder. All Loan Payments shall be payable in lawful money of the United States of America, in immediately available funds, and shall be made to the Trustee at its corporate trust office for the account of the Issuer, deposited in the Bond Fund and used as provided in the Third Amended and Restated Indenture.