2003-12-17 Resolution 154 - Laserfiche WebLink

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~-- • additional local public improvements and refunding bonds previously issued by the Authority; and WHEREAS, the Authority has previously issued its Lease Rental Revenue Refunding Bonds of 1997 (Airport Economic Development Area Public Improvement Project) dated January 15, 1997, in the original aggregate principal amount of Two Million Five Hundred Forty Thousand and 00/100 Dollars ($2,540,000.00) (the "1997 Bonds" and with the 1993 Bonds, the "Prior Bonds") for the purpose of financing certain additional local public improvements and refunding bonds previously issued by the Authority; and WHEREAS, Section 14 of the Lease grants the Commission the right and option to purchase the Project (the "Option") at a price equal to the amount required to redeem the outstanding Prior Bonds (the "Refunding"); and • WHEREAS, the Authority acknowledges and approves of the Commission's desire to exercise its Option and to authorize the expenditures of such funds available to the Commission to redeem on February 1, 2004 (the "Redemption Date") the outstanding Prior Bonds; and WHEREAS, the J.P. Morgan Trust Company, N. A. ("J.P. Morgan") currently serves as the Trustee of the 1993 Bonds, and Wells Fargo Bank Indiana, N. A. ("Wells Fargo") currently serves as the Trustee of the 1997 Bonds; and WHEREAS, there has been prepared and submitted to the Authority a form of Escrow Deposit Agreement dated as of December 1, 2003, among the Authority, the Commission, and J.P. Morgan (the "1993 Bonds Escrow Agreement"), which provides for J.P. Morgan to serve as escrow agent in connection with the refunding of the 1993 Bonds; and r: SBIMANI 168062v1 ' 2