2008-01-16 Resolution 162 - Laserfiche WebLink

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• WHEREAS, there has been prepared and submitted to the Authority a form of Continuing Disclosure Undertaking Agreement (the "Continuing Disclosure Undertaking Agreement"), between the Authority and Wells Fargo Bank, N.A., as counterparty (the "Counterparty"), which Continuing Disclosure Undertaking Agreement evidences the Authority's continuing disclosure obligations under Rule 15c2-12 promulgated by the Securities and Exchange Commission (the "Rule"); and WHEREAS, certain preliminary expenses relating to the Refunding have been or will be incurred by the Authority or incurred or advanced on behalf of the Authority by the City before the issuance and delivery of the Bonds; and WHEREAS, the Authority desires to reimburse itself and the City for the preliminary costs and expenses incurred or advanced in financing the Refunding, if any, from proceeds of the Bonds, when issued; NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Authority as follows: Section 1. In order to pay and finance the costs of currently refunding the Refunded Bonds, to fund a debt service reserve for the Bonds to the extent that it is determined that a reserve is reasonably required (including the costs of a surety bond therefor), and to pay costs of issuance of the Bonds, there is hereby authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, pursuant to I.C. 36-7-14.5-19 and I.C. 5-1-5, the Bonds in the aggregate principal amount not to exceed Eight Million and 00/100 Dollars ($8,000,000.00). Section 2. The Bonds are hereby authorized to be issued under, pursuant to, and in accordance with the Trust Agreement with a final maturity date of no later than February 1, 2017, a maximum rate of interest of six percent (6.0%) per annum (the exact rate to be determined by negotiation). The proceeds of the Bonds shall be delivered to the Trustee and applied by the Trustee in accordance with the Trust Agreement. Section 3. The Bonds are not subject to optional redemption prior to their maturity. Section 4. At the option of the successful bidder or bidders on the Bonds, the Bonds may be aggregated into one (1) or more term bonds payable from mandatory sinking fund redemption payments (the "Term Bonds") as provided in the Trust Agreement. The Term Bonds shall have a stated maturity or maturities on February 1 and August 1. Such Term Bonds shall be subject to mandatory sinking fund redemption prior to maturity at a redemption price equal to 100% of the principal amount thereof, plus accrued interest to the redemption date, but without premium, on February 1 and August 1 in the years and in the principal amounts as shall be set forth in a maturity schedule for the Bonds to be determined by negotiation. s BDDBOI 5089147v2 - 2 -