|
• and storm sewers and site preparation; the extension and upgrading of electrical, telephone and
<br />high speed internet services; other related services including, without limitation, engineering and
<br />geotechnical testing; and related improvements (the "Project"); (ii) to pay capitalized interest on
<br />the Bonds, if any, and (iii) to pay the costs of issuance on the Bonds; and
<br />WHEREAS, the Authority intends to lease the Project to the Commission
<br />pursuant to a Lease dated as of October 15, 2007, as the same may be amended from time to time
<br />(the "Lease"), which Lease was heretofore approved and executed by this Authority and the
<br />Commission; and
<br />WHEREAS, there has been prepared and submitted to the Authority a form of
<br />Trust Agreement to be dated as of the first day of the month in which the Bonds are sold to the
<br />purchaser thereof, between the Authority and U.S. Bank National Association, as Trustee (the
<br />"Trust Agreement") which Trust Agreement provides for, among other things, the issuance of
<br />such Bonds to finance the Project; and
<br />WHEREAS, there has been prepared and submitted to the Authority a form of
<br />Agency Agreement between the Authority and the City, by and through its Board of Public
<br />Works (the "Board of Public Works"), (the "Agency Agreement"), which Agency Agreement
<br />provides for the Board of Public Works to serve as agent for the Authority in connection with the
<br />completion of the Project; and
<br />• WHEREAS, the Authority desires to provide for the preparation of a Preliminary
<br />Official Statement relating to the issuance of the Bonds, and, subsequent to the sale of the Bonds,
<br />a Final Official Statement relating to the issuance of the Bonds; and
<br />WHEREAS, the Authority desires to declare its official intent to reimburse
<br />preliminary expenditures of the Authority related to the Project, if any, from the proceeds of the
<br />Bonds, when and if issued, as required by Indiana Code 5-1-14-6 and Section 1.150-2 of the
<br />regulations promulgated pursuant to the Internal Revenue Code of 1986, as amended (the
<br />"Treasury Regulations");
<br />NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment
<br />Authority as follows:
<br />Section 1. In order to pay and finance a portion of the costs of the Project, to
<br />fund a debt service reserve for the Bonds (including the costs of a surety bond therefor) to pay
<br />capitalized interest on the Bonds, if any, and to pay costs of issuance of the Bonds, there is
<br />hereby authorized and there shall be executed, issued, and delivered by and on behalf of the
<br />Authority, pursuant to the Act, the Bonds in the aggregate principal sum not to exceed Thirty-six
<br />Million and 00/100 Dollars ($36,000,000.00).
<br />Section 2. The Bonds shall bear interest at a rate or rates not exceeding eight
<br />percent (8.0%) per annum, payable on each February 15 and August 15, commencing not earlier
<br />than August 15, 2008, through the final maturity of the Bonds, shall be dated as of the date on
<br />which they are delivered to the purchasers thereof, and shall mature semi-annually on
<br />BDDBOI 5085738v1 - 2 -
<br />
|