2008-05-21 Resolution 167 - Laserfiche WebLink

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1992, which were previously refunded with the issuance of the St. Joseph County, Indiana Special Tax Bonds of 1998 (collectively, the "2008 Project"); and WHEREAS, the Authority intends to issue its South Bend Redevelopment Authority lease rental revenue bonds (the "Bonds") to finance the costs of the 2008 Project and expenses related thereto, including without limitation, issuance of the Bonds; and WHEREAS, the preliminary plans, specifications and cost estimates for the 2008 Project have been filed with the Authority and the Authority desires to approve them; and WHEREAS, the Authority desires to enter into and adopt a proposed Second Addendum to Lease to be dated as of June 1, 2008, with the South Bend Redevelopment Commission (the "Commission") in the form presented at this meeting, a copy of which is attached hereto as Exhibit A (the "Second Addendum"), for the purpose of paying the principal of and interest on the Bonds issued to finance the 2008 Project, pursuant to Indiana Code 36-7- 14.5-19; and WHEREAS, the Authority desires to establish its intent, ,pursuant to Section 1.150-2 of the Treasury Regulations promulgated by the Internal Revenue Service and Indiana Code 5-1-14-6(b), that preliminary costs and expenses which may be incurred prior to issuance of the Bonds be reimbursed from the proceeds of the Bonds; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Authority as follows: 1. The Authority hereby approved the preliminary plans, specifications and cost estimates for the 2008 Project. 2. The Authority hereby approves the Second Addendum between the Authority and the Commission to be dated as of June 1, 2008, in the form presented at this meeting and as attached hereto as Exhibit A. The President and Secretary-Treasurer are hereby authorized and directed to execute and attest, respectively, the Second Addendum in substantially the form presented at this meeting with such changes in form or substance as the President and Secretary-Treasurer shall approve, such approval to be conclusively evidenced by the execution and attestation thereof. 3. The Secretary-Treasurer of the Authority is hereby directed to file a copy of the proposed Second Addendum, as approved, with the Commission. 4. The Authority hereby establishes its intent to issue Bonds pursuant to Indiana Code 36-7-14.5 for the purpose of financing the 2008 Project and further establishes its intent, pursuant to Section 1.150-2 of the Treasury Regulations promulgated by the Internal Revenue Service and Indiana Code 5-1-14-6(b), that preliminary costs and expenses incurred by or on behalf of the Authority in financing the 2008 Project be reimbursed from the proceeds of the Bonds. 5. This resolution shall be in full force and effect after its adoption by the Authority. BDDBOI 5237684v1 - 2 -