2008-06-05 Resolution 168 - Laserfiche WebLink

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Lease dated as of June 3, 1994 (collectively, the "Lease"), which Lease was heretofore approved • by the Commission, and pursuant to which the Authority leases to the Commission certain real estate and local public improvements at the Century Center; and WHEREAS, the Authority intends to lease the 2008 Project to the Commission pursuant to a Second Addendum to Lease to be dated as of June 1, 2008 (the "Second Addendum"), as the same may be amended from time to time, which Second Addendum was heretofore approved and will be executed by this Authority and the Commission; and WHEREAS, there has been prepared and submitted to the Authority a form of Trust Agreement to be dated as of the first day of the month in which the Bonds are sold to the purchaser thereof, between the Authority and U.S. Bank National Association, as Trustee (the "Trust Agreement") which Trust Agreement provides for, among other things, the issuance of such Bonds to finance the Project; and 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 U.S. Bank National Association, 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, the Authority desires to provide for the preparation of a Preliminary Official Statement relating to the issuance of the Bonds, and, subsequent to the sale of the Bonds, • a Final Official Statement relating to the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Authority as follows: Section 1. In order to pay and finance a portion of the costs of the Project, to fund a debt service reserve for the Bonds (including the costs of a surety bond therefor) to pay capitalized interest on the Bonds, if any, 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 the Act, the Bonds in the aggregate principal sum not to exceed Eleven Million Nine Hundred Sixty Thousand and 00/100 Dollars ($11,960,000.00). Section 2. The Bonds shall bear interest at a rate or rates not exceeding seven percent (7.0%) per annum, payable on each May 1 and November 1, commencing not earlier than November 1, 2008, through the final maturity of the Bonds, shall be dated as of the date on which they are delivered to the purchasers thereof, and shall mature semi-annually on May 1 and November 1, beginning not earlier than May 1, 2009, in the years and in the principal amounts as determined by the President of the Authority at the time of the sale of the Bonds. The final maturity for the Bonds shall be not later than May 1, 2028, or such earlier date as determined by the President of the Authority at the time of the sale of the Bonds. At the option of the Underwriter (as hereinafter defined), all or a portion of the Bonds may be aggregated into one or more term bonds payable from mandatory sinking fund redemption payments (the "Term • BDDBOI 5259163v1 - 2 -