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.. ~. <br />Bonds to finance the construction of the Facility and the <br />• acquisition of the site therefor; <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend <br />Redevelopment Authority as follows: <br />Section 1. In order to pay and finance the costs of <br />construction of the Facility and acquisition of the site <br />therefor, and to pay costs of issuance, there is hereby <br />authorized and there shall be executed, issued, and delivered by <br />and on behalf of the Authority, pursuant to I.C. 36-7-14.5 et <br />seg., the Bonds in the aggregate principal sum of Four Million <br />Five Hundred Seventy-five Thousand Dollars ($4,575,000). <br />Section 2. The Bonds shall bear interest at a rate not <br />exceeding 12% per annum and shall mature serially on February 1 <br />in the years and in the amounts as follows: <br />• Year Amount Year Amount <br />1990 $ 75,000 2000 $215,000 <br />1991 120,000 2001 235,000 <br />1992 130,000 2002 250,000 <br />1993 135,000 2003 270,000 <br />1994 145,000 2004 290,000 <br />1995 155,000 2005 310,000 <br />1996 165,000 2006 335,000 <br />1997 175,000 2007 365,000 <br />1998 190,000 2008 390,000 <br />1999 205,000 2009 420,000 <br />Section 3. The Bonds maturing on or after February 1, <br /> <br /> <br />1999, may be redeemed prior to maturity, at the option of the <br />Authority in whole or in part in whole multiples of $5,000, in <br />inverse order of maturity and by lot within maturities, on any <br />date not earlier than February 1, 1998, from any moneys made <br />available for that purpose, at face value and without premium, <br />plus accrued interest to the date fixed for redemption. <br />-2- <br />