1988-06-17 Resolution 8 - Laserfiche WebLink

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:" RESOLUTION N0. 8 ''' RESOLUTION OF THE SOUTH BEND • REDEVELOPMENT AUTHORITY AUTHORIZING THE ISSUANCE OF THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS (COVELESKI STADIUM PROJECT). WHEREAS, the South Bend Redevelopment Authority (the "Authority") has .been created pursuant. to I.C. 36-7-14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and WHEREAS, the Authority intends to issue bonds in the aggregate amount of $5,685,000 pursuant to I.C. 36-7-14.5-19 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Bonds (Coveleski Stadium Project)" (the "Bonds"), the . proceeds of which are to be used to finance the acquisition of a stadium. facility known as the "Stanley Coveleski Regional Stadium" (the "Facility"), including the site thereof, and to pay the costs of issuance of the Bonds; and WHEREAS, the Authority intends. to lease the Facility to the Commission pursuant to a lease dated as of June 1, 1988 .(the "Lease"), which Lease was heretofore approved and executed by this Authority; and WHEREAS, there has been prepared and submitted to the Authority a form of Trust Agreement to be dated as of June 1, 1988, between the .Authority and First Interstate Bank of Northern Indiana, N.A., as Trustee (the "Trust Agreement") which Trust Agreement provides for, among other things, the issuance of such Bonds to finance the acquisition of the Facility, including the • site thereof; ^;