1988-06-17 Resolution 8 - Laserfiche WebLink

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($5,685,000) for the purpose of procur"ing funds to pay the cost . of acquiring the Facility by exercising such purchase option, and to execute and issue its Lease Rental Revenue Bonds in the form and terms as hereinafter provided; and WHEREAS, the Authority intends to lease said Facility to the Commission pursuant to a lease dated as of June 1, 1988; and WHEREAS, in order to secure the principal of and premium, if any, and interest on all of said Bonds and the performance of the covenants herein contained, the. Authority has. in like manner determined to execute and deliver this Agreement; and WHEREAS, all acts, proceedings and things necessary and. required by law to make said Bonds, when executed by the Authority and authenticated by the Trustee, the valid, binding and legal obligations of the`Authority and to constitute and make this Agreement a valid agreement to secure the payment of the .principal of and premium, if any, and interest on the Bonds, have been done, taken and performed, and the issuance, execution and delivery of said Bonds, and the execution, acknowledgment and delivery of this Agreement have, in all respects, been duly authorized by the Authority in the manner provided and required by law; now therefore, SOUTH BEND REDEVELOPMENT AUTHORITY, inconsideration of the premises and the acceptance of such Bonds by the holders thereof, and the sum of One .Dollar ($1) in hand paid by the Trustee, receipt of which is hereby acknowledged, and especially in order to secure the punctual payment of the principal of, premium, if any, and interest on the Bonds to be issued and at any time outstanding hereunder as the same shall become due, according to the tenor hereof and thereof, and the faithful performance of all the covenants and agreements contained in said Bonds and in this Agreement; .and in performance of the authority of every kind and nature which said Authority has or may have, has executed and delivered this Agreement and has pledged and assigned and by these presents does hereby pledge and assign unto First Interstate Bank of Northern Indiana, N.A., as Trustee and to its successors in said trust and to its assigns, the Lease (as hereinafter defined) and the Pledged Funds (as hereinafter defined) subject to the provisions of this Agreement requiring or permitting the application thereof for the purposes and on the terms set forth in thin Agreement. i. The pledge herein made is and shall be subject to the provisions of this Agreement for the equal and proportionate. benefit, security.--and protection of all holders of the Bonds issued or to be issued under and secured by this Agreement, without preference, priority or distinction as to lien or otherwise by reason of the date of maturity thereof, or for any other reason whatsoever, subject to the provisions of this Agreement. -2-