1988-06-17 Resolution 8 - Laserfiche WebLink

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This Bond is one of an authorized issue of Bonds of the. South Bend Redevelopment Authority, all of like date, tenor and • effect (except as to numbering, denomination, interest rates and dates of maturity), in the. aggregate principal amount of Five Million Six Hundred Eighty-five Thousand Dollars ($5,685.,000), issued under and in accordance with, and all equally and ratably entitled to the benefits of, and ratably secured by, a Trust Agreement (hereinafter called the "Agreement"), dated as of June 1, 1988, executed by the. Authority and First Interstate Bank of Northern Indiana, N.A., as Trustee, to which reference is hereby. made for a description of the rentals and other ..income (the "Pledged Funds") pledged as security for the payment of the Bonds and interest thereon and the rights under said Agreement of the Authority, the holders of the Bonds and the Trustee, to all of which the holders hereof, by the acceptance of this Bond, agree. The Authority covenants that one business day prior to March 1 and September 1 in each year, beginning with March 1, 1989, it will pay to the Trustee, prior to the due date, an amount sufficient to pay the principal and all interest as it becomes due until all of the Bonds of this issue shall have been retired. The Bonds of this issue may be redeemed prior to maturity at the option of the Authority in whole or in part in whole multiples of $5,000, in inverse order of maturities and by lot within maturities, on any date, at face value and without • premium, plus accrued interest to-.the date fixed for redemption; provided notice has been given by mail to the registered owners of all Bonds. If this Bond is so called for redemption, and payment is made to the Trustee in accordance with the terms of the Agreement, this Bond shall cease to bear interest or to be entitled to the lien of the Agreement from and after the date fixed for the redemption in the call. In case an event of default, as defined in the Agreement, occurs, the principal of this Bond may become or may be declared due and payable prior to the stated maturity hereof, in the manner, and with the effect, and subject to the conditions provided in the Agreement. This Bond is transferable by the registered owner hereof at the principal office of First Interstate Bank of Northern Indiana, N.A., upon surrender and cancellation of this Bond and - on presentation of a duly executed written instrument of transfer and thereupon a new Bond or Bonds of the same aggregate principal amount and maturity and in authorized denominations will be issued to the transferee or transferees in exchange therefor. This Bond may be exchanged upon surrender hereof at the principal office of First Interstate Bank of Northern Indiana, N.A., duly endorsed by the owner for-the same aggregate principal amount of Bonds of the same maturity in authorized denominations as the • owner may request. -8-