1988-06-17 Resolution 8 - Laserfiche WebLink

Home Browse Search

Z. NOW, THEREFORE, BE IT RESOLVED, by this South Bend • Redevelopment Authority as follows: Section 1. In order to pay and finance the costs of acquisition of the Facility, including the site thereof, and to pay costs of issuance, there is hereby authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, pursuant to I.C. 36-7-14.5 et se ., the Bonds in the aggregate principal sum of Five Million Six Hundred Eighty-five Thousand Dollars ($5,685,000). If interest on the. Bonds is not .excludable from gross income for federal income tax purposes, then the Bonds shall be designated as taxable in their title. Section 2. .The Bonds shall bear interest at a rate not exceeding 12% per annum and shall mature serially on the dates and in the amounts as follows: • Date Amount Date' Amount 3-1-1989 $225,000 9-1-1993 $340,000 9-1-1989 240,000 3-1-1994 ,.355,000 3-1-1990 250,000 9-1-1994 375,000 9-1-1990 260,000 3-1-1995 390,000 3-1-1991 270,000 9-1-1995 410,000 9-1-1991 285,000 3-1-1996 430,000 3-1-1992 295,000 9-1-1996 450,000 9-1-1992 310,000 3-1-1997 475,000 3-1-1993 325,000 Section 3. The Bonds 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. maturity. and by lot within maturities, on any date from any moneys made available for that purpose, at face value and without premium, plus accrued interest to the date fixed for redemption. Section 4. Said Bonds shall be issued in accordance with and shall be secured by a trust agreement substantially in si r -2- t