1988-06-17 Resolution 8 - Laserfiche WebLink

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Not-(3ualified Tax-Exempt Obligations • t The Bonds will not be designated "qualified tax-exempt obligations" for purposes of .Section 265(b)(3) of the Internal Revenue Code of 1986 relating to the ability of financial institutions to deduct. from income for federal income tax purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations. Certification As of the date of the settlement of the Bonds, the Purchaser will be furnished with a Certificate signed by the appropriate. officers of the Authority. The Certificate will state that as of the date of the Official Statement, it did not and does not as of the date of the Certificate contain any untrue statements of material fact or omit to state a material #act necessary in order to make the statements made .therein, in light of circumstances under which they were made, not misleading. STATISTICAL DATA TI-~ DISTRICT: REDEVELOPMENT SPECIAL TAXING DISTRICT 1987 (Payable 1988) Taxable Assessed Value: $434,054,735 The boundaries of the Redevelopment Special Taxing District are coterminous with the City of South Bend and, therefore, the taxable. assessed value is the same for both (see City of South Bend data). Indebtedness of the District Legal Debt Limit (2% of Taxable Assessed Value) $8, 681, 095 Less: Outstanding Debt 600 000 Net Debt Margin $8, 081, 095 Direct General Obligation Debt of the District Year of Original Final Principal Outstanding Issue Amount Maturity As of 7-2-88 1972 $3, 800, 000 Principal payable each Jan. I 1991 $600, 000 Interest payable Jan. I and .July Revenue Debt of the District (Not Supported By Taxes) Year of Original Final Principal Outstanding Issue Amount Type of Issue Maturity As of 7-2-88 1985 • $4, 200, 000 Tax Increment Revenue Bonds 2003 $4 200 000 1986 $ I , 750, 000 Tax Increment Revenue Bonds -2004 , , $ I 750 000 1988 $1, 800, 000 Tax Increment Revenue Bonds 2005 , , $ I , 800, 000