1988-07-08 Resolution 10 - Laserfiche WebLink

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OFFICIAL STATEMENT $5,685,000 ~ SOUTH BEND, INDIANA, REDEVELOPMENT AUTHORITY TAXABLE LEASE RENTAL REVENUE BONDS OF !988 (COVELESKI STADIUM PROJECT) (Unlimited Tax) Introductory Statement This Official Statement contains information pertaining to the issuance of $5,685,000 Taxable Lease Rental Revenue Bonds of (988 (Coveleski Stadium Project) (the 'bonds or the "Issue") by the South Bend Redevelopment Authority (the "Authority") in accordance with I.C. 36 7-14.5-19, pursuant to the "Resolution of the South Bend Redevelopment Authority Authorizing the Issuance of the South Bend Redevelopment Authority .Lease Rental Revenue Bonds (Coveleski Stadium Project)" -(the "Bond Resolution"), and pursuant to the terms and conditions of the Trust Agreement. The Bonds are to be issued under and secured by a Trust Agreement dated as of June I, 1988 between the Authority and First Interstate Bank of Northern Indiana, N. A. (the "Trustee"). The Authority was created pursuant to l.C. 36 7-14.5 for the purpose of financing local public improvements, including the stadium facility, for lease to the South Bend Redevelopment Commission (the "Commission") pursuant to a Lease Agreement dated June I, 1988. The Authority will utilize a purchase option to acquire Stanley Coveleski Regional Stadium (the 'Stadium Facility" or the "Facility") including the Facility Site, from Security Pacific National Bank ("Security Pacific") which holds a Prior Lease to the Facility. The Bonds do not constitute a corporate obligation or indebtedness of the City of South Bend for which the full faith and credit or taxing powers of the City are pledged. However, funds for the payment of the lease rental will be generated by the Redevelopment District of the City of South Bend (the "District"), having the same boundaries as the City, from unlimited ad valorem property taxes assessed throughout the District. Purpose and Use of Bond Proceeds With the proceeds of the Issue, the Authority will utilize its option to purchase the Stadium Facility from Security Pacific which currently leases the Facility to the Board of Park Commissioner of the Park District of the City of South Bend (the "Park Board") through a Prior Lease, as amended. The Prior Lease, as amended, permits the Park Board to convey its option to purchase to any agency, board or commission of the City of South Bend. The Park Board has assigned its purchase option to the Authority, which, with this Issue, is exercising such purchase option. The Authority will lease the Facility to the Commission pursuant to the Lease Agreement. Components of the Issue are as follows: Lease Principal (9-1-88) Prepayment Penalty Estimated Costs of issuance Underwriters Discount Contingency Total Bond Issue $5,136,560.92 385,664.57 75,000,00 85,275.00 2.499.5( $5,685,000.00