1988-07-08 Resolution 10 - Laserfiche WebLink

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The sum of $5,522,225.49 received from the sale of the Bonds by the Trustee shall then be applied on behalf of the Authority to the purchase price of the Facility. The balance of the proceeds will be used to finance the costs of issuance. •~' Security and Financing The Bonds are payable from lease rental payments of the Commission to the Authority as provided in the Lease Agreement and secured by the Trust Agreement. The Authority has no taxing power. The Trust Agreement creates a continuing pledge by the Authority to the bondholders to pay the. debt service on all Bonds, until the principal sum shall be fully paid, from Pledged Funds (as defined in the Trust Agreement) held in the F~ tosthe aTArust Agreements section flthis Off cial'Stateme ;e Trust Agreement. (Refe The Bonds do not constitute a corporate obligation 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 District, having the same boundaries as the City, from unlimited ad valorem property taxes assessed throughout the District. Authorization The Authority, a body corporate and politic, duly organized and existing under the provisions of I.C. 36 7-14.5, was created for the purpose of financing local public improvements for lease to the Commission. The Authority is comprised of three members appointed by the Mayor. Current members of the Authority are fisted below: Thomas J. Varga, Jr., President Joseph W. Wroblewski, Vice President Christopher Davey, Secretary/Treasurer On June 12, 1988, the Authority adopted the Bond Resolution (Resolution No. 8) authorizing the issuance of the Lease Rental Revenue Bonds to finance the acquisition of the Stadium Facility and related costs. The Lease Agreement executed June I, 1988 authorizes the lease of the Facility to the Commission and obligates the Commission to make lease rental payments to the Authority as well as pay all taxes, insurance and maintenance costs related to the Facility. The Trust Agreement, entered into on June I, 1988 between the Authority and the Trustee, provides the security to the bondholders by pledging to the repayment of the Bonds, sets up the Funds and Accounts, and pledges to the maintenance of insurance and payment of taxes and other charges related to the Facility. Resolution No. 849, known as the "Resolution of the South .Bend Redevelopment Commission Establishing Certain Funds and Accounts in Connection with the Lease Dated As of June 1, 1988, Between the South Bend Redevelopment Commission and the South Bend Redevelopment Authority Relating to the Stanley Coveleski Regional Stadium, and Other Related Matters" creates additional Funds and Accounts of the Commission for the lease rental payments. Summary of Selected Provisions of the Lease Agreement The Lease Agreement entered into on June I, 1988 between the Authority and the Commission sets forth the terms and provisions under which the Authority will lease the - .Stadium Facility to the Commission. The term of the Lease is 9'h years beginning on September I, 1988 and ending on March t, 1998. The term of the Lease may terminate -2-