1988-07-08 Resolution 10 - Laserfiche WebLink

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Authority upon demand and shall constitute an additional indebtedness of the Authority secured by the lien of the Trust Agreement, prior and paramount to the lien of the Bonds and interest thereon. However, the Trustee is not .obligated to procure such insurance unless fully indemnified against this expense and furnished with the means to incur such expenses. Per the Lease Agreement, the Commission is obligated to carry sufficient insurance to meet all the aforementioned requirements. The Authority covenants further that it will bring suit to mandate the Commission to levy a tax to pay the rental provided in the Lease Agreement if such rental is more than 60 days i n default. The Authority covenants to keep proper books of record and account which will be open to the Trustee and may be inspected by any accountants designated by the Trustee. The Trust Agreement further elaborates upon the covenants, requirements, and provisions summarized in this section of the Official Statement. The Trust Agreement contains additional covenants requirements, and provisions regarding the following: Maturities, Form, Issuance, Delivery and Registration of Bonds Redemption of Bonds Remedies in Case of Default Defeasance, Payment, Release Concerning the Trustee Supplemental Agreements Miscellaneous Provisions Excerpts from the Trust Agreement are found in Appendix D of this Official Statement. Persons interested in obtaining the full Trust Agreement may request a copy from: Parker & Jaicomo Attn: Richard L. Hill, Esq. First Bank Building 205 West Jefferson South Bend, Indiana 46601 (219) 234-4149 Funds and Accounts Per the Trust Agreement The Trust Agreement establishes the following funds and accounts. (This information is presented in summary form. For greater detail, please refer to Appendix D.) South Bend Redevelopment Authority Stadium Facility Sinking Fund. The Trustee shall deposit into the Sinking from each rental payment received an amount equal to the lesser of i) all of such rental payment received; or ii) an amount when added to the amount in the Sinking Fund equal to the sum of the unpaid interest on the Bonds due on, before, or within 30 days after the rental payment becomes due, and the unpaid principal on the Bonds due within 7 months from the date the rental payment becomes due. Any portion of a rental payment remaining after such deposit, shall be deposited in the Operation and Reserve Fund. The Trustee shall, from time to time, withdraw sufficient money from the Sinking Fund or other Funds to pay principal and interest on the Bonds when due. South Bend Redevelopment Authority Parking Garage Facility Operation and Reserve Fund. This fund is establ-shed to pay necessary -nc-dental expenses of the Authority Ze.g. audits, appraisals, and reports); to pay premiums, if any; and to contribute money to the Sinking Fund if it should ever be deficient. -4 _