1988-07-08 Resolution 10 - Laserfiche WebLink

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examine or verify, any of the financial or statistical statements, or data contained in this Official Statement, and will express no opinion with respect thereto. A legal opinion in substantially the form set out in Appendix A herein will be delivered at closing. The legal opinion will be printed on each bond. State Tax Exemption In the opinion of Baker & Daniels, Bond Counsel, interest on the Bonds is exempt from all present Indiana taxes except the Indiana inheritance tax. See Appendix A for the proposed form of Bond Counsel opinion. - INTEREST ON THE BONDS IS NOT EXCLUDABLE FROM GROSS INCOME OF THE OWNERS THEREOF FOR FEDERAL INCOME TAX PURPOSES UNDER SECTION .103 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. The .foregoing does not purport to be a comprehensive discussion of the tax consequences of owning the Bonds. Prospective owners of the Bonds should consult their own tax advisors with respect to the foregoing .and other tax consequences of owning the Bonds. 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 fact necessary in order to make the statements made therein, in light of circumstances under which they were made, not misleading. STATISTICAL DATA THE DISTRICT: REDEVELOPMENT SPECIAL TAXING DISTRICT 1987 (Payable 1988) Taxable Assessed Valve: $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, 68l , 095 Less: Outstanding Debt 600, 000 Net Debt Margin $8, 081 ,.095 ~-