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<br />OFFICIAL STATEMENT DATED JULY la, 1988
<br />Rating: Requested from Moody's
<br />• NEW ISSUE s~``VC~ Investors Service, Inc.
<br />Interest on Lhe Bonds is not excludgl~,e'f ram gFOSS income of the owners thereof for federal tax purpoes under Sectio ~03
<br />of the Internal Revenue Code of k986,' as arnehded. In the opinion of Bond Counsel, interest on the Bonds is exe~rr~~~rom
<br />alI present Indiana taxes exce~pt~h2`Indiana`{jr,!h~~ritance tax. (See "State Tax Exemption" herein) ~~~~` y
<br />~ ~,. ,`, o ~' ~
<br />.. `. ~ ; J $5,685,000 ~~~~ ~~~' J``
<br />~` ~.
<br />`o ~`~QI~TH BEND, INDIANA, REDEVELOPMENT AUTHORITY ~d,~\t ~~' =-t~.~C~
<br />,~~; .,~~- ~J' (The "Authority") ~~. c„ O
<br />~` ~~`'/~~ TAXABLE LEASE RENTAL REVENUE BONDS OF r~G'' ~ ~0~
<br />boo ;Pr~~~ (COVELESKI ST ~keJIdUM PROJECT) 4~~~~© ~d
<br />(Unl~m ~
<br />Bonds Dated: I st day of the month of original delivery of the bonds. IntersemOnnually, commenc ngdMaPchnl b19819
<br />Anticipated: September I, 1988
<br />The Bonds wil) mature serially on March I and September I in the amounts-and on the dates as follows:
<br />$225,000 3-1-89 $285,000 9-1-91 $340,000 9-I-93 $410,000 9-I-95
<br />$240,000 9-I -89 295,000 3-I-92 355,000 3-I-94 $430,000 3-I-96
<br />250, 000 3-1-90 3 10,000 9-I -92 375,000 9-I -94 50, 000 9-I -96
<br />260 000 9-I-90 325,000 3-I-93 390,000 3-1-95 5475,000 3-I-97
<br />285,000 9-I-91
<br />Bonds are redeemable in advance of maturity, at the option of the Authority, on any date, in whole or in part (in
<br />authorized denominations) in inverse order of maturity and within a maturity by lot from any funds made available for
<br />that purpose. All prepayments shall beat a price of par and accrued interest.
<br />The Authority was created pursuant to I.C. 36-7-14.5 for the purpose of financing local public improvements, including the
<br />Parking Facility, for lease to the South Bend Redevelopment Commission, pursuant to a Lease Agreement dated June I,
<br />1988. The Bonds will be secured by a Trust Agreement executed between the Authority and the Trustee, First Interstate
<br />Bonk of Northern fndiana, N. A., and will be issued pursuant to the terms and provisions of said Trust Agreement and the
<br />authorizing Bond Resolution. The Bonds do not constitute a corporate obligation or indebtedness of the City of South
<br />Bend for which the full faith and creditor taxing powers of the City are pledged.
<br />Funds for the payment of the lease rental will be generated by the Redevelopment District of the City of South Bend (the
<br />"District") having the same boundaries as the City, from unlimited ad valorem property taxes assessed throughout the
<br />District.
<br />Bids must be for -not less than $5,599,725 and accrued interest on the total principal amount of the Bonds, and must be
<br />accompanied by aNon-Collusion Affidavit and by a certified or cashier's check in the amount of $56,850, payable to the
<br />order of the Authority. The City will deposit the check of the Purchaser, the amount of which will be deducted at
<br />settlement.
<br />Bidders shall specify rates in integral multiples of 1 /8 or 1 /20 of I%, which rate or rates may not exceed 12% per annum.
<br />No rate for any maturity shall be lower than any prior rate. No debt service on any date may exceed $499,000.
<br />The Bonds will be issued in integral multiples of $5,000, as requested by the Purchaser, and will be fully registered as to
<br />principal and interest. Principal payments on the Bonds will be payable at the principal office of First Interstate Bank of
<br />Northern Indiana, N. A., as Trustee under the Trust Agreement. Interest payments on the Bonds will be paid by check or
<br />draft mailed one business day prior to the interest payment date to the person in whose name each bond is registered on
<br />the fifteenth day of the month immediately preceding the interest payment date. The Bonds will be delivered to the
<br />Purchaser within 45 days following the date of their award. Delivery of the Bonds is subject to an approving legal opinion
<br />of Baker & Daniels of Indianapolis, Indiana.
<br />DEADLINE FOR BIDDERS TO
<br />NOTIFY OF INTENT TO BID: On or before July 19, 1988 (Tuesday) at 10:00(5 a Notice of Inter~itrto Se
<br />ANTICPATED SALE
<br />DATE AND TIME: Time and Dote of Sale will be by notification, anticipated
<br />to be July 26, 1988 (Tuesday) at 120 Noon, Eastern Standard Time,
<br />at the off'~ce of the South Bend Redevelopment Authority
<br />1200 Country-City Building, South Bend, Indima 46601
<br />Further information may be obtained from SPRINGS TED Incorporated, Financial Advisor to the Issuer, 251 North Illinois
<br />Street, Suite 1510, Indianapolis, Indiana 462 04-1 942. (317) 237636.
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