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1988-07-08 Resolution 10
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1988-07-08 Resolution 10
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<br />($5,685,000) for the purpose of procuring funds to pay the cost <br />• ' of acquiring the Facility by exercising such purchase option, and <br />to execute and issue its Lease Rental Revenue Bonds in the .form <br />and terms as hereinafter provided; and <br />WHEREAS, the Authority intends to lease said Facility to <br />the Commission pursuant to a lease dated as of June 1, 1988; and <br />WHEREAS, in order to secure the principal of and <br />premium, if any, and interest on all of said Bonds and the <br />performance of the covenants herein contained., the Authority has <br />in like manner determined to execute and deliver this Agreement; <br />and <br />WHEREAS, all acts, proceedings and things necessary and <br />required bylaw to make said Bonds, when executed by the <br />Authority and authenticated by the Trustee, the valid, binding <br />and legal obligations of the Authority and to constitute and make <br />this Agreement a valid .agreement to secure the payment of the <br />principal of and premium, if any, and interest on the Bonds, have <br />been done, taken and performed, and the .issuance, execution and <br />delivery of .said Bonds, and the execution, acknowledgment and <br />delivery of this Agreement have, in all respects, been duly <br />authorized by the Authority in the manner provided and required <br />by law; now therefore, <br />SOUTH BEND REDEVELOPMENT AUTHORITY, in consideration of <br />the premises and the acceptance of such Bonds by the. holders <br />thereof, and the sum of One Dollar ($1) in hand paid by the <br />Trustee, receipt of which is hereby acknowledged, and especially <br />in order to secure the punctual payment of the principal of, <br />.premium, if any, and .interest on the Bonds to be issued and at <br />any time outstanding hereunder as the same shall become due, <br />according to the tenor hereof and thereof, and the faithful <br />performance of all the covenants and agreements contained in said <br />Bonds and in this Agreement, and in performance of the authority <br />of every .kind and nature which said Authority has or may have, <br />has executed and delivered this Agreement and has pledged and <br />assigned and by .these presents does hereby pledge and assign unto <br />First Interstate Bank of Northern Indiana, N.A., as Trustee and <br />to its successors in said trust and to its assigns, the Lease (as <br />hereinafter defined) and the Pledged Funds (as hereinafter <br />defined) subject to the provisions of this Agreement requiring or <br />permitting the application thereof for the purposes and on the <br />terms set forth in this Agreement. <br />The pledge herein made is and shall be subject to the <br />provisions of this Agreement for the equal and proportionate <br />benefit, security and protection of all holders of the Bonds <br />issued or to be issued under and secured by this Agreement, <br />without preference, priority or distinction as to lien or <br />otherwise by reason of the date of maturity thereof, or for any <br />other reason whatsoever, subject to the provisions of this <br />Agreement. <br />-2- <br />
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