1990-12-17 Resolution 26 - Laserfiche WebLink

Home Browse Search

TRUST AGREEMENT • THIS AGREEMENT (the "Agreement") , executed and dated as of the 1st day of December, 1990, made and entered into between SOUTH BEND REDEVELOPMENT AUTHORITY, a public body. corporate and politic, organized and existing under Indiana Code 36-7-14.5, as amended (hereinafter called the "Authority"), and SOCIETY BANK, INDIANA, having its principal office in the City of South Bend, Indiana (hereinafter called the "Trustee"), W I T N E S S E T H: WHEREAS, the Authority was created under and pursuant to the provisions of Indiana Code 36-7-14.5 (hereinafter referred to as the "Act"), for the purpose of financing local public improvements for lease to the South Bend Redevelopment Commission (hereinafter referred to as the "Commission"); and WHEREAS, the Authority has determined to borrow the sum of Four Million Two Hundred Thousand Dollars ($4,200,000) for the purpose of procuring funds to pay the cost of the Project (as hereinafter defined) and to execute and issue its Lease Rental Revenue Bonds in the form and terms as hereinafter provided; and WHEREAS, the Authority intends to lease said Project to the Commission pursuant to a lease dated as of August 1, 1990; and WHEREAS, in order to secure the principal of and premium, if any, and interest on all of said Bonds and the performance of the covenants herein contained, the Authority has in like manner determined to execute and deliver this Agreement; and WHEREAS, all acts, proceedings and things necessary and required by law to make said Bonds, when executed by the Authority and authenticated by the Trustee, the valid, binding and legal obligations of the Authority and to constitute and make this Agreement a valid agreement to secure the payment of the principal of and premium, if any, and interest on the Bonds, have been done, taken and performed, and the issuance, execution and delivery of said Bonds, and the execution, acknowledgment and delivery of this Agreement have,. in all respects, been duly authorized by the Authority in the manner provided and required by law; now therefore, SOUTH BEND REDEVELOPMENT AUTHORITY, in consideration of the premises and the acceptance of such Bonds by the holders thereof, and the sum of One Dollar ($1) in hand paid by the Trustee, receipt of which is hereby acknowledged, and especially in order to secure the punctual payment of the .principal of, premium, if any, and interest on the Bonds to be issued and at any time outstanding • -1-