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1990-12-17 Resolution 26
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1990-12-17 Resolution 26
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7/17/2008 2:02:19 PM
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TRUST AGREEMENT <br />• THIS AGREEMENT (the "Agreement") , executed and dated as of the <br />1st day of December, 1990, made and entered into between SOUTH BEND <br />REDEVELOPMENT AUTHORITY, a public body. corporate and politic, <br />organized and existing under Indiana Code 36-7-14.5, as amended <br />(hereinafter called the "Authority"), and SOCIETY BANK, INDIANA, <br />having its principal office in the City of South Bend, Indiana <br />(hereinafter called the "Trustee"), <br />W I T N E S S E T H: <br />WHEREAS, the Authority was created under and pursuant to the <br />provisions of Indiana Code 36-7-14.5 (hereinafter referred to as <br />the "Act"), for the purpose of financing local public improvements <br />for lease to the South Bend Redevelopment Commission (hereinafter <br />referred to as the "Commission"); and <br />WHEREAS, the Authority has determined to borrow the sum of <br />Four Million Two Hundred Thousand Dollars ($4,200,000) for the <br />purpose of procuring funds to pay the cost of the Project (as <br />hereinafter defined) and to execute and issue its Lease Rental <br />Revenue Bonds in the form and terms as hereinafter provided; and <br />WHEREAS, the Authority intends to lease said Project to the <br />Commission pursuant to a lease dated as of August 1, 1990; and <br />WHEREAS, in order to secure the principal of and premium, if <br />any, and interest on all of said Bonds and the performance of the <br />covenants herein contained, the Authority has in like manner <br />determined to execute and deliver this Agreement; and <br />WHEREAS, all acts, proceedings and things necessary and <br />required by law to make said Bonds, when executed by the Authority <br />and authenticated by the Trustee, the valid, binding and legal <br />obligations of the Authority and to constitute and make this <br />Agreement a valid agreement to secure the payment of the principal <br />of and premium, if any, and interest on the Bonds, have been done, <br />taken and performed, and the issuance, execution and delivery of <br />said Bonds, and the execution, acknowledgment and delivery of this <br />Agreement have,. in all respects, been duly authorized by the <br />Authority in the manner provided and required by law; now <br />therefore, <br />SOUTH BEND REDEVELOPMENT AUTHORITY, in consideration of the <br />premises and the acceptance of such Bonds by the holders thereof, <br />and the sum of One Dollar ($1) in hand paid by the Trustee, receipt <br />of which is hereby acknowledged, and especially in order to secure <br />the punctual payment of the .principal of, premium, if any, and <br />interest on the Bonds to be issued and at any time outstanding <br />• -1- <br />
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