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'& _ a. f _,,.. .. ~ PRELIMINARY OFFICIAL STATEMENT $4 , 200 , 000 ~ ~ r 1 '~ ~~~ SOUTH BEND REDEVELOPMENT AUTHORITY TAXABLE LEASE RENTAL REVENUE BONDS _ (Airport Economic Development Area Public Improvement Project) " INTRODUCTORY STATEMENT This Official Statement .sets forth certain information concerning the offering of $4,200,000 of aggregate principal amount of Taxable Lease Rental Bonds by the South Bend Redevelopment Authority. The Taxable Lease Rental Bonds will be issued under the provisions of the Indiana Code, Title 36, Article 7, Chapter 14.5 and in accordance with the terms of the Trust Indenture. Under the Trust Indenture, Society Bank .located in South .Bend, Indiana, has been designated the Trustee for the Taxable Lease Rental Bonds. The Redevelopment Authority was organized for the purpose of financing, acquiring land, constructing and leasing to the Redevelopment Commission. certain road improvements in or `serving the Redevelopment Area, which is in the District, (collectively, the "Projects"), under the Trust Indenture and the Lease. The Lease-Rental is payable from ad valorem property taxes. If the _. Redevelopment Commission determines that tax increment will be insufficient to pay the Lease Rental, the Redevelopment Commission must annually levy a tax on .all taxable property in the District in an amount which., together with tax increment to be collected, will be sufficient to produce the necessary funds with which to pay the Lease Rental provided for in the Lease as it becomes due and payable. The District is coterminous with"the City. DESCRIPTION OF THE BONDS General The Taxable Lease Rental Bonds will be dated the first day of the month in which they are delivered (anticipated to be January 1, 1991), and mature in the amounts and on the dates and bear interest at the rates set forth on the cover page of this Official Statement. Pavinz Agent The principal and redemption .price of the Taxable Lease Rental Bonds are payable at the principal office of Society Bank, located in South Bend, Indiana,. as Trustee. Interest is payable by check mailed by the Trustee to the registered owners at their addresses as shown on the registration books maintained by the Trustee on the fifteenth day of the month immediately preceding the interest payment date. • -1~