1990-12-21 Resolution 29 - Laserfiche WebLink

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,._~ ~.. .S .-.~ ~rl~ Y"" »q+ a. S. - r•; ..~. t.~ SECURITY FOR THE BONDS DED ~ 9 ~~ The Taxable Lease Rental Bonds are being issued by the Redevelopment Authority and are secured by payments of Lease Rental to be paid by the Redevelopment Commission directly to the Trustee (for the account of the Redevelopment Authority) pursuant to the terms of the Lease. The Lease Rental is payable beginning on the later of the date on which the Projects are complete and ready and available for use or July 28, 1992. Thereafter, the Lease Rental is payable semi-annually on each January 28th and July 28th. Capitalized interest in the amount of $798,216 will be used to pay a portion of the interest on the Taxable Lease Rental Bonds. The Lease Rental to be paid by the Redevelopment Commission during the term of the Lease is required to be in amounts sufficient to pay the principal of and interest on the Taxable Lease Rental Bonds. Such annual rental is payable from ad valorem property taxes. The bonds are secured by a pledge of unlimited ad valorem property taxes levied on all taxable properties in the District. Each year on July 1st or when the City prepares its budget, the Redevelopment Commission shall estimate the amount of tax increment expected to be collected in the subsequent calendar year. To the e:{tent tax increment is not available or is not expected to be available on the dates on which the Lease Rental is due in the subsequent year, the Redevelopment Commission shall annually levy a special benefits tax on all taxable property iP. the District in accordance with IC 36- 7-14-27. BOND R_yTIVG ;loody's Investors Service, Inc. (Moody's) has assigned a bond rating of to the Taxable Lease Rental Bonds. Such rating reflects Only the view of Moody's and any explanation of the significance of such rating may only be obtained from Moody's. The rating is not a recommendation to buy, sell or hold the Taxable Lease Rental Bonds, and such rating may be subject to revision or withdrawal at any time by Moody's. Any downward revision or withdrawal of the rating may have an adverse effect upon the market price of the Taxable Lease Rental Bonds. The Redevelopment Authority did not apply to any other rating service for a rating on the Taxable Lease Rental Bonds. REDEMPTION PROVISIONS The Taxable Lease Rental Bonds due on August 1, 1996, and thereafter are redeemable. at the option of the Authority on August 1, 1992 or any date thereafter in order of maturity and by lot within maturities as follows: Redemttion Dates Redemption Prices August 1, 1992 or thereafter on or before July 31, 2000 103$ August 1, 2000 or thereafter on or before July 31, 2001 102 August 1, 2001 or thereafter on or before July 31, 2002 101 August 1, 2002 and thereafter prior to maturity _ 100$ v -2-