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~s <br />1 <br />3 <br />PRELIMINARY OFFICIAL STATEMENT <br />:$2,355,000 <br />SOUTH BEND REDEVELOPMENT AUTHORITY <br />LEASE RENTAL REVENUE BONDS <br />(Airport Economic Development Area <br />Public Improvement Project) <br />~~ ~ ~q era j <br />r ~+-^~~ <br /> <br />INTRODUCTORY STATEMENT <br />This -0fficial Statement sets forth certain information concerning. the offering <br />of $2,355,000 of aggregate principal amount of Lease Rental Bonds by the South <br />Bend Redevelopment Authority. The. Lease Rental Bonds will be issued under the <br />provisions of the Indiana Code, Title 36, Article 7, Chapter 14.5 and in <br />accordance with the terms of the Trust Indenture.. Under the Trust Indenture, <br />Society Bank located in South Bend, Indiana, has been designated the Trustee for <br />the Lease Rental Bonds. <br />The Redevelopment Authority was organized for the purpose of financing, <br />acquiring land, constructing and leasing to the Redevelopment Commission certain <br />sewer and road improvements in or serving the Redevelopment-Area, which is in the <br />District, (collectively, the "Projects"), under the Trust Indenture and the <br />Lease. The Lease Rental is payable from ad vslorem property taxes. If the <br />Redevelopment Commission determines that tax increment will be insufficient to <br />pay the Lease Rental, the Redevelopment Commission must annually: levy a tax on <br />all taxable property in the District in an. amount which, together with tax. <br />increment to be collected, will be sufficient to produce the necessary funds-with <br />which to pay the Lease Rental provided for in the Lease as it becomes due and <br />payable. The District is coterminous with the City. <br />DESCRIPTION OF THE BONDS <br /> <br />General <br />The Lease Rental Bonds will be dated the first day of the month in which they are <br />delivered (anticipated to be March 1, 1991), and mature in the amounts and on <br />the dates and bear interest at the rates set forth on the cover page of this <br />Official Statement. <br />Paying, Agent <br />The principal and redemption price of the Lease Rental Bonds are payable at the <br />principal office of Society Bank, located in South Bend, Indiana, as Trustee. <br />Interest is payable by check mailed by the Trustee to the registered owners at <br />their addresses as shown on the. registration books maintained by the Trustee on <br />the fifteenth day of the month immediately preceding the interest payment date. <br />-1- <br />