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1990-12-28 Resolution 30
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1990-12-28 Resolution 30
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7/17/2008 3:19:39 PM
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i -~ <br />i ~ r~ ~ <br />`..:- ~ DES` i 9~ t89d <br />SECURITY FOR THE BONDS <br />The Lease Rental Bonds are being issued by the Redevelopment Authority and are <br />secured by .payments. of Lease Rental to be paid by the Redevelopment Commission <br />directly to the Trustee (for the account of the Redevelopment Authority) <br />pursuant to the terms of the Lease. The Lease Rental is payable beginning on the <br />later of the date on which the Projects are complete and ready and available for <br />use or July 28, 1992. Thereafter, the Lease Rental is payable semi-annually on <br />each January 28th and Juiy 28th. Capitalized interest in the amount of $416,225 <br />will be used to pay a portion of the interest on the-Lease Rental Bonds. <br />The Lease Rental to be paid by the Redevelopment Commission during-the term of <br />the Lease is required to be in amounts sufficient to pay the principal of and <br />interest on the Lease Rental Bonds. Such annual rental is payable from ad <br />valorem property taxes.. The bonds are secured by a pledge of unlimited ad <br />valorem property taxes levied on all taxable properties in the District. Each <br />year on July 1st or when the City prepares its budget, the Redevelopment <br />Commission shall estimate the amount of tax increment expected to be collected in <br />the subsequent calendar year. To the extent tax increment is not available or is <br />not expected to be available on the dates on which the Lease Rental is due in the <br />subsequent .year, the Redevelopment Commission shall annually levy a special <br />benefits tax on all taxable property in the District in accordance with IC 36- <br />7-14-27. <br />BOND RATING <br />Moody's Investors Service, Inc. (Moody's) .has assigned a bond rating of <br />to the Lease Rental Bonds. Such rating reflects only the view of Moody's and any <br />explanation of 'the significance of such rating may only be obtained from Moody's. <br />The rating is not a recommendation to buy, sell or ..hold .the Lease Rental Bonds, <br />and such rating may be subject to revision or withdrawal at any time"by Moody's. <br />Any downward revision or withdrawal of the rating may have an adverse effect <br />upon the market price of the Lease Rental Bonds. <br />The-.Redevelopment Authority did not apply to any other .rating service for a <br />rating on the Lease Rental Bonds. <br />REDEMPTION PROVISIONS <br />The. Lease Rental Bonds due on August 1, 2001, and thereafter are redeemable at <br />the option of the Authority on August 1, 2000 or any date thereafter in order of <br />maturity and by lot within maturities as follows: <br /> Redemption Dates Redemption Prices <br />August 1, 2000 or thereafter on or before <br />July 31, 2001 ~ 102 <br />August 1, 2001 or thereafter on or before <br />July 31, 2002 101 <br />August 1, 2002 and thereafter prior to maturity 100 <br /> <br />• <br />C~ <br />_2_ <br />
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