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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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a iw,,, ... ~ ... <br />~~ ~:°~ z r ~.,. <br />~~ ~ ~~ 6.30 <br />To evidence its intention to exercise the right of redemption, the Redevelopment <br />Authority shall, not .less han 45 days prior to the date selected .for <br />~ redemption, file with the Trustee written notice of its intention. to redeem, <br />designating the date fixed for .redemption, and if less than all of the <br />outstanding Lease Rental Bonds are to be redeemed, stating the aggregate <br />" principal amount of Lease Rental Bonds which the Redevelopment Authority desires <br />.~ to redeem. <br />:lotice of redemption shall be mailed to the address of the registered owners of <br />the Lease Rental Bonds to be redeemed as shown on the registration record of the <br />Trustee not less than 30 days prior to .the date fixed for redemption. Any <br />notice shall specify the date and place of redemption. Interesx on the .Lease <br />Rental Bonds so called for redemption shall cease on the redemption date fixed in <br />such notice, if sufficient funds are available at the place of redemption to pay <br />the redemption price, including interest accrued to the redemption date, on the <br />date so named. Failure to give such notice by mailing, or any defect in such <br />notice,- with respect to any Lease Rental Bond shall not affect the validity of <br />the redemption of any Lease Rental Bonds. <br />RISK FACTORS TO BE CONSIDERED BY INVESTORS <br />Prospective investors in the Lease Rental Bonds should be aware of the following <br />risk factors: . <br />1. The Lease Rental Bonds are payable solely from lease rental payments from <br />the Commission to the Authority and other Pledged Funds as defined in the <br />Trust Indenture. The Authority has no taxing power. Under the Lease., the <br />lease payments will not begin until the later of July 28, 1992 or <br />completion of the Projects. Zn the event the Projects are not completed, <br />the lease payments would not be made. <br />2. In reference to the risk described in number 1 above, in the event there is <br />excessive delay in completion of the Projects so as to be delayed beyond <br />July 28, 1992 sufficient revenues :may not be available to meet the 'interest <br />payment due on'August 1, 1992 and subsequent interest and principal <br />payments. <br />3. In the event the Projects should ever be totally or substantially destroyed, <br />the lease rental shall be abated during the period in which the Projects are <br />unfit for their intended use. However, rental value insurance will be <br />available to make Lease Rental Bond payments during the time the cease <br />rental is abated, for a period of up to two years. If either.(i) the cost of <br />reconstruction of the Projects would exceed. the amount of insurance <br />proceeds or (ii) such reconstruction cannot be completed within the period <br />of time covered by rental value insurance, the insurance proceeds will be <br />applied to the redemption of all outstanding Lease Rental Bonds and the full <br />discharge of all obligations pertaining thereto. <br />4. No provision has been made either for redemption of the Lease Rental Bonds <br />or for an increase in the interest rate on the Bonds in the event that <br />interest on the Lease Rental Bonds becomes subject to income taxation. <br />• 5. In the event of delayed billing, collection, or distribution of property <br />.taxes by the county auditor, sufficient funds may not be available to the <br />Commission in time to make lease rental payments when due. <br />-3- <br />
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