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1991-03-08 Resolution 36
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1991-03-08 Resolution 36
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7/17/2008 3:37:33 PM
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_2_ , 2991 <br />• <br />~r,aterials relating to the &onds, and we express nn opinion relating <br />thereto. <br />Based upon the Loregoing, we are of the opinion, under <br />existing taw, xs follows: <br />1, Tha Issuer is duly created and validly existing as <br />e separate body eorporate and politic and as an instrumentality of <br />the City of 6outh Bend, Indiana, with the power to enter into the <br />Trust Agreement and the Lease d~ceribad below, perform the <br />agz~eerr.ents on its part contained therein and issue the Bonds. <br />2. The lease between the Itscucr, as leeeor, and tha <br />South Bend Reflevelapment Commission (the ''Commission"), as lessee <br />dated as of August 1, 1990, as restated rind,araended on Deoembcr 21, <br />1990, and as further amended by .the Addendum to Lease between the <br />Is~uar and thg Commission on January Z9, 1991 (the lease as so <br />amended shall be xeferred tc her.en as the '°Lease"), has been duly <br />entered into in accardanaa with the px'btrfsions or Yndiana Code 35- <br />7-14 (the ''Act") and is a valid and binding. Lease. All taxable <br />property in the City of south Band Redevalopmant District (the <br />"District°') is subject to ad valorem taxation without limitation <br />as to rate or amount to pay tho Lease rental. .The Cornmicaian is <br />required by the Act and the lease annually to levy and apprapxiate <br />an amount sufficient to pay the Lease rtntalm commencing With the <br />. date the Project (as defined in the Lease) is campiete and ready <br />far use or February 1, 1994, whichever is later. <br />;, The Issuer has Buly authorized, sold, executed and <br />delivered tha Bonds and has duly authorized and executed the Trust <br />Rgregmant. The $onds are the valid and binding obligations o2 the <br />yseuer secured by tha Trust Agronmant. <br />4. The interESt an the fonds is axcludQd from grass <br />income for federal income tax purposes, and the Bonds arQ not <br />"private activity bonds" under Secticn 141 of the Internal Revenues <br />Code of 1986, as aTnanded {the "Code"}; however, it should be noted <br />that wit*, respect to corporations (as defined for federal income <br />tax purposes), interest orf the Bonds is taken into account in <br />dc~tarYairr;.ng adjusted current earnings for the purpose of computing <br />the alternative minimum tax imposed on such corporations. <br />Further, the difference between the initial public <br />offering price of the Bands dues on August i, 2007 through and <br />including August 1, 2012 (the "Discount- Bands") and the amounts <br />payable on the Diacount Bonds at maturity. is original issue <br />discount which, in our .opinion, constitutes interest that is <br />excludable pursuant to section 103 of the Code from gross income <br />for federal income tax purposes, conditioned upon camplzance with <br />c8rtain covenants described herein. <br />• <br />
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