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2 <br /> <br />which consists of upgrading the splashpad at Coquillard Park to modern health, safety, and <br />experiential standards, and any related improvements; and (vi) all projects related to any of the <br />projects described in clauses (i) through and including (v) (clauses (i) through and including (vi), <br />collectively, the “River East Projects” and collectively with the River West Projects and the <br />Beacon District Improvements, the “Projects”); and <br />WHEREAS, on December 19, 2022, at a duly advertised and noticed public meeting, the <br />Authority did adopt its Resolution No. 213, whereby the Authority indicated its intent to issue its <br />South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2023 in one (1) or more <br />series (the “Bonds”) to finance all or a portion of (i) the costs of the Projects; (ii) a debt service <br />reserve fund or paying the cost of a reserve surety, if necessary, in connection with the issuance of <br />the Bonds; and (iii) costs incurred in connection with the issuance of the Bonds; and <br />WHEREAS, the Authority now seeks to duly authorize the issuance of the Bonds pursuant <br />to the Act to provide funds for the payment of the costs of funding a portion of the Projects, a <br />reserve fund or paying the cost of a reserve surety, if necessary, and the costs of issuance of the <br />Bonds and to authorize and approve such actions as may be necessary to provide for the sale and <br />issuance of the Bonds; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMENT AUTHORITY, AS FOLLOWS: <br />SECTION 1. In order to pay and finance the costs of the Projects, funding a reserve fund, <br />if necessary, and the costs of issuing the Bonds, the Authority shall borrow an amount not to exceed <br />Sixty-nine Million Dollars ($69,000,000) through the issuance and sale of its Bonds. The <br />maximum interest rate on any tax-exempt series of the Bonds shall not exceed seven and one-half <br />percent (7.50%) per annum and on any taxable series of the Bonds the maximum interest rate shall <br />not exceed nine percent (9.00%) per annum. The Bonds shall mature on February 1 and August 1 <br />of each year, beginning not earlier than August 1, 2023, with a maximum term of not to exceed <br />twenty (20) years, as finally set forth in the Indenture (as defined herein) at the time of the <br />execution and delivery of the Bonds to the purchaser or purchasers thereof. Interest on the Bonds <br />shall be payable semiannually on February 1 and August 1 of each year beginning not earlier than <br />August 1, 2023. <br />SECTION 2. The Bonds shall be subject to optional redemption by the Authority prior to <br />maturity on any date no sooner than five (5) years after the date of issuance of the Bonds, on thirty <br />days’ notice, in whole or in part, in order of maturity as determined by the Authority, and by lot <br />within a maturity, at face value plus accrued interest to the date fixed for redemption. The Bonds <br />may be subject to mandatory sinking fund redemption if so determined by the winning bidder for <br />the Bonds. The final redemption terms shall be as set forth in the Indenture at the time of the <br />execution and delivery of the Bonds to the purchaser or purchasers thereof. <br />SECTION 3. The Authority hereby appoints U.S. Bank Trust Company, National <br />Association, to serve as trustee (the “Trustee”) for the Bonds to be issued by the Authority. The <br />Trustee shall be charged with and shall by the Indenture (defined herein) undertake the duties and <br />responsibilities customarily associated with such position, as evidenced by the Indenture. <br />SECTION 4. The Bonds shall be issued in accordance with and shall be secured by a <br />Trust Indenture to be dated as of the first day of the month in which the Bonds are issued (the