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Trustee (the "Trust Agreement") which Trust Agreement provides for, <br />• among other things, the issuance of such Bonds to finance the <br />refunding of the Refunded Bonds; <br />WHEREAS, a Preliminary Official Statement of the <br />Authority (the "Preliminary Official Statement") dated October 31, <br />1991, relating to the issuance of the Bonds has been prepared. <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend <br />Redevelopment Authority as follows: <br />Section 1. In order to pay and finance the costs of <br />refunding the Refunded Bonds, and to pay costs of issuance, there <br />is hereby authorized and there shall be executed, issued, and <br />delivered by and on behalf of the Authority, pursuant to I.C. 36- <br />7-14.5 et se ., the Bonds in the aggregate principal amount not to <br />• exceed Four Million Three Hundred and Fifty Thousand Dollars <br />($4,350,000.00). The Bonds shall be designated as taxable in their <br />title. <br />Section 2. The Bonds are hereby authorized to be issued <br />under, pursuant to, and in accordance with the Trust Agreement with <br />a final maturity date of no later than March 1, 1997, a maximum <br />rate of interest of eight percent (8%) per annum and a maximum <br />underwriter's discount of three-quarters of one percent (.75%) of <br />such aggregate principal amount. The proceeds of the Bonds shall <br />be delivered to the Trustee and applied by the Trustee in <br />accordance with the Trust Agreement. <br />Section 3. The Bonds maturing on or after March 1, 1995, <br />may be redeemed prior to maturity, at the option of the Authority <br /> <br />-2- <br />