1991-11-15 Resolution 46 - Laserfiche WebLink

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any offering materials relating to the Bonds, and we express no opinion relating thereto. Based upon the foregoing, we are of the opinion,-under existing law, as follows: 1. The Issuer is duly created. and validly existing as a separate body corporate and politic and as an instrumentality of the City of South Bend, Indiana, with the power to enter into the Trust Agreement and the Lease described below, perform the agreements on its part contained therein and issue the Bonds. 2. The lease between the Issuer, as lessor, and the South Bend Redevelopment Commission (the "Commission"), as lessee, dated as of June 1, 1988, and as amended by the Addendum to Lease between the. Issuer and the Commission dated as of November 1, 1991 (the lease, as so amended, shall be referred to herein as the "Lease"), has been duly entered into in accordance with the provisions of Indiana Code 36-7-14 (the "Act") and is a valid and binding Lease. All taxable property in the City of South Bend. Redevelopment District (the "District"} is subject to ad valorem taxation without limitation as to rate or amount to pay the Lease rental. The Commission is required by the Act and the Lease annually to levy and appropriate an amount sufficient to pay the Lease rentals during the term of the Lease. 3. The Issuer has duly authorized, sold, executed and delivered the Bonds and has duly authorized and executed the Trust • Agreement. The Bonds are the valid and binding obligations of the Issuer secured by the Trust Agreement. 4. The interest on the Bonds is exempt from taxation in the State of Indiana for all purposes except the Indiana financial -inst-itutions tax and the Indiana inheritance tax. Very truly yours, •