1991-11-15 Resolution 46 - Laserfiche WebLink

Home Browse Search

F1rTAL OFFICIAL STATEMENT ~~~~ SOUTI-I BEND 12EbEVELOPMENT AU7'IiORT!'Y . TA~L~Tii.E LEASE RENTAL REVENUE BONDS (COVEZI?.SI~I STADIUM REFUNDING} INTRODUCTORY STATEMENT This Official Statement sets forth certain information concerning the offering of 54,280,000 aggregate principal amount of Taxable Lease Rental Revenue Bonds (Covelesla Stadium Refunding) {the "Bonds") by the South Bend Redevelopment Authority (the "Redevelopment Authority"). The Bonds wilt be issued under the provisions of the Indiana Code, Tick 36, Article 7, Chapter 145, and in accordance with the terms of a Trust Agreenleat - between the Redevelopment Authority and Norwest Bank Indiana, N.A., as txustee, (the '"I`rustee"), dated as of November 1, 1991(the'Trust Agreement"). The farm of Trust Agreement is included in this Official Statement as Appendix C. The Redevelopment Authority was organized for the purpost of financing local public improvements, including the acquisition of Coveleski Stadium (the "Leased Property') and the leasing of sorb facdity to .the South Scud Redevelopment Commission (the "Redevelopment Commission"). Other powers of the Redevelopment Authority include the power to refinance fatalities for the acquisition of which it has previously incurred indebtedness and to execute amended lease agreements with the Redevelopment Commission based oa the terms of the refinancing arrangement The Bonds do ~ constitute a corporate obligation or indebtedness of the City of South Bend, Indiana (the "City/'), for which the full faith and credit or taxing powers of the City are pledged. However, funds for the payment of the lease rental will be generated by the Redevelopment ComM* ~~~ fsom unlimited ad valorem property taxes assesstd throughout the South Bend Redevelopment District (the "District") having the same boundaries as the City of South Bend. • TIDE REDEVELOPMENT CnMMTSSION' The Redevelopment Commission is the governing body of the South Btnd Department of Redevelopment and the South Bend Redevelopment District, which is a special taxing district-created pursuant to Indiana Code 36-7- 14 (the "Redevelopment Act"). The Redevelopment Com im'~si.=n has the power under the Rcdeveiopmcnt Act to enter into a lease with the Redevelopment Authority of any property that could be financed with the proceeds of bonds. issued by the Redevelopment Commission under the Redevelopment Act. T'hc current officers and other members of the Redevelopment Commission arc listed in Appendix A. REDEVELOPMENT AUTbIORITY . _.. . The Redevelopment Authoritywas created under YC 36-7-145 for the purpose of acquiring and constructing Iota public improvements and leasing those improvements to the Redevelopment Commission. The Redevelopment Authority has the power under IC 36-7-145 to issue bonds to finance such acquisition ttnd construction, and to issue bonds to refund bonds previously issued by the Redevelopment Authority. The current board of directors and officers of the Redevelopment Authority are listed is Appendix A Pi7RpOSE OF ISSUE Proceeds fro=ze the sale of the Bonds will bt applied to the refunding (as more fully descn'bed herein under the caption "The Refunding Program") of then South Bend (Indiana) Redevelopment Authority Taxable ]'..case Rental Revenue Goads (Coveksla Stadium project), dated as of September 1, 1988, currently outstanding in the total ~J