1991-11-15 Resolution 46 - Laserfiche WebLink

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amount of .54,255,000 (the "198$ Bonds"), which bonds were issued under a Trust Indenture between the Redevelopment Authority and laSrst Interstate Bank of Ntutbem Indiana, NA., as trustee, dated as of Junc 1, 1988 (the "19$8 Indenture', to finance the acqutstti:on bf the Leased Property. The sefunding will enable the Itedcvelopmcnt Authority to reduce t}u debt service rtquirements of its outstanding indebtedness and the annual • lease rental due from tho Redevelopment Ca+*+m*«ion. TPIE REFLINt)IN(i PROGRAM Pursuant to the terms of an Escrow Agreement dated as of December 1, 1992, entered into between the Redevelopment Authority and Norwest Back Yudiana, N.A., as the current registrar and paying agent for the 1988 Bonds {the "Escrow Trustee"), the refunding of the 1988 Bonds will be accomplished by {a) creating an irrevocable escrow fund (the "Escrow Fund") to be heed by the Escrow Trustee sad (b) depositing therein a sum of initial cash and certain direct obligations of, or obligations guaranteed by, the United States of America, or time certificate of deposits fullysecured by such obligations (the "Government Obligations") sufficient to redeem all outstanding 1988 Bonds on or about January 7, 1992. The funds needed to establish the initial cash balance in the Escrow Ettrui and to purchase the Government Obfisations will be provided froze the proceeds of the sale of the Bonds anti other funds of the Itcdcvelopment Authority. Promptly following the closing of the issuance of the Bonds, the Trustee will send notice of redemption to aII owners of outstanding 1988 Bonds, stating the intention of the Authority to redeem such bonds on or about January 7,1992. The Trustee will also. publish notice of the redemption in accordance with the tcsms of the 1988 Indenture. The Govcrninent Obligations to be purchased and deposited with the Escrow Trustee will boar interest at such rates and witl be schedulBd to mature at such times and in such amounts so that, when paid according to their respective terms, sufficient moneys, together with any amount of cash then on deposit with the Escrow Trustee,' wilt be available; to male full and timely payment of all principal and interest due with respect to all outstanding 19$8 Bonds on the date fixed for redemption. All moneys and Govornment Obligations oa deposit with the Escrow Trustee, including interest to be earned thereon, are pledged solely and irrevocably for the benefit of the holders of the 1958 Bonds, and will not be avafiable to pay principal or interest on the Bonds. This Refunding Program will effect the defeasance of the 2988 Bonds and will release the fien thereof under the 1988 Indenture. T.1~aSED PROpLRTY The 19$8 Bonds were issued by the Redevelopment Authority to finance the: costs relating to the acquisition of. the Y..cased Pioperry. The Leased Property is a 5,000 seat stadium fatality which is used for, among other things, the home playing field of the South Bend White Sox, a minor league team of the Chicago White Sox The Redevelopment Commission commenced its occupancy of the Leased Property on September 1, 1988. CRIPTTON OF THE Bc)NDS General The Bonds witl be dated as of the first day of the month in which they are delivered, and. mature in .the amounts anal on the dates anal bear interest at the rates sot forth on the cover page of thin Official Statement. ~YL~~ The principal of the Bonds is payable at the principal office of the Trustee in South Bend, Indiana. Interest i5 payable by chtck mailed by the Trustee to the registered owners at their addresses as shown on the registration _~_ ..t.