1991-11-15 Resolution 46 - Laserfiche WebLink

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books maintained by the Trustee oa tho fifteenth day of the month imnsediately preceding the interest payment daft. • P~IIi1~31 bcnomination The Bonds will be in fully registezcd form is the denomination of S5,000 os integral multiples thereof. ~p~?Qnal.R~sLzz~nn The 18onds due March 1, 1995, and thereafter are redeemable iA whole or in part in whole multiples of 55,000, in inverse order of maturity and by lot within maturities, on March 1, 1994,- and any interest payment date thereafter, upon the payment of the principal amount of the Bonds being redeemed plus accrued interest to the date of redemption and without premium, 'Under the Trust Agreement, whenever there are sufficient funds in the Sinking Fund and the Operation and Reserve lend to redceiu, on the Hari redemption date, all outstanding Bonds, the Trustee is required to exercise its option to redeem alI of stub Bonds. This could occur, for example, if .the Redevelopment Commission exercises its option to purchase the Leased Property pursuant to Section Y4 of the Lease. Notice of Redemption Notice of redemption shall bt mailed to the registered owners of all fonds to be redeemed at least 30 days prior to the daft fixed far such redemption. If any of the Goads are so called for redemption, and payment therefor is made to the Trustee in accordance with the terms of the Trust Agreement, then such Bonds shall cease to bear interest from and after the date fixed for redemption, The redemption price of the Bonds is payable at the principal office of flit Trustee in South Bend. Reuistratiorz The Trustee is required to maintain a bond register in which. wpl be kept a current list of all owners of the Bonds and an accurate record of all registrations, transfers and exchanges relating to such fonds. The Bonds may be transferred or exchanged upon presentation and surrender thereof at thrr prinapal office of flu Trustee. The Trustee shall not be required to transfer or exchange any Bonds called for redemption during the 30 days preceding the redemption date. SECURITY FOIL THE BONb,S The Bonds are limited obligations of the Redcvelopm.ent Authority, payable solely from Lease rentals from the Lease and certain other funds pledged therefor under Lhe Trust Agreement. The fonds do not constitute an indebtedness, liability or loan of tht credit of the City of South Bend or any political subdivision. thereof, or a pledge of the faith, credit or taxing power of the City of South Bend or any political subdivision thereof. The Redevelopment Authority has no taxing power. The Bands are secured by payments of lease rental to be paid by the Redevelopment Commission directly to the Ttustae (for the account of the Redevelopment Authority) pursuant to the terms of a lease dated as of June X, I98S, and amended as of November 1,1991 (the "T.casc"), between the Redevelopment Authority, as lessor, and the Redevelopment Commission, as lessee. See Appendix C. The lease rental is payable semi-annually on each February 28th and August 28th. A copy of the Lease and the form of amendment to the Lease arc included in this Official Statement as Appeadvr B. "'~,. _;r