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1991-11-15 Resolution 46
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1991-11-15 Resolution 46
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7/18/2008 3:28:09 PM
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• TRUST AGREEMENT <br />THIS AGREEMENT (the "Agreement"), executed and dated as of <br />the day. of 1991, made and entered into between <br />SOUTH BEND. REDEVELOPMENT AUTHORITY, a public body corporate and <br />politic, organized and existing under Indiana Code 36-7-14.5, as <br />annended (hereinafter called the "Authority"), and Norwest Bank <br />Indiana, N.A., a national banking association having its principal <br />office in the City of South Bend, Indiana (hereinafter called the <br />"Trustee"), <br />W I T N E S S E T H: <br />WHEREAS, the. Authority was created under and pursuant to the <br />provisions. of Indiana Code 36-7-14.5 (hereinafter referred to as <br />the "Act"), for the purpose of financing local public improvements <br />for lease to the South Bend Redevelopment Commission (hereinafter <br />referred to as the "Commission"); and <br />WHEREAS, the Authority issued bonds. in 1988, the proceeds of <br />which were used to finance the acquisition of a stadium facility <br />known as the "Stanley Coveleski Regional Stadium" (the "Facility") <br />and to pay the costs of issuance of those bonds; and <br />WHEREAS, the Authority entered into a lease of the Facility <br />with the Commission dated as of June 1, 1988; and <br />WHEREAS, the Authority has determined to borrow the sum of <br />Four Million Two Hundred Eighty Thousand Dollars ($4,280,000) for <br />the purpose of procuring funds to pay the cost of refunding the <br />outstanding bonds issued in 1988, and to execute and issue its <br />Taxable Lease Rental Revenue Bonds in the form and terms as <br />hereinafter provided; and <br />WHEREAS, the Authority intends to amend the lease with the <br />Commission for. said Facility; and <br />WHEREAS, in order to secure the principal of and .premium, if <br />any, and interest on alI of said Bonds and the performance of the <br />covenants herein contained, the Authority has in like manner <br />determined to execute and deliver this Agreement; and <br />WHEREAS, all acts, proceedings and things necessary and <br />required by law to make said Bonds, when executed by the Authority <br />and authenticated by the Trustee, the valid, binding and legal <br />obligations of the Authority and to constitute and make this <br />Agreement a valid agreement to secure the payment of the principal <br />of and premium, if any, and interest on the Bonds, have been done, <br />taken and performed, and the issuance, execution and delivery of <br />said Bonds, and the execution, acknowledgment and delivery of this <br /> <br />
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