1992-04-30 Resolution 52 - Laserfiche WebLink

Home Browse Search

between the Authority and Norwest Bank Indiana, N.A., as Trustee • (the "Trust Agreement") which Trust Agreement provides for, among other things, the issuance of such Bonds to finance the refunding of the Refunded Bonds; NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Authority as follows: Section 1. In order to pay and finance the costs of refunding the Refunded Bonds, and to pay costs of issuance, there is hereby authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, pursuant to I.C. 36- 7-14.5 et se ., the Bonds in the aggregate principal amount not to exceed Four Million Six Hundred Ninety-Five Thousand Dollars ($4,695,000). • Section 2. The Bonds are hereby authorized to be issued under, pursuant to, and in accordance with the Trust Agreement with a final maturity date of no later than February 1, 2009, a maximum rate of interest of seven and twenty-five hundredths (7.25%) per annum (or such lesser per annum interest rate as the Authority may establish with the advice of its financial advisor at the time of publication of the notice of intent to sell bonds). The proceeds of the Bonds shall be delivered to the Trustee and applied by the Tr-ustee in accordance with the Trust Agreement. Section 3. The Bonds maturing on or after February 1, 2003, may be redeemed prior to maturity, at the option of the Authority in whole or in part, in whole multiples of $5, 000, on any date not earlier than February 1, 2002, from any moneys made -2-