1992-04-30 Resolution 52 - Laserfiche WebLink

Home Browse Search

k TRUST AGREEMENT THIS AGREEMENT (the "Agreement"), executed and dated as of the day of 1992, made and entered into between SOUTH BEND REDEVELOPMENT AUTHORITY, a public body corporate and politic, organized and existing under Indiana Code 36-7-14.5, as amended (hereinafter called the "Authority"), and Norwest Bank Indiana, N.A., a national banking association having its principal office in the City of South Bend, Indiana (hereinafter called the "Trustee"), W I T N E S S E T H: WHEREAS, the Authority was created under and pursuant to the provisions of Indiana Code 36-7-14.5 (hereinafter referred to as the "Act"), for the purpose of financing local public improvements for lease to the South Bend Redevelopment Commission (hereinafter referred to as the "Commission"); and WHEREAS, the Authority issued bonds in 1988, the proceeds of which were used to finance the construction of a parking facility at the northwest corner of St. Joseph Street and Wayne Street (the "Parking Facility") and to pay the costs of issuance of those bonds; and • WHEREAS, the Authority entered into a lease of the Parking Facility with the Commission dated as of June 1, 1988; and WHEREAS, the Authority has determined to borrow the sum of Four Million Five Hundred Ninety-Five Thousand Dollars ($4,595,000) for the purpose of procuring funds to pay the cost of refunding the outstanding bonds issued in 1988, and to execute and issue its Lease Rental Revenue Bonds in the form and terms as hereinafter provided; and WHEREAS, the Authority intends to amend the lease with the Commission for said Parking Facility; and WHEREAS, in order to secure the principal of and premium, if any, and interest on all of said Bonds and the performance of the covenants herein contained, the Authority has in like manner determined to execute and deliver this Agreement; and WHEREAS, all acts, proceedings and things necessary and required by law to make said Bonds, when executed by the Authority and authenticated by the Trustee, the valid, binding and legal obligations of the Authority and to constitute and make this Agreement a valid agreement to secure the payment of the principal of and premium, if any, and interest on the Bonds, have been .done, taken and performed, and the issuance, execution and delivery of said Bonds, and the execution, acknowledgment and delivery of this