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<br />In the opinion of~aker & ~~~5 Bain Counse7~ the rnrerest on the Bonds is includable in grass income for purposes of Federal income taxation but is
<br />excludable from mcome taxation m the State of Indtmw for all ptt~poses except the Indiana fmmtcutl institutions tax and the Indiana inheritance tax See "Tax
<br />Matters' m A~pendix D herein for matters concemmg such exemptions and other matters related t° taxation of the Bonds andAppendir B attached hereto.
<br />~- OFFICIAL STATEMENT '
<br />(NEW ISSUE)
<br />$1,410,000
<br />Taxably Lease Rental Revenue Bonds of 1992
<br />City of Sout4h Bend, Indiana, Redevelopment Authority
<br />Dated: First day of the month of original delivery of the Bonds. Due: February 1,1993/2004
<br />Minimum Bid: $1,388,850 Good Faith Deposit: $14,100
<br />The Bonds are payable from semi-annual lease rental payments to be paid by the South Bend Redevelopment Commission
<br />(the "Commission") duectly to Norwest Bank Indiana, N.A., as trustee (the "Trustee") under a trust agreement, dated as of
<br />June 1, 1992, between the Authority and the Trustee (the "Trust Agreement") and a lease dated as of March 1, 1992,
<br />between the Authority, as lessor, and the Commission, as lessee (the "Lease"). The Trust Agreement creates a continuing
<br />pledge by the Authority to the bondholders to pay the debt service on all Bonds, until the principal sum shall by fully paid,
<br />from Pledged Funds (as defined in the Trust. Agreement) in accordance with the provisions of the Trust Agreement.
<br />(Refer to the "Summary of Selected Provisions of the Trust Agreement" section of this Official Statement).
<br />The Bonds are limited obligations of the Authority, payable solely from lease rentals and certain other funds pledged
<br />therefor under the Trust Agreement. The Bonds do not constitute an indebtedness, liability or loan of the credit of the City
<br />of South Bend or any political subdivision thereof, or a pledge of the faith, credit or taxing power of the City of South Bend
<br />or any political subdivision thereof. The Authority has no taxing power. However, funds for the payment of the lease rental
<br />will be generated by the -Commission from unlimited ad valorem properiv taxes assessed throughout the District. See
<br />"Security" section of this Official Statement.
<br />The Bonds are issued pursuant to IC 36-7-14.5. The Bonds are issued as fully registered bonds of single maturities in
<br />denominations of $5,000 or integral multiples thereof. Interest on the Bonds is payable initially on February 1, 1993, and
<br />thereafter on each February 1 and August 1, and principal of the Bonds is payable annually on each February 1 in the years
<br />and amounts as follows:
<br />Year Amount Rate* , Yield* Year Amount Rate* Yield*
<br />1993 $ 35,000 % % 1999. $120,000 % %
<br />1994 85,000 % % 2000 130,000 % %
<br />1995 90,000 % % 2001 140,000 % %
<br />1996 100,000 % % 2002 150,000 %
<br />1997 105,000 % % 2003 165,000 % %
<br />1998 110,000 % % 2004 180,000 % %
<br />Bonds maturing on or after February 1, 2002 are subject to optional redemption on February 1, 2001 and any .date
<br />thereafter at a price of par plus accrued interest.
<br />LEGAL OPINION: Baker & Daniels, South Bend, Indiana.
<br />DEADLINE FOR BIDDERS TO
<br />NOTIFY OF INTENT TO BID: On or before July 13,1992 at 11:00 A.M., E.S.T.
<br />(See "Notice of Intent to Sell")
<br />BIDS CONSIDERED: -Upon 24 hours notice, anticipated to be July 16,1992.
<br />DELIVERY: On or about August 12,1992.
<br />The date of this Official Statement is June 18,1992.
<br />* Interest rates, reoffering yields or prices and ratings will be set forth in the Final Official Statement described herein.
<br />(TIYIS COVER PAGE CONTAIlVS CERTAIN INFORMATION POR QIIICR REFERENCE ONLY. IT 1S NOT A SUMMARY OF 4TIIS ISSUE.
<br />NVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT T70 OBTAIN INFORINATTON ESSENTZ4L TO THE MAKING OF AN
<br />IIVFORMED INVESTMENT DECISION.)
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