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1992-06-23 Resolution 57
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1992-06-23 Resolution 57
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7/18/2008 5:29:58 PM
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• IRREVOCABLE ESCROW DEPOSIT AGREEMENT <br />This Irrevocable Escrow Deposit Agreement, is dated as <br />of 1992, by and between the South Bend Redevelopment <br />Authority (the "Authority"), and Norwest Bank Indiana, N.A., South <br />Bend, Indiana, a national banking association organized under the <br />laws of the United States of America, as escrow trustee (the <br />"Escrow Trustee"). <br />RECITALS <br />1. Pursuant to Resolution No. 6, adopted by the <br />Authority on June 17, 1988 (the "1988 Resolution"), the Authority <br />has heretofore issued its South Bend Redevelopment Authority Lease <br />Rental Revenue Bonds (Parking Facility Project) dated August 1, <br />-• 1988 (the "1988 Bonds"), in the amount of Four Million Five Hundred <br />Seventy-Five Thousand Dollars ($4,575,000.00), now outstanding in <br />the principal amount of Four Million Two Hundred Fifty Thousand <br />Dollars ($4,250,000), maturing annually on February 1 in the years <br />1993 to 2009 inclusive, and subject to redemption prior to maturity <br />at the option of the Authority on the terms and conditions set <br />forth in the 1988 Resolution-and in a Trust Agreement incorporated <br />therein, entered into and dated as of June 1, 1988 between the <br />Authority and First Interstate Bank of Northern Indiana, N.A., <br />which subsequently became Norwest Bank Indiana, N.A. through <br />acquisition (the "1988 Trust Agreement"). <br />2. Pursuant to Resolution No. 52 adopted by the <br />• Authority on April 30, 1992 (the "Refunding Bond Resolution"), the <br />Authority has authorized the issuance and sale of its refunding <br />
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