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<br />i• <br />• <br />revenue bonds designated the "South Bend Redevelopment Authority <br />Lease Rental Revenue Bonds (Parking Facility Refunding)" in an <br />aggregate principal amount not to exceed Four Million Six Hundred <br />Ninety-Five Thousand Dollars ($4,695,000) (the "1992 Bonds") for <br />the purpose of providing funds, a portion of which shall be used <br />to effect the refunding of the 1988 Bonds, together with the <br />authorized expenses relating thereto.. <br />3. The Escrow Trustee has received written notice of <br />redemption and irrevocable instructions to redeem the 1988 Bonds <br />as required by Section 4.02 of the 1988 Trust Agreement from the <br />Authority. <br />• 4. The Refunding Bond Resolution provides that the <br />proceeds frpm the sale of the 1992 Bonds will be delivered to and <br />applied by the Escrow Trustee in accordance with a Trust Agreement <br />entered into and dated as of June 1, 1992 (the "Trust Agreement") <br />between the Authority and the Escrow Trustee. <br />5. Section 2.10 of the Trust Agreement provides that <br />Dollars <br />the sum of <br />($ ) received from the sale of the 1992 Bonds, plus <br />investment earnings thereon, will be applied on behalf of the <br />Authority to pay the principal and interest on the 1988 Bonds. <br />6. The Authority is authorized and empowered by Indiana <br />Code 36-7-14.5-19, as amended, to issue, sell and deliver bonds for <br />the purpose of refunding outstanding bonds previously issued by the <br />Authority. <br />-3- <br />