1993-06-29 Resolution 77 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Authority as follows: Section 1. In order to pay and finance the costs of the purposes described herein, 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 Five Million and 00/100 Dollars ($5,000,000.00). The Bonds shall be designated as taxable in their title. 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 not later than August 1, 2012, a maximum rate of interest for any maturity of eight and one-half percent (8.5%) per annum, a maximum underwriter's discount not to exceed one percent (1.00%) and a maximum original issue discount not to exceed one-half percent (.50%) of such aggregate principal amount.. Principal of and interest on the Bonds will be payable semiannually on February 1 and August 1. The proceeds of the Bonds shall be delivered to the Trustee and applied by the Trustee in accordance with the Trust Agreement. Section 3. The Bonds maturing on or after February 1, 2004, 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 August 1, 2003, from any moneys made _..._ available for that purpose, at a redemption price expressed as a percentage of the principal amount of each Bond to be redeemed in • -3-