1993-07-15 Resolution 79 - Laserfiche WebLink

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TRUST AGREEMENT THIS AGREEMENT (the "Agreement"), executed and dated as of the 1st day of July, 1993, 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 Society Bank, Indiana, 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 its taxable lease rental revenue bonds in 1991 (the "Prior Bonds"), the proceeds of which were used to pay the cost of the Project (as hereinafter defined} and to pay the costs of issuance of those bonds; and WHEREAS, the Authority entered into a Lease (as hereinafter defined) of the Project with the Commission dated as of August 1, ' 1990, and as amended by an Addendum to Lease entered into by the Authority and the Commission as of January 29, 1991; and WHEREAS, the Authority has determined to borrow the sum of ' Four Million Nine Hundred Five Thousand and 00/100 Dollars ($4,905,000.00) for the purpose of procuring funds to pay: (i) the cost of advance refunding the Prior Bonds issued in 1991 and ' (ii) the cost of acquiring land and constructing public improvements which will be subject to the Lease and to execute and issue its Taxable Lease Acquisition and Refunding Rental Revenue Bonds of 1993 in the form and upon the terms hereinafter provided; and WHEREAS, the Authority intends to amend the Lease with the ' Commission for said Project to reduce the rental paid thereunder by the Commission following the advance refunding of the Bonds issued in 1991; 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