1993-07-15 Resolution 79 - Laserfiche WebLink

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the Authority and Society National Bank, Indiana, dated as of July 1, 1993, and applied on behalf of the Authority to the redemption of the Prior Bonds. Sec. 3.02. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Airport Economic Development Area Taxable Lease Rental Acquisition and Refunding Construction Fund." The Trustee shall deposit in the Construction Fund an amount equal to One Hundred Eighty-Seven Thousand and 00/100 Dollars ($187,000.00) of Bond proceeds plus an amount, equalling One Hundred Twenty-Four Thousand Five Hundred Sixteen and 00/100 Dollars ($124,516.00) available from the funds established by the Trust Agreement governing the Prior Bonds. The Trustee shall pay the Costs of Issuance of the Bonds from such account upon the presentation of an affidavit executed by any two officers of the Authority, stating the character of the expenditure, the amount thereof, and to whom due, together with a statement of the creditor as to the amount owing. The Trustee shall also pay obligations incurred for acquiring the Improvements, the fees and expenses of architects and engineers and any costs of land acquisition and any other incidental costs incurred in connection with the cost of acquiring the Improvements, including the audit referred to in Section 5.07(c). Such shall be made on presentation of an affidavit executed by any two officers of the Authority (or, alternatively, by any two members of the Board of Public Works, of the City of South Bend, Indiana (the "Board of Public Works"), so long as the Agency Agreement (the "Agency Agreement") dated December 17, 1990, between the Authority and the Board of Public Works is in effect; the Authority has provided the Trustee with a copy of such Agency Agreement and hereby covenants to provide the Trustee copies of any amendments to such Agency Agreement), stating the character of the expenditure, the amount thereof, and to whom due, together with the statement of the creditor as to the amount owing. Following acquisition of the Improvements, an affidavit indicating completion of such Improvements shall be filed with the Trustee, which affidavit will be executed by any two officers of the Authority (or, alternatively, by any two members of the Board of Public Works, as set forth above) (the "Affadavit of Completion"). After the filing of said Affidavit, the Trustee shall hold in the Construction Fund an amount equal to one hundred fifty percent (150%) of the amount of any disputed claims, as identified in writing by the Authority to the Trustee, and transfer the unobligated balance of the Construction Fund, if any, to the Sinking Fund referred to in Section 3.03 hereof. Any balance remaining in the Construction Fund after payment of all disputed claims, and obligations authorized by Subsection (Third) of Section 5.11 shall be transferred to the Sinking Fund within E-6