1993-07-15 Resolution 79 - Laserfiche WebLink

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FINAL OFFICIAL STATEMENT $4,905,000 SOUTH BEND REDEVELOPMENT AUTHORITY TAXABLE LEASE RENTAL ACQUISTI'ION AND REFUNDING REVENUE BONDS OF 1993 (Airport Economic Development Area Public Improvement Project) INTRODUCTION TO THE OFFICIAL STATEMENT The South Bend Redevelopment Authority (the "Authority"), is issuing $4,905,000 of Taxable Lease Rental Acquisition and Refunding Revenue Bonds of 1993 (Airport Economic Development Area Public Improvement Project) (the "Taxable 1993 Bonds"). PURPOSE OF REFUNDING The proceeds from the sale of the Taxable 1993 Bonds, together with funds on hand, will be applied to the refunding and legal defeasance of $4,200,000 of Taxable Lease Rental Revenue Bonds (of 1991) (Airport Economic Development Area Public Improvement Project) (the "Taxable 1991 Bonds"), to the payment of costs incurred in connection with the issuance of the Taxable 1993 Bonds, and to the funding of certain land acquisition costs and the construction of certain public improvements relating to the Airport Economic Development Area Public ' Improvement Project. SECURITY AND SOURCES OF PAYMENT ' The Taxable 1993 Bonds shall constitute an indebtedness of the Authority payable in accordance with and secured by terms and pledges contained in the Trust Agreement to be executed between the Authority and Society National Bank, Indiana, located in South Bend, Indiana (the "Trustee" and the "Escrow Trustee") as of July 1, 1993. Funds for the payment of principal and interest on the Taxable 1993 Bonds shall be paid from fined, semi-annual lease rental payments (the "Lease Rental") from the City of South Bend Redevelopment Commission (the "Commission") directly to the Trustee in accordance with a Lease (as defined herein) executed between the Commission and the Authority under which Lease the Authority leases to the Commission certain land and public improvements (the Project ). ' The Lease Rental is payable from ad valorem property taxes. If the Commission annually determines that the Tax Increment (as hereinafter defined) will be insufficient to pay the Lease Rental, the Commission must annually levy a property tax on all taxable property in the South Bend Redevelopment District (the "District") in an amount which, ' together with Tax Increment, will be sufficient to pay the Lease Rental due in the 12-month period beginning on July 1 of the following calendaz year. The District is coterminous with the City of South Bend (the "City"). The Taxable 1993 Bonds do not constitute an indebtedness, liability or loan of the credit of the City or any political ' subdivision thereof. The Lease Rental is subject to certain conditions regazding abatement. See "Risks to Bondholders". DESCRIPTION OF THE TAXABLE 1993 BONDS Redemption: The Taxable 1993 Bonds aze subject to optional redemption. Bonds maturing on February 1, 2004 and thereafter aze redeemable at the option of the Authority beginning on August 1, 2003 as more fully described ' herein. The Taxable 1993 Bonds maturing August 1, 2008 and August 1, 2012 are subject to mandatory sinking fund redemption.