1993-07-15 Resolution 79 - Laserfiche WebLink

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ES'TIIvtATED SOURCES AND USES OF FUNDS The proceeds from the sale of the Taxable 1993 Bonds will be applied to refunding the Taxable 1991 Bonds, to the payment of costs incurred in connection with the issuance of the Taxable 1993 Bonds, and to funding a portion of the costs of acquisition of certain land and the construction of public improvements (the "Improvements") relating to the Project. Approximately $124,516 of funds remaining in the Construction Account for the Taxable 1991 Bonds will be transferred to the Construction Fund for the Taxable 1993 Bonds to fund a portion of the Improvements. Approximately $35,000 of funds remaining in the Bond Interest Account of the Construction Fund for the Taxable 1991 Bonds, together with accrued interest, will be deposited in the Sinking Fund for the Taxable 1993 Bonds. The estimated sources and uses of funds aze summarized below. Sources of Funds Proposed Taxable 1993 Bonds Funds on hand in the Taxable Funds on hand in the Taxable Accrued interest 1991 Construction Account 1991 Bond Interest Account $4,905,000 124,516 35,000 24.523 Total Sources of Funds Uses of Funds Escrow - U.S. Government securities Escrow -cash Underwriter's discount Original issue discount Estimated bond issuance costs Estimated costs of the Improvements Deposit to the Sinking Fund of the Taxable 1993 Bonds Total Uses of Funds 5 089 039 $4,347,541 198,900 49,033 18,460 104,066 311,516 59.523 5 089 039 *As a separate transaction, apart from the Commission's Lease with the Authority, the Commission intends to use approximately $100,000 of surplus Taz Increment funds currently held in the Commission's EDA Taxable Improvement Principal and Interest Account to fund additional public improvements and land acquisition costs in the EDA in conjunction with completion of the Improvements by the Authority. THE REFUNDING PROGRAM Pursuant to the terms of an Escrow Agreement dated as of July 1, 1993, entered into between the Authority and Society National Bank, Indiana, South Bend, Indiana (the "Escrow Trustee"), the refunding of the Taxable 1991 Bonds will be accomplished by (a) creating an irrevocable escrow and trust account, the Escrow Fund (as previously defined) to be held by the Escrow Trustee for the holders of the Taxable 1991 Bonds and (b) depositing therein a sum of initial cash and certain noncallable direct obligations of the Treasury of the United States of America (the "Government Obligations") sufficient to redeem all outstanding Taxable 1991 Bonds on or about September 1, 1993. The funds needed to make the initial cash deposit to the Escrow Fund and to purchase the Government Obligations will be provided from the proceeds of the sale of the Taxable 1993 Bonds and from other funds of the Authority. Promptly following the closing of the issuance of the Taxable 1993 Bonds, the Trustee will send notice of redemption to all owners of outstanding Taxable 1991 Bonds, stating the intention of the Authority to redeem such bonds on or about September 1, 1993. The Trustee will also publish notice of the redemption in accordance with the terms of a trust agreement dated December 1, 1990 for the Taxable 1991 Bonds. -4-