1994-05-17 Resolution 91 - Laserfiche WebLink

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PRELDUNARY OFFICIAL STATEMENT DATED MAY , 1994 RATINGS: NEW ISSUE — BOOK-ENTRY -ONLY (See "Ratings" herein) decision, interest. m the Bonds is exchdabk from gross income under Swdm � the opinion of Baker dt Daniels, South Bend, Iodiam, bind counsel, tinder existing hws, . 1�� • and judicial Such exchaien is conditioned m the continuing compliance with 1 the Internal Ra mus Code of 1986, as amended and in effect m the date of delivery of the Bonds (dw "Code), for federal income tau purposes. law, reg bums, published mlmgr and judicial decisions. interest covenants made by tiw South Bend Redevelopment Authority and dacnbed fiitther herein. in the ioinn of Halter 8 Daniels, tinder existing lassie Discount' herein. The wononds is exempt from taxation m the state of Indiana for all pueposes exxpt the Indiana fmancal ittatianioos cox and the Indiana ioherimoce tax. Sea 'Tax Idaaers" and "Original not be designated sa qualified tax-exempt obligation" socardiM to die provisieos of section %5(b) (3) of tthe Code. /,USO,3)WV* South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project) Interest Due: February 1 and August 1, Dated Date: May 15, 1994 commencing February 1, 1995, as set forth on the inside front cover The South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project) (the "Bonds ") to be issued by the South Bend Redevelopment Authority (the "Authority") will be issued under a Trust Agreement, dated as of May 15, 1994 ( the "Trust Agreement "), between the Authority and Norwest Bank Indiana, N.A., as trustee (the "Trustee "), and pursuant to Indiana Code 36 -7 -14.5, as amended (the "Act "). The Bonds will be issued only as fully registered bonds in denominations of $5,000 or any integral multiple thereof.. The Bonds will bear interest from May 15, 1994, at the rates per annum and will mature on the dates and in the principal amounts set forth on the inside front cover. Interest on the Bonds will be payable on February 1 and August 1 of each year, commencing February 1, 1995. When issued, the Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ( "DTC "). Purchases of beneficial interests in the Bonds will be made in book - entry-only form. Purchasers of beneficial interests in the Bonds (the "Beneficial Owners ") will not receive physical delivery of certificates representing their interests in the Bonds. Interest together with the principal of and redemption premium, if any, on the Bonds will be paid directly to DTC, so long as the Bonds are held in book - entry-only form. Payment of the final disbursements of interest on the Bonds, together with the principal of and redemption premium, if any, on the Bonds to the Beneficial Owners will be the responsibility of DTC, the DTC Participants and the Indirect Participants, all as defined and more fully described herein. See "DESCRIPTION OF THE BONDS —Book- Entry-Only System." The payments of principal of and interest on the Bonds, as such payments become due, subject to certain exceptions, will be guaranteed by a insurance policy to be issued by [Bond Insurer] upon delivery of the Bonds. See "BOND INSURANCE POLICY." The Bonds are being issued to finance (i) the purchase of the Century Center Complex from the South Bend Civic Center Building Authority (the "Building Authority ") ount which provides the Building Authority with sufficient funds to refund all of the outstanding South Bend Civic Center Building Authority Civic Center Refunding dated June 1, 1977, and to make improvements to such facility, (ii) the Reserve Fund Requirement (as hereinafter defined) to be deposited into the Reserve Fund (as hereinafter defined), (iii) capitalized interest on the Bonds through August 1, 1995, and (iv) the costs of issuance of the Bonds. See "PLAN OF FINANCING." The Bonds are special obligations of the Authority and are payable solely from and secured exclusively by a lien upon the Pledged Funds, as defined herein, pursuant to the Trust Agreement, and the Authority is not under any obligation to pay the Bonds except from the Pledged Funds. The Bonds and interest on the Bonds are not a debt or a general obligation of the Authority or the City of South Bend, Indiana (the "City"), nor a charge, a Gen or an encumbrance, legal or equitable, upon property of the Authority or the City or upon income, receipts or revenues of the Authority or the City, other than those revenues that have been specifically pledged to the payment of the Bonds. The Authority has no taxing power. Pledged Funds include certain lease rentals paid by the South Bend Redevelopment Commission, as lessee (the "Commission "), to the Authority, as lessor, pursuant to a Lease, dated November 1, 1993 (the "Lease "), between the Commission, as lessee, and the Authority, as lessor. Funds for such lease rentals under such Lease will be payable from special ad valorem property taxes assessed on all taxable property within the South Bend Redevelopment District (the "Redevelopment District% as more fully described herein. The Commission is obligated to make an annual tax levy to pay the lease rentals to the extent other funds of the Commission set aside for such purpose are insufficient to pay the lease rentals. See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS." The Bonds are subject to optional redemption, extraordinary optional redemption and mandatory sinking fund redemption prior to maturity as described herein. See "DESCRIPTION OF THE BONDS — Redemption." This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to making an informed investment decision. The Bonds are offered when, as and if issued by the Authority and received by the Underwriters, subject to prior sale, to withdrawal or modification of the offer without notice, and to the approval of legality by Baker & Daniels, South Bend, Indiana, bond counsel. Certain legal matters will be passed on for the Authority and the Commission by the corporation counsel for the City of South Bend, Indiana, and for the Underwriters by their counsel, Barnes & Thornburg, South Bend, Indiana. It is anticipated that the Bonds will be available for delivery through the facilities of DTC in New York, New York, on or about June 15, 1994. VM-ZT CHICAGO CAPITAL MARKETS, INC. RAFFENSPERGER, HUGHES & CO., INC. NORWEST INVESTMENT SERVICES, INC. 1994 ry; subject to change.