1994-05-17 Resolution 91 - Laserfiche WebLink

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N OFFICIAL STATEMENT $7,050,000 South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project) INTRODUCTION The purpose of this Official Statement, which includes the cover page and the appendices, is to set forth information concerning the issuance and sale by the South Bend Redevelopment Authority (the "Authority ") of $7,050,000* aggregate principal amount of its South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Project) (the "Bonds "). The Authority is a body corporate and politic, separate from the City of South Bend, Indiana (the "City "), and is an instrumentality of the City organized and existing under Indiana Code 36 -7- 14.5, as amended (the "Act "), with the power to own local public improvements and lease them to the South Bend Redevelopment Commission (the "Commission "). The Commission is the governing body of the Redevelopment District of the City (the "Redevelopment District "), organized and existing under Indiana Code 36 -7 -14, as amended (the "Redevelopment Act "), with the power to enter into leases of local public improvements from the Authority, and to levy a special tax upon all of the taxable property within the Redevelopment District to provide sufficient funds to make the lease rental payments • under such leases. The Bonds are being issued under the Act, and pursuant to 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 "). The Bonds are special obligations of the Authority and are payable from and secured exclusively by a lien on the Pledged Funds (as hereinafter defined). The Bonds, and interest on the Bonds, are not a debt or a general obligation of the Authority or the City, nor a charge, a lien 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 as a part of the Pledged Funds. The Authority has no taxing power. See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS." The Pledged Funds include (i) the proceeds from the sale of the Bonds, (ii) certain lease rentals to be received from the Commission pursuant to a Lease, dated November 1, 1993 (the "Lease "), between the Authority, as lessor, and the Commission, as lessee, and (iii) all money and securities from time to time held by the Trustee under the terms of the Trust Agreement (except money or securities held in accounts to pay for Bonds called for redemption or with respect to which irrevocable instructions to redeem have been given to the Trustee, and except for money held in trust for the purpose of paying arbitrage rebate to the federal government, if any), including, without limitation, the money held in the Reserve Fund (as hereinafter defined) and other trust funds established pursuant to the Trust Agreement. The lease rentals under the Lease which constitute Pledged Funds consist of the "Century Center Portion" of the total rentals payable under the Lease. The Century Center Portion of the total rentals means the rentals payable for the Century Center Complex and improvements thereto, including the real estate upon which the Century Center Complex is located. The Century Center Complex is a civic, exhibition and convention center located in downtown South Bend, Indiana. • *Preliminary; subject to change.