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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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N <br />OFFICIAL STATEMENT <br />$7,050,000 <br />South Bend Redevelopment Authority <br />Lease Rental Revenue Bonds of 1994 <br />(Century Center Project) <br />INTRODUCTION <br />The purpose of this Official Statement, which includes the cover page and the appendices, is to set forth <br />information concerning the issuance and sale by the South Bend Redevelopment Authority (the "Authority ") of <br />$7,050,000* aggregate principal amount of its South Bend Redevelopment Authority Lease Rental Revenue Bonds <br />of 1994 (Century Project) (the "Bonds "). <br />The Authority is a body corporate and politic, separate from the City of South Bend, Indiana (the "City "), <br />and is an instrumentality of the City organized and existing under Indiana Code 36 -7- 14.5, as amended (the "Act "), <br />with the power to own local public improvements and lease them to the South Bend Redevelopment Commission <br />(the "Commission "). <br />The Commission is the governing body of the Redevelopment District of the City (the "Redevelopment <br />District "), organized and existing under Indiana Code 36 -7 -14, as amended (the "Redevelopment Act "), with the <br />power to enter into leases of local public improvements from the Authority, and to levy a special tax upon all of <br />the taxable property within the Redevelopment District to provide sufficient funds to make the lease rental payments <br />• under such leases. <br />The Bonds are being issued under the Act, and pursuant to a Trust Agreement, dated as of May 15, 1994 <br />(the "Trust Agreement ") between the Authority and Norwest Bank Indiana, N.A., as trustee (the "Trustee "). The <br />Bonds are special obligations of the Authority and are payable from and secured exclusively by a lien on the Pledged <br />Funds (as hereinafter defined). The Bonds, and interest on the Bonds, are not a debt or a general obligation of the <br />Authority or the City, nor a charge, a lien or an encumbrance, legal or equitable, upon property of the Authority <br />or the City or upon income, receipts or revenues of the Authority or the City, other than those revenues that have <br />been specifically pledged to the payment of the Bonds as a part of the Pledged Funds. The Authority has no taxing <br />power. See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS." <br />The Pledged Funds include (i) the proceeds from the sale of the Bonds, (ii) certain lease rentals to be <br />received from the Commission pursuant to a Lease, dated November 1, 1993 (the "Lease "), between the Authority, <br />as lessor, and the Commission, as lessee, and (iii) all money and securities from time to time held by the Trustee <br />under the terms of the Trust Agreement (except money or securities held in accounts to pay for Bonds called for <br />redemption or with respect to which irrevocable instructions to redeem have been given to the Trustee, and except <br />for money held in trust for the purpose of paying arbitrage rebate to the federal government, if any), including, <br />without limitation, the money held in the Reserve Fund (as hereinafter defined) and other trust funds established <br />pursuant to the Trust Agreement. The lease rentals under the Lease which constitute Pledged Funds consist of the <br />"Century Center Portion" of the total rentals payable under the Lease. The Century Center Portion of the total <br />rentals means the rentals payable for the Century Center Complex and improvements thereto, including the real <br />estate upon which the Century Center Complex is located. The Century Center Complex is a civic, exhibition and <br />convention center located in downtown South Bend, Indiana. <br />• <br />*Preliminary; subject to change. <br />
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