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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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'r <br />Such lease rentals under the Lease will be payable from special ad valorem property taxes levied on all <br />• taxable property within the Redevelopment District, which is coterminous with the geographical boundaries of the <br />City. In addition, the Commission intends to use certain revenues received from operation of certain facilities <br />subject to the Lease and surplus tax increment revenues received from the South Bend Central Development Area, <br />to the extent such funds and revenues are available, to pay lease rentals under the Lease. The revenues available <br />from such sources which are set aside to pay lease rentals under the Lease will reduce the amount of taxes levied <br />each year to pay the lease rentals. <br />The Trust Agreement establishes the "South Bend Redevelopment Authority Lease Rental Revenue Bonds <br />of 1994 Reserve Fund" (the "Reserve Fund "). The Trust Agreement requires that while any of the Bonds are <br />outstanding, there will be on deposit in the Reserve Fund an amount equal to the lesser of. (i) the maximum annual <br />debt service on the Bonds, (ii) 125 % of the average annual debt service on the Bonds, or (iii) 10 % of the principal <br />amount of the Bonds (the "Reserve Fund Requirement "). The Reserve Fund may be applied solely for the purpose <br />is paying principal s, and interest on the o tthe if any from the1Bondsuwill be deposited into the At <br />Fund <br />issuance of the Bonds, $ p <br />to meet the Reserve Fund Requirement. <br />The Bonds are being issued to finance (i) the purchase of the Century Center Complex from the South Bend <br />Civic Center Building Authority (the "Building Authority ") in an amount which provides the Building Authority with <br />sufficient funds to refund all of the outstanding South Bend Civic Center Building Authority Civic Center Refunding <br />Bonds, dated June 1, 1977, and to make improvements to such facility, (ii) the Reserve Fund Requirement to be <br />deposited into the Reserve Fund, (iii) capitalized interest on the Bonds through August 1, 1995, and (iv) the costs <br />of issuance of the Bonds. See "PLAN OF FINANCING." <br />The information contained under the caption "INTRODUCTION" is qualified by reference to the entire <br />Official Statement, including the appendices hereto. This introduction is only a brief description, and a full review <br />should be made of the entire Official Statement, including the appendices, as well as the documents summarized <br />• or described herein. The summaries of and references to all documents, statutes and other instruments referred to <br />in this Official Statement do not purport to be complete and are qualified in their entirety by reference to the full <br />text of each such document, statute or instrument. The information contained on APPENDIX C -- SUMMARY OF <br />CERTAIN LEGAL DOCUMENTS is qualified by and subject to the provisions of the book- entry-only system and <br />the bond insurance policy for so long as Bonds are issued under the book -entry system or insured by bond <br />insurance. See "DESCRIPTION OF THE BONDS - -Book- Entry-Only System" and "BOND INSURANCE <br />POLICY". <br />DESCRIPTION OF THE BONDS <br />General <br />The Bonds will be issued pursuant to the Trust Agreement as fully registered bonds in the denomination <br />of $5,000 or any integral multiple thereof. The Bonds will mature in the amounts and on the dates, and will bear <br />interest from May 15, 1994, at the rates per annum, as set forth on the inside front cover of this Official Statement. <br />Interest on the Bonds will be payable on February 1, 1995, and semi - annually thereafter on August 1 and <br />February 1 of each year (each such date, an "Interest Payment Date "). The principal of and redemption premium, <br />if any, on the Bonds will be payable upon maturity or redemption at the principal corporate trust office of the <br />Trustee, currently in South Bend, Indiana. Interest on the Bonds will be paid on each Interest Payment Date by <br />check or draft mailed by the Trustee to the registered owner or owners thereof as of the close of business on the <br />fifteenth day of the calendar month prior to such Interest Payment Date (a "Record Date "). <br />When issued, the Bonds will be registered in the name of and held by Cede & Co., as nominee for The <br />Depository Trust Company, New York, New York ( "DTC "). Purchases of beneficial interests in the Bonds will <br />• be made in book- entry-only form. Purchasers of beneficial interests in the Bonds (the "Beneficial Owners ") will <br />not receive physical delivery of certificates representing their interests in the Bonds. For so long as the Bonds are <br />-2- <br />
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