1994-05-17 Resolution 91 - Laserfiche WebLink

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