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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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1/29/2013 8:33:50 AM
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• The Improvement Project <br />A portion of the proceeds of the Bonds will be used by the Authority to purchase the Century Center <br />Complex and all of the interests of the Building Authority in the Century Center Complex by depositing into an <br />irrevocable escrow account pursuant to an Escrow Agreement dated the date of issuance of the Bonds (the "Escrow <br />Agreement "), by and between the Building Authority and Norwest Bank Indiana, N.A., as escrow trustee (the <br />"Escrow Trustee "), an amount of funds which is sufficient to currently refund all of the outstanding Prior Bonds <br />on July 1, 1994. <br />The remaining portion of the proceeds of the Bonds will be used to finance (i) the costs of completing <br />certain improvements to the Century Center Complex, (ii) the Reserve Fund Requirement to be deposited into the <br />Reserve Fund, (iii) capitalized interest on the Bonds through August 1, 1995, and (iv) the costs incurred by the <br />Authority with respect to the issuance, sale and delivery of the Bonds, including the bond insurance premium. <br />SOURCES AND USES OF BOND PROCEEDS <br />The proceeds of the Bonds, exclusive of accrued interest from the dated date of the Bonds to delivery, are <br />expected to be applied as follows: <br />Sources <br />Original Principal Amount of Bonds a <br />Less: Original Issue Discount ( ) <br />Interest Earnings on Construction Fund <br />• TOTAL $ <br />Uses <br />Deposit to Escrow Agreement $ <br />Deposit to Construction Fund <br />Deposit to Reserve Fund <br />Capitalized Interest <br />Costs of Issuance") <br />TOTAL $ <br />Includes underwriters' discount and premium for bond insurance policy. <br />THE REDEVELOPMENT DISTRICT <br />The Commission and the Redevelopment District <br />The Redevelopment District is a special taxing district established pursuant to Indiana Code 36 -7 -14, as <br />amended (the "Redevelopment Act "), with geographical boundaries which are coterminous with the geographical <br />boundaries of the City. For additional information, see "APPENDIX A —THE REDEVELOPMENT DISTRICT." <br />The Commission, which serves as the governing body of the Redevelopment District, has the power to issue bonds <br />and enter into leases which are payable from a special tax levied on all of the taxable property within the <br />is -10- <br />
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