1994-05-17 Resolution 91 - Laserfiche WebLink

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