1994-06-28 Resolution 95 - Laserfiche WebLink

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I• exceed Two Million Dollars ($2,000,000.00) to be designated "South Bend Redevelopment Authority Lease Rental Revenue Bond Anticipation Note of 1994 (College Football Hall of Fame Project)" (the "BAN"). The BAN shall be issued in fully registered form, shall be issued in denominations of One Hundred Thousand and 00/100 Dollars (100,000.00) or intergral multiples thereof, shall be dated as of the date of issuance of the BAN and shall bear interest at a rate not to exceed ten (10~) per annum (the exact rate of interest to be determined under the terms of the Purchase Agreement) and shall finally mature not later than ninety (90) days following the date of issuance of the BAN. The BAN shall be issued pursuant to the provisions of Indiana Code 5-1-14-5 and 36-7-14.5 (collectively, the "Act") and the principal of and interest on the BAN shall be payable out of the proceeds derived from the issuance and sale of the Bonds pursuant to and in the manner prescribed by the Act . The BAN shall be prepayable at the option of the Authority, in whole or in part, at any time upon seven (7) days' notice to the owner of the BAN without any premimum. In the case of prepayment, the principal of and accrued interest due on the BAN shall be paid only from proceeds of the Bonds. The City Controller (the "Controller") of the City of South Bend, Indiana (the "City"), is hereby designated to serve as the Registrar and Paying Agent with respect to the BAN. Principal of and interest on the BAN shall be payable at the office of the Controller. The proceeds derived from the sale of the BAN shall be and are hereby set aside for the application to a portion of the costs of the Project. 3