1996-03-13 Resolution 107 - Laserfiche WebLink

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for,- among other things, the issuance of the Bonds to finance the refunding of the Prior Bonds; and WHEREAS, a Preliminary Official Statement of the Authority (the "Preliminary Official Statement") dated. March 13, 1996, relating to the issuance of the Bonds has been prepared by H.J. Umbaugh & Associates, as financial advisor to the Authority, and presented to the Authority; and WHEREAS, there has been. prepared and submitted to the Authority a farm i• of Irrevocable Escrow Deposit Agreement to be dated as of April 1, 1996, between the Authority and Norwest Bank Indiana, N.A., South Bend, Indiana, as Escrow Trustee (the "Escrow Agreement"), which Escrow Agreement. provides for, among other things, the deposit of a portion of the proceeds of the Bonds with the Escrow Trustee in an amount, plus investment earnings thereon, that will be sufficient to pay all principal of and interest on the Prior Bonds; NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Authority as follows: Section 1. In order to pay and finance the costs of the purposes described herein, and to pay costs of issuance, there is hereby authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, pursuant to I.C. 36-7-14.5-19 and I.C. 5-1-5, (i) the Series 1996 A Bonds in the aggregate principal amount not to exceed Six Million and 00/100 Dollars ($6,000,000.00) and (ii) the Series 1996 B Bonds in the aggregate principal amount not to exceed Three Million and 00/100 Dollars ($3,000,000.00). -3-