1996-09-20 Resolution 109 - Laserfiche WebLink

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irrevocable Letter of Credit, dated July 1, 1994 (the "Letter of Credit"), to provide credit • enhancement and liquidity support for the Bonds; and WHEREAS, the Section 406(h) of the Trust Agreement permits the Authority to substitute the Letter of Credit with an alternate letter of credit upon fulfilling certain conditions stated therein; and WHEREAS, the substitution of the Letter of Credit with an alternate letter of credit issued by Landesbank will result in a debt service savings to the Authority because of the stronger credit rating of Landesbank; and WHEREAS, the Authority desires to authorize such actions as may be necessary, including without limitation, the execution of a letter of credit and reimbursement agreement with the Commission and Landesbank, to provide for the issuance of an alternate letter of credit by Landesbank; NOW, THEREFORE, BE IT RESOLVED, by this .South Bend Redevelopment Authority as follows: Section 1. The President or Vice-President and Secretary-Treasurer are authorized to approve and execute and attest, respectively, on behalf of the Authority a letter of credit and reimbursement agreement with Landesbank in form and substance acceptable to the President or Vice-President and Secretary-Treasurer with said officers' execution and attestation to be conclusive evidence of their approval. The President or Vice-President and Secretary- Treasurer are further authorized to enter into such certificates or take such other actions as may be necessary to effect the replacement and substitution of the Letter of Credit with an alternate letter of credit issued by Landesbank. . -a-