1988-06-14 Minutes - Laserfiche WebLink

Home Browse Search

~i.. { Jf- OFFICIAL STATEMENT DATED JULY 14, 1988 Rating: Requested from Moody's ISSUE Investor's Service, Inc. Bond Counsel is of the opinion that, under existing taw, the interest on the Bonds is exempt from alI present taxes of the State of Indiana, except the State inheritance tax, interest on the Bonds is excluded from gross income for federal income tax purposes .and the Bonds are not "private activity bonds" under Section 141 of the Internal Revenue Code of 1986; however, receipt of interest on the Bonds may subject certain corporate holders to additional tax. (See "Tax Exemption" herein and Appendix A hereto.) $4,s7s,ooo Y ~ T~~ A~SV~. SOUTH BEND, INDIANA, REDEVELOPMENT AUT h~}~P~R ONL~~ , (the "Authority") ~ pURpQgV~tON ( LEASE RENTAL REVENUE BONDS OF 1988 (PARKING FACII~T~ti~ p~g~R (Unlimited Tax) ~~ ~iyp N~Z F Bonds Dated: First day of the month of original delivery of the Bonds. Interest Due: Each February I and August I, commencing February I, 1989 Anticipated: August I, 1988 The Bonds will mature February I in the amounts and years as follows: $ 75,000 1990 $155,000 1995 $215,000 2000 $310,000 2005 $120,000 1991 $165,000 1996 $235,000 2001 $335,000 2006 $130,000 1992 $$175,000 1997 $$250,000 2002 $365,000 2007 145,000 1994 $205,000 1999 $290,000 2004 420,000 2009 Bonds maturing on or after February I, 1999 are redeemable in advance of maturity, at the option of the Authority, beginning on February- I, 1998, or on any date thereafter, in whole or in part, (in authorized denominations) in inverse order of maturity and within a maturity by lot from any monies made available for that, purpose. All prepayments shall be a price of par and accrued interest. Authority was created pursuant to I.C. 36-7-14.5 for the purpose of financing local public improvements, including the arking Facility, for lease to the South Bend Redevelopment Commission, pursuant to a Lease Agreement dated June I, 1988. The Bonds will be secured by a Trust Agreement executed between the Authority and the Trustee, First Interstate Bank of Northern Indiana, N.A., and will be issued pursuant to the terms and provisions of said Trust Agreement and the authorizing bond resolution. The Bonds do not constitute a corporate obligation or indebtedness of the City of South Bend for which the full faith and credit or taxing powers of the City are. pledged. Funds for the payment of the lease rental will be generated by the Redevelopment District of the City of South Bend (the "District") having the same boundaries as the City, from unlimited ad valorem property taxes assessed throughout the District and other available revenues. Bids must be for not less than $4,472,050 and accrued interest on the total principal amount of the Bonds, and must be accompanied by aNon-Collusion Affidavit and by a certified or cashier's check in the amount of $45,750, payable to the order of the Authority. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. Bidders shall specify rates in integral multiples of I /8 or I /20 of I%, which rate or rates may not exceed 12% per annum. No rate for any maturity shall be lower than any prior rate. No total payments of principal and interest due in any 12- month period ending on a bond maturity date shall be in excess of $518,000. The Bonds will be issued in integral multiples of $5,000, as requested by the Purchaser, and will be fully registered as to principal and interest. Principal payments on the Bonds will be payable at the principal office of First Interstate Bank of Northern Indiana, N.A., as Trustee under the Trust Agreement. Interest payments on the Bonds will be paid by check or draft mailed one business day prior to the interest payment date to the person in whose name each bond is registered on the fifteenth day. of the month immediately preceding the interest payment date. The. Bonds will be delivered to the Purchaser within 45 days following the date of their award. Delivery of the Bonds is .subject to an approving legal. opinion of Baker & Daniels of Indianapolis, Indiana DEADLINE FOR BIDDERS TO NOTIFY OF INTENT TO BID: On or before July 19, 1988 (Tuesday) at 10:00 A.M. Eastern Standard Time (See Notice of Intent to Sell) TICIPATED SALE DATE AND TIME: Time and Date of Sale will be by notification, anticipated to be July 26, 1988 (Tuesday) at 12:00 Noon, Eastern Standard Time, at the office of the South Bend Redevelopment~thority 1200 Country-City Building, South Bend, Indiana 46601 Further information may be obtained from SPRINGSTED Incorporated, Financial Advisor to the Issuer, 251 North Illinois Street, Suite 1510, Indianapolis, Indiana 46204-1942, (317) 237-3636.