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1988-06-14 Minutes
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1988-06-14 Minutes
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OFFICIAL STATEMENT <br />- $4,575,000 <br />SOUTH BEND, INDIANA, REDEVELOPMENT AUTHORITY <br />LEASE RENTAL REVENUE BONDS OF 1988 (PARKING FACILITY PROJECT) <br />(Unlimited Tax) <br />Introductory Statement <br />This Official Statement contains information pertaining to the issuance of $4,575,000 <br />Lease Rental Revenue Bonds of 1988 (Parking Facility Project) (the 'Bonds" or the <br />"Issue") by the South Bend Redevelopment Authority (the "Authority") in accordance <br />with I.C. 36 7-14.5-19, pursuant to the "Resolution of the South Bend Redevelopment <br />Authority Authorizing the Issuance of the South Bend Redevelopment Authority Lease <br />Rental Revenue Bonds (Parking Facility Project)" (the 'bond Resolution"), and pursuant <br />to the terms and conditions of the Trust Agreement. The Bonds are to be issued under <br />and secured by a Trust Agreement dated as of June I, 1988 between the Authority and <br />First Interstate Bank of Northern Indiana, N. A. (the "Trustee"). The Authority was <br />created pursuant to I.C. 36 7-14.5 for the purpose of financing local public <br />improvements, including the parking facility, for lease to the South Bend <br />Redevelopment Commission (the "Commission") pursuant to a Lease Agreement dated <br />June I, 1988. <br />The Bonds do not constitute a corporate obligation or indebtedness of the City of South <br />Bend for which the full faith and credit or taxing powers of the City are pledged. <br />However, funds for the payment of the lease rental will be generated by the <br />Redevelopment District of the City of South Bend (the "District"), having the same <br />boundaries as the City, from unlimited ad valorem property taxes assessed throughout <br />the District as well as other available revenues. <br />Use of Bond Proceeds <br />Net proceeds of the Issue will be used to finance a parking garage facility to be known <br />as the 'Saint Joseph/Wayne Parking Facility" (the "Parking Facility" or the "Facility"), <br />the acquisition of the facility site, and to pay the. issuance costs of the Bonds. <br />Components of the Issue are as follows: <br />Project Costs $3, 980, 625 <br />Capitalized Interest 366, 425 <br />Issuance Costs- 125, 000 <br />Allowance for Discount Bidding 102, 950 <br />Total Bond Issue $4, 575, 000 <br />The Project <br />Bond proceeds available for project costs will be used to construct asix-story, 433- <br />space parking garage at St. Joseph and Wayne streets in South Bend's Central Business <br />District. The Parking Facility is needed to alleviate a shortage in downtown parking <br />
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