1988-06-14 Minutes - Laserfiche WebLink

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NOTICE OF INTENT TO SELL $4,575,000 SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS (PARKING FACILITY PROJECT) Upon not less than twenty-four (24) hours' notice given by telephone by or on behalf of the South Bend Redevelopment Authority (the "Authority") prior to September I, 1988, the Authority will receive in the office of the Authority, 1200 County-City Building, South Bend, Indiana, and consider, bids for the purchase of the lease rental revenue bonds of the Authority designated as 'South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Project)," in the aggregate principal amount of Four Million Five Hundred Seventy-Five Thousand Dollars ($4,575,000), bearing interest at a rate or rates not exceeding twelve percent (12%) per annum (the exact rate or rates to be determined by bidding), which interest shall be payable on February I, 1989, and semiannually thereafter on February I and August I of each year. Said bonds will be issued in fully registered form in the denominations of $5,000 or an integral multiple thereof not exceeding the aggregate principal amount of bonds maturing in any year, will be originally dated as of the first day of the month in which they are to be originally delivered, will be numbered consecutively, and will mature serially on February I in the years and amounts as follows: Year Amount 1990 $ 75,000 1991 120,000 1992 130,000 1993 135,000 1994 145,000 1995 155,000 1996 165,000 1997 175,000 1998 190,000 1999 205,000 2000 215,000 2001 235,000 2002 250,000 2003 270,000 2004 290,000 2005 310,000 2006 335,000 -2007. 365,000 2008 390,000 2009 420,000 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 (defined below) (the "Trustee"). Payments of interest 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 registered as to principal and interest. The bonds may be redeemed prior to maturity at the option of the Authority in whole or in part, in whole multiples of $5,000, in inverse order of maturity and by lot