1988-06-14 Minutes - Laserfiche WebLink

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Each bid must be on the form approved by the Authority, without additions, alterations or erasures. Each bid must be accompanied by anon-collusion affidavit of the bidder on • the form approved by the Authority to the effect that such bidder has not entered into any-combination, collusion or agreement with any other person relative to the interest rate or price to be bid by anyone, nor to prevent any person from bidding, nor to induce anyone to refrain from bidding, and that his bid is made without reference to any other bid and without any agreement, understanding or combination with any other person in reference to such bidding. The successful bidder will be required to make payment for the bonds in Federal Reserve or other immediately available funds and accept delivery of the bonds within five (5) days after being notified that the bonds are ready for delivery, at a bank designated by the Authority. Any premium bid and accrued interest must be paid in cash at the time of delivery as a part of the purchase price for the bonds. The bonds will be ready for delivery within forty-five (45) days after the date on which the award is made, and if not deliverable within that period, the successful bidder shalt be entitled to rescind the sale and his good faith deposit will be returned. Any notice of rescission must be in writing. On the request of the Authority, the successful bidder shall furnish to the Authority simultaneously with or before delivery of the bonds, a certificate in form satisfactory to the Authority as to the initial public offering price of the bonds. It is anticipated that CUSIP identification numbers, will be printed on the bonds, but neither the failure to print such numbers on any bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the successful bidder to accept delivery of and pay for the bonds. At the time of delivery of the bonds the approving legal opinion of Baker & Daniels, bond counsel, of Indianapolis, Indiana, as to the validity of the bonds, together with a transcript of bond proceedings, the printed bonds with such legal opinion printed thereon, and closing certificates in the customary form showing no litigation, will be furnished to the successful bidder at the expense of the Authority. In addition, unless bond counsel is able, on the date of delivery, to render an opinion to the effect that, under existing law I) the bonds, the interest thereon, the proceeds received by the holder from the sale of said bonds to the extent of the holder's cost of acquisition, or proceeds received upon redemption prior to maturity, or proceeds received at maturity, and the receipt of such interest and proceeds are all exempt from all present Indiana taxes, except the Indiana inheritance tax, and 2) the 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, the successful bidder shall have the right to rescind the sale, and in such event his good faith deposit will be returned. The Authority was organized, in compliance with IC 36 7-14.5, for the purpose of financing local public improvements, including the parking facility, for lease to the South Bend Redevelopment Commission (the "Commission"). All actions have been taken in compliance with the provisions of IC 36 7-14 and IC 36-7-14.5. The bonds will be secured by the Trust Agreement, and the bonds will be issued pursuant to the terms and provisions of said Trust Agreement and a resolution of the Authority entitled "Resolution of the South Bend Redevelopment Authority Authorizing the Issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Project)" (the "Bond Resolution"). The property referred to in the Trust Agreement has been leased for a period of twenty-and-one-half (20'/z) years to the Commission at an annual rental of $520,000. The first semi-annual rental installment in the amount of Two Hundred Sixty Thousand Dollars ($260,000) shall be due on the day that the parking facility is completed and