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a- <br />ready for occupancy, or December 28, 1989,-.whichever. is later. If completion is later <br />than December 28, 1989, the first installment shall be in an amount which provides for <br />rental at the yearly rate provided above from the date of completion until the first <br />• June 28 or December 28 following such date of completion. .Thereafter, such rentals <br />shall be payable in advance in semi-annual installments of Two Hundred Sixty Thousand <br />Dollars ($260,000) on June 28 and December 28 of each year. The funds for the <br />payment of the lease rental will be generated by the Redevelopemnt District of the <br />City of South Bend from unlimited ad valorem property taxes assessed throughout said <br />District. <br />After sale of the Bonds, the annual rental :shall be reduced to an amount equal to the <br />multiple of One Thousand Dollars ($1,000) next highest to the highest sum of principal <br />and interest due in any year ending on a bond maturity date (bond year) on such bonds <br />plus Two Thousand Dollars ($2,000), payable in equal semi-annual installments. All <br />bidders shall be deemed to be advised as to the provisions of the above-mentioned Trust <br />Agreement, Bond Resolution and lease and the provisions of the aforesaid Indiana Code. <br />The bonds consitute an indebtedness only of the Authority, payable in accordance with <br />the terms of the above-mentioned Trust Agreement and Bond Resolution and the <br />provisions of the aforesaid Indiana Code. <br />The Authority has prepared an Official Statement relating to the bonds. A copy of the <br />Official Statement may be obtained upon request by prospective bidders to Springsted <br />Incorporated, 251 North Illinois Street, Suite 1510, Indianapolis, Indiana, 46204-1942, <br />(317) 237-3636, financial advisor to the Authority. if bids are submitted by mail, they <br />should be addressed to the Authority, attention of Chris Davey, Secretary, South Bend <br />Redevelopment Authority, 1200 County-City Building, South Bend, Indiana, 46601. <br />Dated this 1st day of July, 1988 SOUTH BEND REDEVELOPMENT AUTHORITY <br />By: Chris Davey, Secretary <br />~~ <br />-iv- <br />