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1990-03-02 Minutes
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1990-03-02 Minutes
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OFFICIAL STATEMENT <br />• $4,895,000 <br />SOUTH BEND (INDIANA) REDEVELOPMENT AUTHORITY <br />LEASE RENTAL REVENUE BONDS <br />(SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT) <br />Introductory Statement <br />This Official Statement contains information pertaining to the issuance of $4,895,000 Lease <br />Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) <br />(the "Bonds" or the "Issue") by the South Bend Redevelopment Authority (the "Authority") in <br />accordance with I.C. 36-7-14.5, pursuant to the authorizing Bond Resolution and the terms and <br />conditions of the Trust Agreement. The Bonds are to be issued under and secured by a Trust <br />Agreement dated as of November 1, 1989 between the Authority and First Interstate Bank of <br />Northern Indiana, N.A. (the "Trustee"). The Authority will sell the Bonds to finance land and <br />public improvements in the South Bend Central Development Area. The Authority will lease the <br />improvements to the South Bend Redevelopment Commission (the "Commission") pursuant to <br />a Lease dated as of November 1, 1989 (to be further amended prior to bond closing as <br />described in certain sections of this Official Statement). <br />The Bonds shall constitute an indebtedness only of the Authority payable in accordance with <br />the terms of the Trust Agreement and secured by the Pledged Funds (as defined in the Trust <br />Agreement) and all pledges, assigns and covenants made therein. Funds for the payment of <br />• principal and interest on the Bonds will be provided by lease rental payments made by the <br />Commission to the Trustee. Funds for the lease rental will be generated from unlimited ad <br />valorem roe taxes assessed throughout the South Bend Redevelopment District (the <br />"District") (having the same boundaries as the City of South Bend). Although not pledged, the <br />Commission expects to make certain tax increment revenues available for payment of the lease <br />rental <br />Lease rental payments are subject to certain conditions regarding commencement and <br />abatement as more fully described in the section entitled "Risk Factors to be Considered by <br />Investors" contained in this Official Statement. <br />Project Financing and Description <br />Land Acquisition and Public Improvements $3,852,360 <br />Capitalized Interest 873,783 <br />Issuance Costs 175,000 <br />Allowance for Underwriter Discount 85.663 <br />Subtotal $4,986,806 <br />Less: Estimated Interest Earnings 91 806) <br />Total Bond Issue $4,895,000 <br />Bond proceeds will be used for the acquisition of certain land and the construction of new <br />improvements, the incidental costs incurred relating thereto, and to pay the costs of issuance. <br />• The real estate to be acquired (including all right-of-way easements) and improvements to be <br />made thereon (hereinafter referred to as the "Improvements" or the "Public Improvement <br />Projects") and corresponding legal descriptions are more fully described in Exhibit C of the <br />-1- <br />
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