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1990-03-02 Minutes
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1990-03-02 Minutes
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The Commission intends to reduce tax levies to the extent funds are available from surplus tax <br />increment revenues received from the South Bend Central Development Area. Sufficient funds <br />• are projected to be available to make -all lease rental payments as demonstrated in the Cash <br />Flow in Appendix VI of this Official Statement. However, the Commission's taxing power will be <br />required to make any lease rental payments in the event the revenues are insufficient to meet <br />required lease payments. <br />Prior to commencement of lease payments, interest due on the Bonds will be payable from <br />capitalized interest to the extent available. Under the Lease as will be amended, the lease <br />rental will commence upon the completion of the Improvements or January 31, 1993, whichever <br />is later. <br />After completion, if the Improvements should ever be substantially or totally destroyed, the <br />lease rental shall be abated during the period in which the Improvements are unfit for their <br />intended use. In such a case, rental value insurance will be available to make lease rental <br />payments due during this time for a period up to two years. If restoration of the Improvements <br />is not completed (as allowed under certain conditions specified in Section 5 of the Lease), the <br />Authority will use insurance proceeds to redeem all of the outstanding Bonds. <br />With regard to the commencement and abatement of lease rental payments,. as described in <br />the preceding paragraphs, refer also to the section entitled "Risk Factors to be Considered by <br />Investors" contained in this Official Statement and the Lease in .Appendix III of this Official <br />Statement. <br />Authorization <br />The Authority, a body corporate and politic, duly organized and existing under the provisions of <br />I.C. 36-7-14.5, was created for the purpose of financing local public improvements for lease to <br />the Commission. The Authority is comprised of three members appointed by the Mayor. <br />Current members of the Authority are listed below: <br />Joseph W. Wroblewski, President <br />Donald K. Fewell, Vice President <br />George W. McCullough, Jr., Secretary-Treasurer <br />On February 16, 1990, the Authority adopted a "Resolution of the South Bend Redevelopment <br />Authority Authorizing the Issuance of the South Bend Redevelopment Authority .Lease Rental <br />Revenue Bonds (South Bend Central Development Area Public Improvement Project)" (the <br />"Bond Resolution") which authorized the issuance of the Bonds to finance the Improvements <br />and related issuance costs. The Bond Resolution is contained in Appendix II of this Official <br />Statement. The Lease dated as of November 1, 1989 authorizes the lease of the Improvements <br />to the Commission and obligates the Commission to make lease rental payments to the <br />Authority (except as provided therein) as well as pay all taxes, insurance and maintenance <br />costs related to the Improvements. The Trust Agreement, dated as of November 1, 1989 <br />between the Authority and the Trustee, provides the security to the bondholders. In the Trust <br />Agreement, the Authority pledges the Pledged. Funds to the repayment of the Bonds and <br />covenants therein to maintain insurance and to pay taxes and other charges related to the <br />Improvements. <br />Summaries of the Lease and the Trust Agreement are provided in the following two sections of <br />this Official Statement. The Lease (not including certain Exhibits) and excerpts from the Trust <br />Agreement are provided in Appendices III and IV of this Official Statement. <br />• <br />-3- <br />
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