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1990-03-02 Minutes
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1990-03-02 Minutes
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If any of the "events of default" (as defined in Article VII, Section 7.01 of the Trust Agreement) <br />occurs, the Trustee may, upon request of the holders of 25% of the then outstanding Bonds, by <br />• notice in writing to the Authority, declare the outstanding principal and interest immediately due <br />and payable, subject to the right of the holders of a majority of the outstanding Bonds, by <br />written notice to the Authority and Trustee, to annul each declaration at any time if the defaults <br />have been cured. <br />In the case of an event of default, the Trustee may protect its and the bondholders' rights. by <br />suit or by suits in equity or at law in any court of competent jurisdiction whether for specific <br />performance of any covenant or for the enforcement of any other appropriate legal or equitable <br />remedy. Each and every such remedy will be cumulative. <br />The Authority covenants that whenever there are sufficient funds held by the Trustee to pay <br />principal, redemption premiums and interest to the next interest .payment date on all <br />outstanding Bonds, it will direct the Trustee to call all outstanding. Bonds for redemption. <br />A summary of the funds and accounts established in the Trust Agreement is provided in the <br />following section of this Official Statement. <br />Excerpts from the Trust Agreement are found in Appendix IV of this Official Statement. Persons <br />interested in obtaining the .full Trust Agreement may request a copy from Parker & Jaicomo, <br />Attn: Richard L. Hill, Esq., First Bank Building, 205 West Jefferson, South Bend, Indiana, 46601, <br />(219) 234-4149. <br />Funds and Accounts Per the Trust Agreement <br />• The Trust Agreement establishes the following funds and accounts. (This information is <br />presented in summary form. For greater detail, please refer to Appendix IV.) <br />South Bend Redevelopment Authority South Bend Central Development Area Public <br />Improvement Project Construction Fund. The construction fund shall consist of the following <br />accounts: Bond Interest Account and Construction Account. <br />Bond Interest Account. The Trustee shall deposit into this .Account the accrued interest, <br />unused discount, and an amount from the Bond proceeds which when added thereto is equal <br />to the interest on the Bonds. through August 1, 1992, plus $60,000. (The Trust Agreement <br />currently provides for interest to be capitalized through August 1, 1991; however, the final form <br />of the Trust Agreement, to be executed between the Authority and the Trustee after the sale of <br />the Bonds and prior to bond closing, will provide for this larger amount of capitalized interest.) <br />The Trustee shall pay from this Account the interest accruing on all obligations of the Authority <br />until the filing of the Affidavit of Completion. Upon the filing of such Affidavit, the Trustee may. <br />transfer to the Sinking Fund the amount needed to pay principal and interest on the Bonds to <br />the extent the lease rental will be insufficient. The balance remaining in the Bond Interest <br />Account will be transferred to the Construction Account. <br />Construction Account. All Bond proceeds not required to be deposited in another account <br />shall be deposited in the Construction Account to pay all direct and related costs of <br />construction, costs of real estate acquisition and equipment acquisition, the required audit <br />expense, and all costs relating to issuance of the Bonds. After the filing of the Affidavit of <br />Completion, the Trustee shall hold in this Account 150% of the amount of any disputed claims <br />of contractors and work to be repaired and transfer the remainder to the Sinking Fund. Any <br />balance remaining after payment of all disputed claims shall be transferred to the Sinking Fund. <br />• <br />-7- <br />
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