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OFFICIAL STATEMENT DATED-MARCH 2, 1990
<br />Rating: Requested from Moody's
<br />NEW ISSUE Investors Service, Inc.
<br />• In the opinion of Baker & Daniels, Indianapolis, Indiana, Bond Counsel, under existing law and assuming continuing
<br />compliance by the South Bend Redevelopment Authority with its tax covenants described herein, the interest on the Bonds is
<br />excludable from gross income for purposes of federal income taxation pursuant to Section 103 of the Infernal Revenue Code of
<br />1986, as amended. In the opinion of Bond Counsel, interest on the Bonds is exempf from income taxation in the State of
<br />Indiana under existing law, except that such interest is included for the purpose of computing the adjusted gross income upon
<br />which the Indiana franchise tax on financial institutions is imposed. (See "Tax Matters" herein and Appendix 1 hereto.)
<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 />Dated Date: First day of the month of Interest Due: Each February 1 and August 1,
<br />original delivery of the Bonds. commencing February 1, 1991
<br />Anticipated Dated Date: April 1, 1990
<br />The Bonds will mature February 1 as follows:
<br />1996 $ 40,000 2002 $ 200,000 2008 $425,000
<br />1997 $100,000 2003 $ 225,000 2009 $450,000
<br />1998 $115,000 2004 $ 250,000 2010 $480,000
<br />1999 $150,000 2005 $ 275,000 2011 $515,000
<br />2000 $175,000 2006 $ 365,000 2012 $550,000
<br />2001 $190,000 2007 $ 390,000
<br />The South Bend Redevelopment Authority (the "Authority" or the "Issuer") may elect on February 1, 2002, and on any date
<br />thereafter, to prepay Bonds due on or after February 1, 2003 at a price of par and accrued interest.
<br />1~ The Authority, created pursuant to I.C. 36-7-14.5, will sell Lease Rental Revenue Bonds (South Bend Central Development Area
<br />Public Improvement Project) (the "Bonds") to finance certain land and public improvements within the South Bend Central
<br />Development Area. Pursuant to the Lease, the Authority will lease the improvements to the South Bend Redevelopment
<br />Commission (the "Commission"). The Bonds will be secured by a Trust Agreement between the Authority and the Trustee, First
<br />Interstate Bank of Northern Indiana, N.A., and will be issued pursuant to the terms and provisions of said Trust Agreement, the
<br />authorizing bond resolution, and in compliance with the provisions of I.C. 36-7-14.5.
<br />Said Bonds shall constitute an indebtedness only of the Authority, payable in accordance-with the terms of the Trust Agreement
<br />and secured by the Pledged Funds (as defined in the Trust Agreement). Funds for the payment of principal and interest on the
<br />Bonds will be provided by lease rental payments made by the Commission to the Trustee. Funds for the lease rental will be
<br />generated from unlimited ad valorem roe taxes assessed throughout the South Bend Redevelopment District (having the
<br />same boundaries as tfie ~ty~h en AitT-cough not pledged, the Commission expects to make certain tax increment
<br />revenues available for payment of the lease rental.
<br />Bidding requirements are set out in the "Notice of Intent To Sell" and "Summary Terms of Offering" contained in this Official
<br />Statement.
<br />The Bonds will not be bank-qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Internal Revenue Code of
<br />1986, as amended, and will not be subject to the alternative minimum tax for individuals.
<br />The Bonds will be issued in integral multiples of $5,000 as requested by the Purchaser, and will be fully registered as to
<br />principal and interest. The Trustee will serve as Registrar and Paying Agent. The Bonds will be delivered without cost to the
<br />Purchaser within 45 days following the date of their award.
<br />DEADLINE FOR BIDDERS TO
<br />NOTIFY OF INTENT TO BID: On or before March 20, 1990 (Tuesday) at 5:00 P.M., Eastern Standard
<br />Time (See "Notice of Intent to Sell" and "Summary Terms of Offering"
<br />herein.)
<br />ANTICIPATED BID
<br />OPENING AND AWARD: Time and date of bid opening will be by notification. Anticipated to be
<br />March 27, 1990 (Tuesday) at 12:00 Noon, Eastern Standard Time, at the
<br />• office of the South Bend Redevelopment Authority, 1200 County-City
<br />Building, South Bend, Indiana 46601
<br />Further information may be obtained from SPRINGSTED
<br />SPRINGSTED Incorporated, Financial Advisor to the Issuer, 135 North
<br />Pennsylvania Street, Suite 2015, Indianapolis, IN 46204-
<br />PUBLIC FINANCE ADVISORS 2498 (317) 684-6000.
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