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1990-03-07 Minutes
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1990-03-07 Minutes
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"Commission"). All actions have been taken in compliance with <br />• the provisions of IC 36-7-14 and IC 36-7-14.5. The Bonds will be <br />secured by the Trust Agreement, and the Bonds will be issued <br />pursuant to the terms and provisions of said Trust Agreement and <br />a resolution of the Authority entitled "Resolution of the South <br />Bend Redevelopment Authority Authorizing the Issuance of the <br />South Bend Redevelopment Authority Lease Rental Revenue Bonds <br />(South Bend Central Development Area Public Improvement Project)" <br />(the "Bond Resolution"). <br />The property referred to in the Trust Agreement has been <br />leased for a period of twenty-two (22) years to the Commission at <br />the rental amounts set forth in such lease, payable on such dates <br />and subject to the terms as set forth in the lease. The funds <br />for the payment of the lease rental will be generated by the <br />Redevelopment District of the City of South Bend from unlimited <br />ad valorem property taxes assessed throughout said District. <br />After the sale of the Bonds, the annual rental shall be <br />reduced as set forth in the lease, and the term of the lease may <br />also be shortened as described in the Official Statement. All <br />bidders shall be deemed to be advised as to the provisions of the <br />above-mentioned Trust Agreement, Bonds Resolution and lease and <br />the provisions of the aforesaid Indiana Code. <br />The Bonds constitute an indebtedness only of the <br />Authority, payable in accordance with the terms of the above- <br />mentioned Trust Agreement and Bond Resolution and. the provisions <br />of the aforesaid Indiana Code. <br />• <br />-x- <br />
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