1990-03-07 Minutes - Laserfiche WebLink

Home Browse Search

Lease (which Exhibit is available upon request).. Thefollowing is a summary of the Public Improvement Projects to be financed with Bond proceeds. Niles Avenue Parkin and Landsca in Im rovements Phase I r g p g p ( ~ Madison Street Parking and Landscaping Improvements. Washington Street Parking and Landscaping •Improvements Riverbank Lighting Project. Morris Civic Plaza Improvements Howard Park Wall Project Rink Riverside Walkway Project Viewing Park Project Central Business District Curbs and Sidewalk Improvements Acquisition of Certain Real Estate and/or Improvements for Redevelopment Purposes The Improvements generally include. reconstruction and widening of streets; construction of new -curbs and .gutters, traffic. islands, on-street and off-street parking areas; repairs, replacements and improvements to sidewalks, walkways, a park wall, and park plaza; and the addition of landscaping, fighting, drainage, striping and appurtenant work. Proceeds will also be used to acquire certain properties within the South Bend Central Development Area for redevelopment purposes .including clearance or rehabilitation of real estate and improvements. The Project Engineers responsible for the Public:lmprovement Projects listed above include Ken Herceg & Associates Inc. of South Bend, Indiana; Lawson-Fisher Associates of South Bend, Indiana; Cole Associates Inc. of South Bend, Indiana; SiteScapes of South Bend, Indiana, and. the -City Engineering Department, as shown in Exhibit B of the Lease (and available upon request). The .Bond proceeds will be used to acquire -land and construct the Improvements according to the plans .:and. specifications-prepared by the Project Engineers which -have been. approved by, and filed .with, the Commission. -The .City Engineering • Department will be responsible for construction management. Competitive bids relating to construction of the Improvements were .received on February 26, 1990; by he South.. Bend Board of Public Works. Final award of construction contracts is expected to be made on March 12, 1990, and such award will be contingent upon sale of the Bonds. Contractors will be required to carry liability insurance and to obtain performance bonds: Completion of all the Improvements is anticipated by December;1991. Security and Financing The Bonds are payable from lease rental payments of the Commission to the Authority as provided in the Lease and secured by the Trust Agreement. The Trust Agreement creates a continuing pledge by the'Authority to the bondholders to pay the debt service on all Bonds, until the principal sum shall be fully paid, from Pledged Funds (as defined in the Trust Agreement) in accordance with the provisions of the Trust Agreement. (Refer to the "Summary of Selected Provisions of the Trust Agreement" section of this. Official Statement and "Excerpts from the Trust Agreement" contained in Appendix IV of this Official Statement). The Bonds constitute an indebtedness only of the Authority which has no taxing power. Funds for the lease rental will be generated by the Commission from unlimited ad valorem ro ert taxes assessed throughout the District which has the same taxing boundaries as the City of South Bend. Each August, the Commission will levy a tax on the District equal to the lease payments due in the 12-month period beginning on July 1 of the following calendar year. The Commission reserves the-right to reduce the levy by funds on hand available for the payment of such lease payments as of August 1 of the year in which the levy is required. • -2-