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1994-06-21 Minutes
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1994-06-21 Minutes
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per annum), and purchase price for Bonds (other than Pledged Bonds) when due upon redemption, acceleration, <br />purchase or otherwise. The Initial Credit Facility shall expire on , 1999 (subject to earlier termination) <br />_ but may be extended or replaced as set forth herein. See "LETTER OF CREDIT" and "RENEWAL CREDIT <br />FACILITIES; ALTERNATE CREDIT FACILITIES". Bonds in a Fixed Mode shall not be supported by any Credit <br />Facility. <br />To provide for issuance of the Initial Credit Facility, the Authority will enter into a Letter of Credit and <br />Reimbursement Agreement with the Initial Credit Facility Issuer dated as of June. 1, 1994 (the "Reimbursement <br />Agreement"), pursuant to which the Authority will be obligated to reimburse the Initial Credit Facility Issuer for <br />all drawings made under the Initial Credit Facility. <br />THE BONDS ARE SPECIAL OBLIGATIONS OF THE AUTHORITY AND ARE PAYABLE SOLELY <br />FROM AND SECURED EXCLUSIVELY BY A LIEN ON THE PLEDGED FUNDS (AS HEREINAFTER <br />DEFINED), INCLUDING FUNDS DRAWN UNDER THE CREDIT FACILITY THEN IN EFFECT. THE <br />BONDS, AND INTEREST ON THE BONDS, ARE NOT A DEBT OR A GENERAL OBLIGATION OF THE <br />AUTHORITY OR THE CTTY, NOR A CHARGE, ALIEN OR AN ENCUMBRANCE, LEGAL OR <br />EQUTTABLE, UPON PROPERTY OF THE AUTHORITY OR THE CITY OR UPON INCOME, RECEIPTS OR <br />REVENUES OF THE AUTHORITY OR THE CITY, OTHER THAN THOSE REVENUES THAT HAVE BEEN <br />SPECIFICALLY PLEDGED TO THE PAYMENT OF THE BONDS AS A PART OF THE PLEDGED FUNDS. <br />THE AUTHORTTY HAS NO TAXING POWER. See "RISK FACTORS" and "SECURITY AND SOURCES OF <br />PAYMENT FOR THE BONDS." <br />The Indenture establishes the "South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 <br />Reserve Fund" (the "Reserve Fund"). The Indenture requires that on the date of issuance of the Bonds, there will <br />be on deposit in the Reserve Fund an amount equal to 10 g'o of the original principal amount of the Bonds (the <br />"Reserve Amount"). The Reserve Fund may be applied solely for the purpose of paying principal of and interest <br />• on the Bonds if any deficiencies occur in the Sinking Fund established for such purpose. At the time of issuance <br />of the Bonds, $1,795,000 of the proceeds from the Bonds will be deposited into the Reserve Fund to provide the <br />Reserve Amount. See "SECURTTY AND SOURCES OF PAYMENT FOR THE BONDS". <br />The Bonds bearing interest at a Weekly Rate are subject to optional tender for purchase as described herein. <br />The Bonds bearing interest at an Adjustable Long Rate or a Fixed Rate are not subject to optional tender. See <br />"THE BONDS -- Purchase of Bonds on Demand of a Bondholder". <br />The Bonds bearing interest at a Weekly Rate and an Adjustable Long Rate are subject to mandatory tender <br />for purchase pursuant to certain mandatory tender provisions described. herein. Bonds bearing interest at a Fixed <br />Rate are not subject to mandatory tender for purchase. See "THE BONDS -- Mandatory Purchase". <br />The Bonds are subject to optional redemption, extraordinary optional redemption, and mandatory sinking <br />fund redemption prior to maturity as described herein. See "THE BONDS--Redemption". The Bonds are subject <br />to acceleration of maturity upon the occurrence of certain events, including events of default under the <br />Reimbursement Agreement. See "SUMMARY OF CERTAIN LEGAL DOCUMENTS--Indenture--Events of <br />Default and Remedies" in Appendix C herein. <br />The Bonds are being issued to finance (i) the construction of a college football hall of fame in South Bend, <br />Indiana and refunding certain bond anticipation notes issued in connection with such project, (ii) the Reserve <br />Amount to be deposited into the Reserve Fund, (iii) capitalized interest on the Bonds in the amount of <br />$ ,and (iv) the costs of issuance of the Bonds. See "THE PROJECT" and "SOURCES AND USES <br />OF BOND PROCEEDS. " <br />The information contained under the caption "INTRODUCTION" is qualified by reference to the entire <br />,,~„ Official Statement, including the appendices hereto. This introduction is only a brief description, and a full review <br />should be made of the entire Official Statement, including the appendices, as well as the documents summarized <br />or described herein. Certain information regarding the Initial Credit Facility Issuer has been provided by the Initial <br />Credit Facility Issuer and is set forth in Appendix A herein, and the Authority makes no representations as to the <br />-2- <br />
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