1994-06-21 Minutes - Laserfiche WebLink

Home Browse Search

WHEREAS, the Authority has determined that a substantial reduction in the interest cost payable by the Authority with respect to the Bonds will result if an Initial Credit Facility (as hereinafter defined) is obtained from The Fuji Bank Limited, New York Branch (the "Initial .Credit Facility Issuer"), which can be drawn upon prior to the expiration thereof in an amount up to (a) an amount equal to the outstanding principal amount of the Bonds to be used (i) to pay the principal of the Bonds, (ii) to enable the Tender Agent (as.hereinafter defined) to pay the portion of the purchase price equal to the principal amount of Bonds delivered or deemed delivered for purchase and not remarketed plus (b) an initial amount equal to days' accrued interest on the Bonds (calculated at the Maximum~~~~Rate defined herein) to be used (i) to pay interest on the Bonds or (ii) to pay the portion of the purchase price equal to the accrued interest, if any, of the Bonds properly delivered or deemed delivered for purchase and not remarketed; and WHEREAS, all things necessary to make the Bonds, when authenticated by the Trustee and issued as in this Indenture provided, the valid, binding and legal obligations of the Authority according to the import thereof, and to constitute and make this Indenture a valid assignment and pledge of the lease rental to be paid by the Commission under the Lease, for the payment of the principal of, premium, if any, and interest on the Bonds have been done and performed, and the creation, execution and delivery of this Indenture, and the creation, execution and issuance of the Bonds, subject to the terms hereof, have in all respects been duly authorized: NOW, THEREFORE, THIS INDENTURE WITNESSETH: SOUTH BEND REDEVELOPMENT AUTHORITY, in consideration of the premises and the acceptance of such Bonds by the holders thereof, the issuance by the Initial Credit Facility Issuer of the Initial Credit Facility and the sum of One Dollar ($1) in hand paid by the Trustee, receipt of which is hereby acknowledged, and especially in order to secure the punctual payment of the principal of, premium, if any, and interest on the Bonds to be issued and at any time outstanding hereunder as the same shall become due, according to the tenor hereof and thereof, and the faithful performance of all the covenants and agreements contained in said Bonds and in this Indenture, and in performance of the authority of every kind and nature which said Authority has or may have and, subject to the prior rights of the Bondholders, the payment of the obligations of the Authority under the Credit Facility Agreement (as hereinafter defined), subject to Section 1301 hereof and the performance of all of the covenants and conditions therein contained, has executed and delivered this Indenture and has pledged and assigned and by these presents does hereby pledge and assign unto Norwest Bank Indiana, N.A., as Trustee and to its successors in said trust and to its assigns and, subject to the 2