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<br />2 <br />WHEREAS, IC 36-7-14 provides that a redevelopment commission of an issuer <br />may pledge certain incremental property taxes (known herein as TIF Revenues) to pay, in whole <br />or in part, amounts due on the Bonds; and <br />WHEREAS, the City and the Indiana Economic Development Corporation (the <br />“IEDC”) have entered into an agreement, dated as of _______________, 202__ (the “IDD <br />Agreement”) that establishes an innovation development district within the City in accordance <br />with IC 36-7-32.5, as amended from time to time (the “IDD Act”), to be known as the “South Bend <br />Downtown IDD” (the “South Bend IDD”); and <br />WHEREAS, pursuant to this Indenture, the Bonds shall be payable solely from the <br />Trust Estate (as defined herein, including payments derived from the TIF Revenues, the IDD <br />Revenues (as defined herein), [the Taxpayer Direct Payments (as defined herein) and the Loan <br />Payments (as defined herein)] and the funds and accounts created hereunder; and <br />WHEREAS, the Redevelopment Commission has, by resolution, dedicated and <br />pledged to the Issuer, TIF Revenues to be applied to the repayment of the Bonds; and <br />WHEREAS, the IEDC has, by __________________, dedicated and pledged to the <br />Issuer, IDD Revenues (as defined herein) to be applied to the repayment of the Bonds; and <br />WHEREAS, the Bonds and the Trustee's certificate of authentication to be endorsed <br />thereon are all to be substantially in the form provided in this Indenture; and <br />NOW, THEREFORE, THIS INDENTURE WITNESSETH: That in order to <br />secure the payment of the principal of and interest on the Bonds to be issued under this Indenture <br />according to their tenor, purport and effect, and in order to secure the performance and observance <br />of all the covenants and conditions herein and in said Bonds contained, and in order to declare the <br />terms and conditions upon which the Bonds are issued, authenticated, delivered, secured and <br />accepted by all persons who shall from time to time be or become holders thereof, and for and in <br />consideration of the mutual covenants herein contained, of the acceptance by the Trustee of the <br />trust hereby created, and of the purchase and acceptance of the Bonds by the holders or obligees <br />thereof, the Issuer has executed and delivered this Indenture, and by these presents does hereby <br />convey, grant; assign, pledge and grant a security interest in, unto the Trustee, its successor or <br />successors and its or their assigns forever, with power of sale, all and singular, the property, real <br />and personal hereinafter described (the “Trust Estate”): <br />GRANTING CLAUSES <br />DIVISION I <br />All right, title and interest of the Issuer in and to the TIF Revenues (such pledge to <br />be effective as set forth in IC 5-1-14-4 and IC 36-7-14-39 without filing or recording of this <br />Indenture or any other instrument); <br />DIVISION II <br />All right, title and interest of the Issuer in and to the IDD Revenues (such pledge to <br />be effective as set forth in IC 5-1-14-4 without filing or recording of this Indenture or any other <br />instrument);