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book -entry form, the provisions of this Section shall control over conflicting provisions in any <br />other section of this resolution. <br />SECTION 7. Sale of Bonds. The President of the Redevelopment Commission is <br />authorized to select one or more purchasers of the 2014 Bonds (collectively, the "Purchaser "), <br />and to enter into a bond purchase contract in customary form with the Purchaser. <br />After the 2014 Bonds have been properly sold and executed, the Controller shall receive <br />from the purchaser's payment for the 2014 Bonds and shall provide for delivery of the 2014 <br />Bonds to the purchasers. <br />The Controller is hereby authorized and directed to obtain a.legal opinion as to the <br />validity of the 2014 Bonds from Barnes & Thornburg LLP, and to furnish such opinion to the <br />purchasers of the 2014 Bonds or to cause a copy of said legal opinion to be printed on each 2014 <br />Bond. The cost of such opinion shall be paid out of the proceeds of the 2014 Bonds. <br />SECTION 8. Funds and Accounts. <br />(a) Use of Bond Proceeds: Refunding Fund. Any accrued interest and <br />capitalized interest at the time of delivery of the 2014 Bonds will be deposited in the Revenues <br />Account of the Bond Fund as defined below and applied to payments on the 2014 Bonds on the <br />first interest payment date. If a Reserve Fund (as defined below) is deemed necessary in order to <br />sell the 2014 Bonds, an amount equal to the Debt Service Reserve Requirement (as defined <br />below) shall be deposited into the Reserve Fund from the proceeds of the 2014 Bonds, except as <br />otherwise provided in Section 8(d) herein. The remaining proceeds received from the sale of the <br />2014 Bonds shall be deposited in the fund hereby created and designated as the "South Bend <br />Redevelopment District Refunding Fund" (the "Refunding Fund "). The proceeds deposited in the <br />Refunding Fund, together with all investment earnings thereon, shall be expended by the <br />Commission only for the purpose of paying the principal of and the interest and premium on the <br />Prior Bonds. Any balance remaining within the Refunding Fund after the completion of the <br />Refunding which is not required to meet unpaid obligations incurred in connection therewith <br />may be (i) used to pay debt service on the 2014 Bonds, or (ii) otherwise used as permitted by <br />law. <br />(b) Bond Fund. There is hereby created a separate fund, designated as the <br />"South Bend Redevelopment District Bond Fund" (the "Bond Fund "), which shall be applied to <br />the payment of the principal of and interest on the 2014 Bonds, and all other bonds payable from <br />the Special Tax and/or other revenues of or available to the Commission as contemplated hereby, <br />and to no other purpose not allowed under Ind. Code § 36- 7- 14 -27. As the Special Tax is <br />collected, it shall be accumulated in an account of the Bond Fund hereby created and designated <br />as the "Special Tax Account ". The Bond Fund shall also have a separate account designated the <br />Revenues Account as described in Section 9 hereof. <br />(c) Reserve Fund. At the time of the sale of the 2014 Bonds, the President of <br />the Commission, with the advice of the Commission's financial advisor, may determine to <br />establish a debt service reserve fund for the 2014 Bonds (the "Reserve Fund "), which shall be <br />funded in an amount determined by the financial advisor to be required to adequately secure the <br />12 <br />