Approving Issuance of Bonds of the South Bend Redevelopment District

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RESOLUTION NO. 3211 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO BE APPLIED TO PAY FOR THE REFUNDING OF CERTAIN OUTSTANDING SOUTH BEND REDEVELOPMENT DISTRICT SPECIAL TAXING DISTRICT BONDS OF 2002 AND TO PAY INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BONDS, AND APPROPRIATING THE PROCEEDS THEREOF WHEREAS, within the City of South Bend, Indiana, a governmental unit and political subdivision of the State (the "City "), there is created the South Bend Redevelopment District (the "District "), governed by the South Bend Redevelopment Commission (the "Commission "); and WHEREAS, pursuant to I.C. 36 -7 -14 and I.C. 36 -7 -25 (collectively, the "Act"), the District has previously issued the South Bend Redevelopment District Special Taxing District Bonds of 2002 (the "Prior Bonds "), outstanding in the aggregate principal amount of $3,405,000; and WHEREAS, the Act authorizes the Commission to issue bonds of the District, in the name of the City, in anticipation of revenues of the District; and WHEREAS, the Commission deems it advisable to issue the "South Bend Redevelopment District Special Taxing District Refunding Bonds of 2014" (the "2014 Bonds ") (or such other designation as the President of the Commission shall approve) in original principal amount not to exceed Three Million Seven Hundred Thousand Dollars ($3,700,000) (the "Authorized Amount") for the purpose of providing funds to pay for all or a portion of the costs of (i) refunding all of the outstanding Prior Bonds, including the payment of any redemption premiums and costs of refunding and the payment of accrued interest on such refunding bonds (the "Refunding "), (ii) the funding of a debt service reserve and/or surety to secure the payment of the 2014 Bonds, and (iii) the costs of selling and issuing the 2014 Bonds; and WHEREAS, it would be of public utility and benefit and in the best interests of the District and its citizens to pay the costs of the Refunding and of the sale and issuance of the 20 t 4 Bonds, which will provide special benefits to property owners in the District; and WHEREAS, the amount of proceeds of the 2014 Bonds allocated to pay costs of the Refunding, together with estimated investment earnings thereon, does not exceed the cost of the Refunding as estimated by the Commission; and WHEREAS, under the governing statutes it is necessary to make an appropriation to pay items to be financed with the 2014 Bonds, and it has been determined that said appropriation be made at this time; and