Approving Issuance of Bonds of the South Bend Redevelopment District

Home Browse Search

The 2014 Bonds shall be numbered consecutively from R -1 upward, shall be issued in denominations of Five Thousand Dollars ($5,000) or any integral multiple thereof, shall be originally dated as of the first day of the month in which the 2014 Bonds are sold or as of the date of issuance of the 2014 Bonds, and shall bear interest payable semi - annually on each January 1 and July 1 beginning on a date determined by the President of the Commission at the time of the sale of the 2014 Bonds, at a rate or rates not exceeding six percent (6 %) per annum (the exact rate or rates to be determined by negotiation), calculated on the basis of a 360 -day year comprised of twelve 30 -day months. The 2014 Bonds may be sold at a price not less than 98% of the par value thereof. The 2014 Bonds shall mature serially on the dates determined by the President of the Commission at the time of the sale of the 2014 Bonds, over a period ending no later than January 1, 2022, each serial maturity to be in such principal amount as determined by the President of Commission, with the advice of the Commission's financial advisor. All or a portion of the 2014 Bonds may be aggregated into and issued as one or more term bonds. The term bonds will be subject to mandatory sinking fund redemption with sinking fund payments and final maturities corresponding to the serial maturities described above. Sinking fund payments shall be applied to retire a portion of the term bonds as though it were a redemption of serial bonds, and, if more than one term bond of any maturity is outstanding, redemption of such maturity shall be made by lot. Sinking fund redemption payments shall be made in a principal amount equal to such serial maturities, plus accrued interest to the redemption date, but without premium or penalty. For all purposes of this resolution, such mandatory sinking fund redemption payments shall be deemed to be required payments of principal which mature on the date of such sinking fund payments. Appropriate changes shall be made in the definitive form of 2014 Bonds, relative to the form of 2014 Bonds contained in this resolution, to reflect any mandatory sinking fund redemption terms. (b) Source of Payment. The 2014 Bonds are, as to both principal thereof and interest thereon, obligations of the District as a special taxing district, payable from special ad valorem property taxes on all taxable property within the District pursuant to Ind. Code 36 -7 -14- 27 (the "Special Tax ") to the extent other revenues of the Commission or available to the Commission are not sufficient for such purpose as describe in Section 9 hereof. The Commission hereby finds and determines that it reasonably expects. to pay principal of and interest on the 2014 Bonds from funds other than the Special Tax, including but not limited to tax increment revenues generated in the District and properly applied to the payment of the principal of and interest on the 2014 Bonds. (c) Payments. All payments of interest on the 2014 Bonds shall be paid by check mailed one business day.prior to the interest payment date to the registered owners thereof as of the fifteenth day of the month immediately preceding the interest payment date (the "Record Date ") at the addresses as they appear on the registration and transfer books of the Commission kept for that purpose by the Registrar (the "Registration Record ") or at such other address as is provided to the Paying Agent (as defined in Section 5 hereof) in writing by such registered owner. Each registered owner of One Million Dollars ($1,000,000) or more in principal amount of 2014 Bonds shall be entitled to receive interest payments by wire transfer by providing written wire instructions to the Paying Agent before the Record Date for such payment. All principal payments and premium payments, if any, on the 2014 Bonds shall be made upon surrender thereof at the principal office of the Paying Agent, in any U.S. coin or currency which on the date of such payment shall be legal tender for the payment of public and Kl