01-26-15 Agenda, Packet and Committee Meeting Notice

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OFFICIAL NOTICE OF INTENT TO SELL BONDS CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT INCOME TAX BONDS OF 2015 Upon not less than twenty -four (24) hours' notice given by telephone or otherwise as provided below, the undersigned Controller of the City of South Bend, Indiana ( "City ") will receive and consider bids for the purchase of the Bonds (herein defined). Any person interested in submitting a bid for the Bonds must furnish in writing the person's name, address, telephone number, and e-mail address to the undersigned Controller, c/o Crowe Horwath LLP, 10 West Market Street, Suite 2000, Indianapolis, IN 46204 -2975, (317) 269 -6696, or via e-mail to herschel.frierson @crowehorwath.com, on or before [11:00 a.m. (EST) on February 13, 20151. The undersigned Controller will notify (or cause to be notified) each person so registered of the date and time bids will be received not less than twenty -four (24) hours before the date and time of sale, and will supply each such person with a Preliminary Official Statement containing the terms of the proposed Bonds ( "Preliminary Official Statement "). The notification shall be made by e -mail. The sale is expected to take place on or about February 18, 2015. At the time designated for the sale, the Controller will receive and consider bids for the purchase of the Bonds of the City designated as "Economic Development Income Tax Bonds of 2015" (the "Bonds ") in an aggregate principal amount not to exceed $5,680,000. Bidders may bid an overall net discount not to exceed 1.0% of the par value of the Bonds. The Bonds will bear interest at a rate or rates not to exceed 6% per annum (the exact interest rate or rates will be determined by bidding). Each bid must be for all of the Bonds and must state the rate or rates of interest in multiples of 1/8, 1/20, or 1 /100 of 1 %. Any bids specifying one or more interest rates shall also specify the amount and maturities of the Bonds bearing each rate, but all Bonds maturing on the same date shall bear the same single interest rate. The rate on any maturity must be at least as great as the rate on any earlier maturity. The award will be made by the Controller to the bidder submitting the best bid that complies with the terms of sale and offers the lowest net interest cost to the City, to be determined by computing the total interest on all of the Bonds of such series from the date thereof to their maturities and deducting therefrom any premium bid, or adding thereto the amount of any discount. Although not a term of sale, it is requested that each bid show the net dollar interest cost to final maturity and the net effective average interest rate on the entire issue. No conditional bid or, pursuant to the overall net discount restriction set forth in the second paragraph hereof, bids for less than 99% of the par value of the Bonds will be considered. The right is reserved to reject any and all bids. In the event no satisfactory bids are received at the time of the sale, the Controller may continue the sale from day to day thereafter, without further advertisement for a period of thirty (30) days, pursuant to Indiana law. Interest will be payable semiannually on February 1 and August 1 of each year, beginning not earlier than August 1, 2015. Interest will be calculated on a 360 -day year consisting of twelve 30 -day months. Said Bonds will be dated as of their date of delivery, will be in the denominations of $5,000 or any integral multiple in excess thereof and will mature semiannually on February I and August 1 (commencing August 1, 2015) over a period not to exceed twenty (20) years and more particularly to be in the years and in the amounts as set forth in the maturity schedule to be provided to prospective bidders in the Preliminary Official Statement at least 24 hours prior to the time of bidding.