Laserfiche WebLink
and <br />WHEREAS, on August 20, 2004, the Commission adopted Resolution No. 2087 (the "Pledge <br />Resolution ") pledging Project Tax Increment Revenues for the payment of taxable economic <br />development bonds originally issued in an aggregate principal amount of Three Million Five <br />Hundred Thousand and 00 /100 Dollars ($3,500,000.00) (the "EDC Bonds" and with the District <br />Bonds, the "Bonds "), which pledge ranks junior and subordinate the District Bonds, if and when <br />issued; and <br />WHEREAS, the District Bonds were issued on February 8, 2006 in an aggregate principal <br />amount of Two Million Four Hundred Forty Thousand and 00 /100 Dollars ($2,440,000) at a variable <br />interest rate, with a maximum rate of eight percent (8.0 %); and <br />WHEREAS, the District Bonds are secured by the Trust Indenture (the "District Bond <br />Indenture ") between the Commission and The Bank of New York Trust Company, N.A. (the <br />"District Bond Trustee ") dated February I, 2006 and by a Letter of Credit issued pursuant to the <br />Reimbursement Agreement dated February 1, 2006 between Fifth Third Bank and Anchor South <br />Bend, LLC (collectively, the "Letter of Credit), which Letter of Credit requires the optional <br />redemption of the District Bonds as set forth in Exhibit A; and <br />WHEREAS, EDC Bonds were issued on July 13, 2005 at a fixed interest rate of eight percent <br />(8.0 %) with interest payable on February 1, 2006, and on each February 1 and August 1 thereafter <br />and maturing on February 1, 2025 with mandatory sinking fund payments due on February 1 in the <br />years 2009 through and including 2025, a schedule of which debt service payments is as set forth at <br />Exhibit B; and <br />WHEREAS, the Pledge Resolution requires that on January 15 and July 15 of each year all <br />Project Tax Increment Revenues, to the extent they are available, must be deposited in the Allocation <br />Area No. 2 Fund and further set aside and deposited into the Bond Principal and Interest Account of <br />the Allocation Area No. 2 in an amount necessary to pay (i) the principal of and interest on the <br />District Bonds currently or scheduled to be due and expected to be paid from the Project Tax <br />Increment Revenues for that bond year along with any shortfall from previous bond years with <br />respect to the District Bonds and (ii) the principal of and interest on the EDC Bonds currently or <br />scheduled to be due and expected to be paid from the Project Tax Increment Revenues for that bond <br />year along with any shortfall from previous bond years with respect to the EDC Bonds, and only <br />thereafter may excess Project Tax Increment Revenues be used for any other purpose set forth in <br />Section 39 of the Act; and <br />WHEREAS, a portion of the proceeds of the District Bonds have been deposited with the <br />District Bond Trustee to pay the debt service charges on the District Bonds through August 1, 2008; <br />and <br />WHEREAS, under the District Bond Indenture, Project Tax Increment Revenues sufficient to <br />pay the continued debt service payments on the District Bonds, to the extent such Project Tax <br />Increment Revenues are available for such purpose, must be deposited with the District Bond Trustee <br />