My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
No. 2390 a bond resolution authorizing the issuance of City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds of 2007 (Douglas Road Economic Development Area project)
sbend
>
Public
>
Redevelopment Commission
>
Resolutions
>
No. 2390 a bond resolution authorizing the issuance of City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds of 2007 (Douglas Road Economic Development Area project)
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/27/2009 4:44:07 PM
Creation date
7/27/2009 4:44:07 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
27
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
Account if the amount contained therein is at least equal to the aggregate amount of <br />principal and interest due and payable with respect to the Bonds during the remainder of <br />that bond year. All money in the Bond Principal and Interest Account shall be used and <br />withdrawn solely for the purpose of paying the interest on and the principal of the Bonds <br />as it shall become due and payable to the extent it is required therefor (including accrued <br />interest on any Bonds purchased or redeemed prior to maturity). <br />(b) Reserve Account. At the closing on the Bonds, a letter of credit <br />issued by Wells Fargo Bank, N.A., (the "Letter of Credit), will be made available to <br />satisfy the Debt Service Reserve requirement (defined herein) of the Reserve Account <br />which Letter of Credit will be obtained for and on behalf of the Commission for such <br />purpose by Douglas Road Partners L.P. (the "Developer"). The terms and conditions of <br />the Letter of Credit and the basis upon which it may be issued shall be set forth in the <br />Issuer's Certificate. In the event that said letter of credit or acceptable alternate letter of <br />credit is not in place to satisfy the requirements of the Reserve Account, and to the extent <br />there are sufficient revenues available, there shall be set aside from the Allocation Fund <br />and deposited in the Reserve Account from the Tax Increment Revenue Account an <br />amount of money until the amount on deposit therein is equal to the full amount of the <br />Debt Service Reserve Requirement (as defined below). No deposit need be made in the <br />Reserve Account if there is on deposit there a sum equal to the least of (i) the maximum <br />annual debt service on the bonds, or (ii) one and one-quarter (1'/4) times the average <br />annual debt service on the Bonds, or (iii) ten percent (10%) of the proceeds of the Bonds <br />within the meaning of Section 148(d) of the Internal Revenue Code of 1986, as amended <br />(the "Code") (the "Debt Service Reserve Requirement"). All money in the Reserve <br />Account shall be used and withdrawn by the City solely for the purpose of making <br />deposits into the Bond Principal and Interest Account, in the event of any deficiency at <br />any time in such account, or for the purpose of paying the interest on or principal of or <br />redemption premiums, if any, on the Bonds in the event that no other money is lawfully <br />available therefor, except that so long as there is no default hereunder, any amount in the <br />Reserve Account in excess of the Debt Service Reserve Requirement shall be withdrawn <br />from the Reserve Account and deposited in the General Account. Money in the Reserve <br />Account shall also be available to the final payments of interest and principal on the <br />Bonds. No deposit shall be required into the Reserve Fund if sufficient revenues are not <br />available after deposits are made into the Bond Principal and Interest Account and the <br />General Account as set forth in subparagraph (a) set forth above. The amount of the <br />Letter of Credit shall be reduced correspondingly on a pro rata basis in the event deposits <br />into the Reserve Account are made from the General Account as set forth below. <br />(c) General Account. The remaining amounts in the Tax Increment <br />Revenue Account shall be deposited into the General Account of the Allocation Fund. <br />Such remaining amounts shall be applied as follows in the following order of priority: <br />(i) first, to pay, up to $30,000 annually, the interest on the <br />Major Moves Loan; <br />BDDBOI 4912282v3 - 16 - <br />
The URL can be used to link to this page
Your browser does not support the video tag.