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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)
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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)
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7/27/2009 4:44:07 PM
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Bonds may be printed, lithographed or typewritten, shall be of such denominations as may be <br />determined by the Commission, shall be in fully registered form and may contain such reference <br />to any of the provisions of this Resolution as may be appropriate. Every temporary Bond shall <br />be executed, sealed and attested in substantially the same manner and by the respective officers <br />of the City as provided in Section 1 hereof. If temporary Bonds are issued, definitive Bonds will <br />be executed and furnished without delay and thereupon the temporary bonds may be surrendered <br />for cancellation at the principal office of the Registrar and the Registrar shall deliver in exchange <br />for such temporary Bonds an equal aggregate principal amount of definitive Bonds of the same <br />interest rates and maturities. Until so exchanged, the temporary Bonds shall be entitled to the <br />same benefits under this Resolution as definitive Bonds issued hereunder. <br />SECTION 12. Issuance, Execution and Delivery of the Bonds. The Mayor is <br />hereby authorized to execute the Bonds with his/her manual or facsimile signature, and the Clerk <br />is hereby authorized and directed to have the definitive Bonds prepared, attest the Bonds with <br />his/her manual or facsimile signature, and cause the seal of the City to be impressed or a <br />facsimile thereof to be printed on the Bonds, all in the form and manner herein provided. In the <br />case any officer whose signature appears on the Bonds shall cease to hold that office before the <br />delivery of the Bonds, the signature of such officer shall nevertheless be valid and sufficient for <br />all purposes, the same as if such officer had remained in office until the delivery of the Bonds. <br />After the Bonds have been properly executed, the Controller shall certify the amount the <br />purchaser is to pay, together with the name and address of the purchaser, and upon receipt of the <br />amount of payment certified, deliver or cause to be delivered the Bonds to the purchaser. The <br />Controller shall take a receipt for the Bonds delivered to the purchaser, pay the purchaser's <br />payment into the respective funds described above, and report the proceedings to the <br />Commission and the Common Council of the City. <br />SECTION 13. Tax Covenants. In order to preserve the exclusion from gross <br />income of interest on the Bonds under federal law and as an inducement to the purchasers of the <br />Bonds, the Commission on behalf of the Redevelopment District represents, covenants and <br />agrees that: <br />(a) No person or entity or any combination thereof, other than the <br />Redevelopment District or the City, will use proceeds of the Bonds or property financed <br />by said proceeds other than as a member of the general public. No person or entity or <br />any combination thereof, other than the Redevelopment District will own property <br />financed by Bond proceeds or will have actual or beneficial use of such property pursuant <br />to a lease, a management or incentive payment contract, an arrangement such as a <br />take-or-pay or other type of output contract or any other type of arrangement that <br />differentiates that person's or entity's use of such property from the use by the public at <br />large of such property or provides for a payment to the Redevelopment District or the <br />City in connection with such use; <br />(b) No Bond proceeds will be lent to any entity or person. No Bond <br />proceeds will be transferred directly, or indirectly transferred or deemed transferred to a <br />person other than a governmental unit in a fashion that would in substance constitute a <br />loan of said Bond proceeds; <br />BDD1301 4912282v3 - 22 - <br />
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