HomeMy WebLinkAboutNo. 2024 authorizing the redemption of certain SB redevelopment authority lease rental revenue bonds, approving and authorizing the execution of escrow deposit agreements and certain other mattersRESOLUTION NO. 2024
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION AUTHORIZING THE REDEMPTION OF CERTAIN
SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL
REVENUE BONDS, APPROVING AND AUTHORIZING THE
EXECUTION OF ESCROW DEPOSIT AGREEMENTS, AND
CERTAIN OTHER MATTERS
WHEREAS, the South Bend Redevelopment Commission (the "Commission ")
entered into a lease with the South Bend Redevelopment Authority (the "Authority ") dated
August 1, 1990 (the "Lease ") which permitted the Authority (i) to issue bonds payable from such
lease rentals, the proceeds of which were used for the purpose of financing the acquisition of
land and construction of certain public improvements in the Airport Economic Development
Area (the Area) (collectively the "Project"), and (ii) to lease the Project to the Commission;
and
WHEREAS, the Authority has previously issued its Redevelopment Authority
Taxable Lease Rental Acquisition and Refunding Revenue Bonds of 1993 dated July 1, 1993, in
the original aggregate principal amount of Four Million Nine Hundred and Five Thousand and
00 /100 Dollars ($4,905,000.00) (the "1993 Bonds ") for the purpose of financing certain
additional local public improvements and refunding bonds previously issued by the Authority;
and
WHEREAS, the Authority has previously issued its Lease Rental Revenue
Refunding Bonds of 1997 (Airport Economic Development Area Public Improvement Project)
dated January 15, 1997, in the original aggregate principal amount of Two Million Five Hundred
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(400� Forty Thousand and 00 /100 Dollars ($2,540,000.00) (the "1997 Bonds" and with the 1993
Bonds, the 'Prior Bonds ") for the purpose of financing certain additional local public
improvements and refunding bonds previously issued by the Authority; and
WHEREAS, Section 14 of the Lease grants the Commission the right and option
to purchase the Project (the "Option ") at a price equal to the amount required to redeem the
outstanding Prior Bonds (the 'Refunding "); and
WHEREAS, the Commission desires to exercise its Option and to authorize the
expenditures of funds available to the Commission to redeem on February 1, 2004 (the
"Redemption Date ") the outstanding Prior Bonds; and
WHEREAS, the J.P. Morgan Trust Company, N. A. ("J.P. Morgan ") currently
serves as the Trustee of the 1993 Bonds, and Wells Fargo Bank Indiana, N. A. ( "Wells Fargo ")
(W currently serves as the Trustee of the 1997 Bonds; and
WHEREAS, there has been prepared and submitted to the Commission a form of
Escrow Deposit Agreement dated as of December 1, 2003, among the Commission, the
Authority, and J.P. Morgan (the "1993 Bonds Escrow Agreement "), which has been approved by
the Authority and which provides for J.P. Morgan to serve as escrow agent in connection with
the refunding of the 1993 Bonds; and
WHEREAS, there has been prepared and submitted to the Commission a form of
Escrow Deposit Agreement dated as of December 1, 2003, among the Commission, the
Authority, and Wells Fargo (the "1997 Bonds Escrow Agreement "), which has been approved by
the Authority and which provides for the Wells Fargo to serve as escrow agent in connection
with the refunding of the 1997 Bonds;
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NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The 1993 Bonds Escrow Agreement is hereby approved in the form
submitted to this meeting and the President of the Commission (the "President ") and the
Secretary of the Commission (the "Secretary ") are authorized to execute and attest the 1993
Bonds Escrow Agreement with such changes as may be necessary or appropriate as determined
by such officers, said officers' execution and attestation thereof to be conclusive evidence of their
approval of such changes.
2. The 1997 Bonds Escrow Agreement is hereby approved in the form
submitted to this meeting and the President and the Secretary are authorized to execute and attest
the 1997 Bonds Escrow Agreement with such changes as may be necessary or appropriate as
determined by such officers, said officers' execution and attestation thereof to be conclusive
evidence of their approval of such changes.
3. The Commission hereby approves of the use of its funds, previously
appropriated for such purpose, in a sum sufficient to pay the cost of all expenses reasonably
incurred in connection with the Refunding, as provided for in the 1993 Bonds Escrow
Agreement and the 1997 Bonds Escrow Agreement.
4. The President and the Secretary are, and each of them is, hereby
authorized to take all such actions and to execute all such instruments as are necessary and
desirable to carry out the Refunding contemplated by this Resolution, in such forms as the
President and the Secretary executing the same shall deem proper, to be evidenced by the
execution thereof.
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;i ADOPTED at a meeting of the South Bend Redevelopment Commission held on
the 19th day of December, 2003, at 1308 County -City Building, 227 West Jefferson Boulevard,
South Bend, Indiana.
SOUTH BEND REDEVELOPMENT
COMMISSION
President
ATTEST:
Secretary
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