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HomeMy WebLinkAboutNo. 1492 amending resolution No. 1422 which authorized issuance and sale of special taxing district refunding bonds of the SB redevelopment district for purpose of advance refunding the COSB district bonds of 1990RESOLUTION NO. 1492 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AMENDING RESOLUTION NO. 1422 WHICH AUTHORIZED THE ISSUANCE AND SALE OF SPECIAL TAXING DISTRICT REFUNDING BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT FOR THE PURPOSE OF ADVANCE REFUNDING THE CITY OF SOUTH BEND DISTRICT BONDS OF 1990 WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the governing body of the South Bend, Indiana Department of Redevelopment (the "Department "), and exists and operates under the provisions of Indiana Code 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission, in accordance with the Act, has previously adopted its Resolution No. 762 (the "Declaratory Resolution ") on January 10, 1986, declaring that an area more particularly described therein designated by the Commission as the Studebaker Corridor Development Area (the "Area ") in the South Bend Redevelopment Special Taxing District (the "District ") which is a special taxing district having the same boundaries as the City of South Bend, Indiana (the "City "), is blighted within the meaning of the Act, establishing the Area as an Allocation Area for purposes of tax increment financing as authorized by I.C. 36- 7- 14 -39, and determining that it would be of public utility and benefit to acquire such area and redevelop it pursuant to the Studebaker Corridor Development Plan (the "Development Plan"); and WHEREAS, the South Bend Common Council (the "Common Council ") at its regular meeting on January 27, 1986, adopted its Resolution No. 1398 -86 approving the order of the Plan Commission with regard to the Area which was adopted by said Plan Commission in its Resolution No. 87 on January 21, 1986; and WHEREAS, on February 14, 1986, after notice and a public hearing thereon, the Commission in its Resolution No. 764 confirmed the Declaratory Resolution; and WHEREAS, said Declaratory Resolution was subsequently, after approval of the Plan Commission and the Common Council, as described herein, amended by Resolution No. 801 adopted on April 24, 1987, and by Resolution No. 809 adopted on August 28, 1987, with said amending Declaratory Resolutions being confirmed, after notice and a public hearing, by Resolution No. 804 adopted on June 26, 1987, and Resolution No. 816 adopted on October 23, 1987, respectively; and WHEREAS, the aforementioned Resolutions were adopted by the Commission after the Plan Commission adopted Resolution No. 93 on May 19, 1987, and Resolution No. 94 on September 15, 1987, respectively; and WHEREAS, the aforementioned Resolutions were adopted by the Commission after the Common Council adopted its Resolution No. 1511 -87 on May 26, 1987, and Resolution No. 1536 -87 on September 28, 1987; respectively; and WHEREAS, the Commission adopted Resolution No. 925 on April 6, 1990, authorizing the issuance of bonds of the District (the "Prior Bonds Resolution ") and on June 5, 1990, the City issued negotiable bonds of the District in the name of the City, for and on behalf of the District, in an aggregate principal amount of Four Million Nine Hundred Thousand and 00 /100 Dollars ($4,900,000.00) (the "Prior Bonds ") for the purpose of financing the cost of property acquisition and redevelopment in the Area and the cost of all expenses incurred in connection with the acquisition and redevelopment of the Area together with the expenses in connection with the issuance of the Prior Bonds therefor; and WHEREAS, the Commission previously determined to provide for the advance refunding prior to maturity of the Prior Bonds in order to discharge the liens of and the obligations of the City, acting for and on behalf of the District, under the Prior Bonds Resolution pursuant to which the Prior Bonds have been issued; and WHEREAS, the Commission adopted Resolution No. 1422 on March 15, 1996 (the "Bond Resolution ") to authorize the issuance of Redevelopment District Refunding Bonds (the "Bonds ") to finance the advance refunding of the Prior Bonds to affect a cost saving to the City acting for and on behalf of the District, and the sale of such Bonds, pursuant to the Act and the provisions of I.C. 5 -1 -5; and WHEREAS, the Commission determined not to issue the Bonds in 1996 and desires to amend certain of the provisions of the Bond Resolution to provide for the issuance of the Bonds in 1997; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION THAT: SECTION 1. For the purpose of procuring funds to pay for the cost of advance refunding the Prior Bonds together with the expenses in connection with or on account of the issuance of Bonds therefor, the City acting for and on behalf of the District, shall make a loan in an amount not to exceed Four Million Seven Hundred Fifty Thousand and 00 /100 Dollars ($4,750,000.00). In order to procure the funds for said loan, the Controller of the City is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the District, the principal of and interest on which are payable solely from a special tax to be levied upon all of the taxable property in the District and deposited in the Redevelopment District Bond Fund, -2- which Bonds shall be issued in the name of the City, for and on behalf of the District, and which shall be designated "South Bend Redevelopment District Refunding Bonds of 1997" in an aggregate principal amount not to exceed Four Million Seven Hundred Fifty Thousand and 00 /100 Dollars ($4,750,000.00) (the 'Bonds "), and which amount does not exceed the cost of advance refunding the Prior Bonds, together with the expenses in connection with or on account of the issuance of Bonds therefor. SECTION 2. The Commission hereby ratifies and approves the execution and delivery of a Bond Purchase Contract (the "Contract ") providing for the sale of the Bonds to City Securities Corporation on behalf of itself and one other underwriter in the principal amounts and bearing interest at the rates referred to in the Contract and upon the terms and conditions contained therein. SECTION 3. The Commission hereby approves of any and all changes to the form of the Bonds and the Escrow Agreement previously approved by the Commission in the Bond Resolution which may be necessary as a result of the Bonds being issued in 1997. SECTION 4. All terms and conditions of the Bond Resolution not otherwise changed or amended as a result of this Resolution remain in full force and effect. Adopted at a meeting of the Commission held on the I day of February, 1997, at the County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. SOUTH BEND REDEVELOPMENT COMMISSION By: President ATTEST: Secretary 1: \W PDOCS\ RRRONPOLXSTHBEND \COMREF.96\RESOLUTI.ONS W MENDRES.207;ays; 511