HomeMy WebLinkAboutNo. 1127 amending resolution No. 1094 which amended resolutions No. 1065/No. 1054 regarding the issuance to tax increment revenue refunding bonds and amending resolutions of the RC authorizing issuance of its outstanding tax increment revenue bondsRESOLUTION NO. 1127
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AMENDING RESOLUTION NO. 1094, WHICH AMENDED RESOLUTION
NO. 1065 AND RESOLUTION NO. 1054, REGARDING THE ISSUANCE
OF TAX INCREMENT REVENUE REFUNDING BONDS, AND AMENDING
THE RESOLUTIONS OF THE REDEVELOPMENT COMMISSION
AUTHORIZING THE ISSUANCE OF ITS OUTSTANDING TAX INCREMENT
REVENUE BONDS
WHEREAS, pursuant to Resolution No. 1054, adopted May 1, 1992,
as amended by Resolution No. 1065 adopted May 22, 1992 and
Resolution No. 1094 adopted August 21, 1992 (the 111992 Bond
Resolution "), this Commission has authorized the issuance of City
of South Bend, Indiana Tax Increment Revenue Refunding Bonds of
1992 (the 111992 Bonds "), issued on December 23, 1992 in aggregate
principal amount of Four Million Seven Hundred Sixty Thousand
Dollars ($4,760,000); and
WHEREAS, there have also been issued and are outstanding tax
increment bonds authorized by this Commission as follows: (i) City
of South Bend Redevelopment District Tax Increment Revenue Bonds of
1985, issued pursuant to Resolution No. 747 as amended by
Resolution Nos. 752, 755 and 756 (the 111985 Bond Resolution ") ; (ii)
Redevelopment District Tax Increment Revenue Bonds of 1986, issued
pursuant to Resolution No. 775 as amended by Resolution Nos. 779
and 780 (the 111986 Bond Resolution ") ; and (iii) Redevelopment
District Tax Increment Revenue Bonds of 1988, issued pursuant to
Resolution No. 819 (the 111988 Bond Resolution "); and
WHEREAS, the 1985 Bond Resolution, 1986 Bond Resolution and
1988 Bond Resolution are herein referred to as the "Prior Bond
Resolutions "; and
WHEREAS, as a condition to the issuance by AMBAC Indemnity
Corporation of a municipal bond insurance policy with respect to
the 1992 Bonds, AMBAC Indemnity Corporation requested that this
Commission consider certain amendments to the 1992 Bond Resolution
and the Prior Bond Resolutions, and this Commission now deems it
advisable to adopt such amendments as set forth herein.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, governing body of the City of South Bend Department of
Redevelopment, as follows:
Section 1. Section 11 of the 1992 Bond Resolution is amended
by deleting clause (e) thereof, deleting "; and" at the end of
clause (d) thereof and substituting 11.11 in lieu thereof, and by
deleting from clause (c) thereof the words "or to obtain or
maintain bond insurance with respect to payments of principal of
and interest on the Bonds ".
Section 2. The clauses of the 1992 Bond Resolution and the
Prior Bond Resolutions which establish a 150% coverage test as one
of the conditions precedent to issuing additional parity bonds are
r each hereby amended by adding the following: "Additional Parity
Bonds issued as variable rate debt must be assumed to bear the
maximum interest rate thereon for the purpose of certifying
satisfaction of the 150% condition set forth above, and a maximum
rate must be set for any such variable rate additional Parity
Bonds. Furthermore, any put feature associated with such variable
rate debt must be covered by remarketing proceeds or a liquidity
facility issued by a provider which is either (i) rated in the
highest short -term rating category of the two national services, or
(ii) for as long as any bonds payable out of the Tax Increment are
insured by AMBAC Indemnity Corporation, acceptable to AMBAC
Indemnity Corporation."
Adopted at a regular meeting of the Commission held on the
day of January, 1993.
SOUTH BEND REDEV LOPMENT COMMISSION
By:
Roman J. Piasecki, Vice P esident
ATTEST:
Secretary
MCK01849