HomeMy WebLinkAboutNo. 0984 authorizing mailing of official notice of redemption by registrar of the $950,000 COSB Redevelopment District tax increment revenue bonds of 1990 after such time the SBRA lease rental revenue bonds (AEDA PIP) have been issuedRESOLUTION NO. 984
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AUTHORIZING MAILING OF THE OFFICIAL NOTICE
OF REDEMPTION BY THE REGISTRAR OF THE $950,000
CITY OF SOUTH BEND REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS OF 1990
AFTER SUCH TIME THE SOUTH BEND REDEVELOPMENT AUTHORITY
LEASE RENTAL REVENUE BONDS (AIRPORT ECONOMIC DEVELOPMENT
AREA PUBLIC IMPROVEMENT PROJECT) HAVE BEEN ISSUED
WHEREAS, the Redevelopment District of the City of South
Bend, Indiana (the "District ") , previously issued its Nine Hundred
Fifty Thousand Dollars ($950,000) aggregate principal amount of
City of South Bend Redevelopment District Tax Increment Revenue
Bonds of 1990, originally dated September 1, 1990 (the "Bonds ");
and
WHEREAS, such Bonds were issued pursuant to a resolution
of the City of South Bend Redevelopment Commission (the
"Commission "), governing body of the City of South Bend, Indiana,
Department of Redevelopment and the District entitled "A FINAL BOND
RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
AUTHORIZING THE ISSUANCE OF THE CITY OF SOUTH BEND REDEVELOPMENT
DISTRICT TAX INCREMENT REVENUE BONDS OF 1990 FOR THE PURPOSE OF
RAISING MONEY FOR PROPERTY ACQUISITION AND REDEVELOPMENT IN THE
AIRPORT ECONOMIC DEVELOPMENT AREA, ALLOCATION AREA NO. 1"
(Resolution No. 958), adopted on August 31, 1990 (the "Final Bond
Resolution "); and
WHEREAS, Section 2(b) of the Final Bond Resolution
provides that the Bonds are subject to redemption at the option of
the Commission at any time after issuance thereof, as a whole or
in part from time to time, in multiples of $5,000, at face value
plus interest accrued on the Bonds so redeemed to the date fixed
for redemption, and without premium (the "Redemption "); and
WHEREAS, Section 2(d) of the Final Bond Resolution
provides that official notice of such Redemption shall be given by
the registrar, on behalf of the Commission, identifying the Bonds
to be redeemed, by mailing a copy of an official redemption notice
by registered or certified mail at least thirty (30) days and not
more than sixty (60) days prior to the date fixed for Redemption
to the registered owner of the Bond or Bonds to be redeemed at the
address shown on the Bond Register (as defined in the Final Bond
Resolution), stating (1) the redemption date, (2) the redemption
price, (3) that on the redemption date the redemption price will
become due and payable upon each such Bond or portion thereof
called for Redemption, and that interest thereon shall cease to
accrue from and after said date, and (4) the place where such Bonds
are to be surrendered for payment of the redemption price, which
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place of payment shall be place provided for the payment of the
principal of the Bonds (the "Official Redemption Notice "); and
WHEREAS, the Registrar for the Bonds is First Interstate
Bank of Northern Indiana, N.A. (the "Registrar "); and
WHEREAS, the Commission desires to evidence its intent
to authorize the Registrar to mail a copy of the Official
Redemption Notice by registered or certified mail as soon as
possible after the issuance of the $2,355,000 South Bend
Redevelopment Authority Lease Rental Revenue Bonds (Airport
Economic Development Area Public Improvement Project) (the "Lease
Rental Revenue Bonds ") expected to be on or about March 13, 1991.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Registrar, on behalf of the Commission, is
hereby authorized to mail a copy of the Official Redemption Notice,
in substantially the form attached hereto as Exhibit A (with any
such changes as in the opinion of legal counsel for the Commission
shall be necessary and with all blanks filled in) by registered or
certified mail as soon as possible after the issuance of the Lease
Rental Revenue Bonds to all of the registered owners of the Bonds.
2. This Resolution shall be in full force and effect
after its adoption by the Commission.
ADOPTED at a meeting of the South Bend Redevelopment
Commission held on February 22, 1991, at the Office of the
Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana, 46601.
ATTEST:
Michael Donoho, Secretary
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SOUTH BEND REDEVELOPMENT COMMISSION
By: Ai
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Paula N. Auburn, President
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EXHIBIT A
OFFICIAL NOTICE OF REDEMPTION
TO: Holders of the "City of South Bend Redevelopment District
Tax Increment Revenue Bonds 1990," dated September 1,
1990 and due August 1, 1996 (the "Bonds ")
FROM: First Interstate Bank of Northern Indiana, N.A., as
Registrar, on behalf of the City of South Bend
Redevelopment Commission (the "Commission ")
DATED:
RE: Redemption of the $950,000 City of South Bend
Redevelopment District Tax Increment Revenue Bonds of
1990, dated September 1, 1990 and due August 1, 1996
As a holder of one of the above - described Bonds, you are
hereby notified that pursuant to Section 2(b) and 2(d) of a
resolution entitled "A FINAL BOND RESOLUTION OF THE CITY OF SOUTH
co BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF THE CITY
OF SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS
OF 1990 FOR THE PURPOSE OF RAISING MONEY FOR PROPERTY ACQUISITION
AND REDEVELOPMENT IN THE AIRPORT ECONOMIC DEVELOPMENT AREA,
ALLOCATION AREA NO. 1" (Resolution No. 958), adopted by the
Commission on August 31, 1990, all of the Bonds are being called
for redemption on , 1991 (the "Redemption Date ").
On such Redemption Date, the par amount of the Bonds held by
in the amount of $ , plus
accrued interest to the Redemption Date in the amount of
$ , for a total of $ (the "Redemption
Price ") will become due and payable, and interest on the Bonds
shall cease to accrue from and after said Redemption Date.
Bonds shall be surrendered on the Redemption Date for
payment of the Redemption Price at the principal office of First
Interstate Bank of Northern Indiana, N.A., in South Bend, Indiana.
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