HomeMy WebLinkAboutNo. 0936 relating to the approval of the official statement regarding the COSB redevelopment district bonds of 1990r
RESOLUTION NO. 936
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
RELATING TO THE APPROVAL OF THE OFFICIAL STATEMENT
REGARDING THE CITY OF SOUTH BEND REDEVELOPMENT
DISTRICT BONDS OF 1990
WHEREAS, on April 20, 1990, the South Bend
Redevelopment Commission (the "Commission ") passed Resolution
No. 928 authorizing and directing the distribution of the
Official Statement dated April 20, 1990 (the "preliminary
Official Statement ") relating to the City of South Bend
Redevelopment District Bonds of 1990;
WHEREAS, certain minor amendments were made to the
Preliminary Official Statement by an Addendum dated May 2, 1990
(the "Addendum "), a copy of which is attached hereto and made a
part hereof;
WHEREAS, there has been presented to this meeting an
Addendum dated April 20, 1990 (the "Final Addendum "), to the
Preliminary Official Statement, as amended by the Addendum;
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION THAT:
1. The Preliminary Official Statement as amended by
the Addendum is hereby approved and deemed final for purposes of
Rule 15c2 -12 of the Securities and Exchange Commission.
ratified.
2. The distribution of the Addendum is hereby
3. The Final Addendum and the distribution thereof
are hereby approved.
ADOPTED at a meeting of the South Bend Redevelopment
mmission held on May 18, 1990, at the office of the Commission,
1200 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Jay Ni #z, res `iden
ATTEST:
Roman J. Pias ki, Secretary
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ADDENDUM DATED MAY 2, 1990
TO OFFICIAL STATEMENT DATED APRIL 20, 1990
$4,900,000
South Bend (Indiana) Redevelopment District
City of South Bend Redevelopment District Bonds of 1990
The attached page is incorporated as an Addendum dated May 2, 1990 to the Official
Statement dated April 20, 1990. Please substitute the attached page for page 4 of the. Official
Statement dated April 20, 1990.
projects in the South Bend Central Development Area have received tax abatements.
Ordinance Number 7661 -86, amending Chapter 2, Article 6 of the City's Municipal Code
dealing with tax abatement procedures, was passed by the Common Council on July 14, 1986,
(effective upon passage) which Ordinance was further amended by Ordinance Number 8065-
90 on February 12, 1990. The Ordinance, as further amended, sets the standards and
procedures by which petitions for tax abatements are considered by the Council and
establishes eligibility criteria.
Pursuant to State law, the Council may grant the tax abatement for real property for a period of
(i) three, six or ten years, if the petition is filed after January I, 1986, or (ii) ten years if filed after
December 31, 1978 but before January I, 1986. The deduction is equal to the increase in
assessed value resulting from the rehabilitation or new development, multiplied by certain
prescribed percentages.
Future Financing
The District does not anticipate any additional borrowing for at least the next 90 days. The
South Bend Water Utility does anticipate the acquisition of computer equipment vaiued at
$915,000 through lease- purchase financing. The term and amortization rate for the lease has
not been determined. The Utility will concurrently cancel an existing computer service
agreement for which its monthly service fee is approximately $19,000.
Rating
An application for a rating of this Issue has been made to Moody's Investor's Service, Inc.
( "Moody's "), 99 Church Street, New York, New York. If a rating is assigned, it will reflect only
the opinion of Moody's. Any explanation of the significance of the rating may be obtained only
from Moody's.
There is no assurance that a rating, if assigned, will continue for any given period of time, or
that such rating will not be revised or withdrawn, if in the judgment of Moody's, circumstances
so warrant. A revision or withdrawal of the rating may have an adverse effect on the market
price of the Bonds.
Litigation
Neither the District nor the City is aware of any threatened or pending litigation affecting either
the validity of the Issue or the ability of the District and the City to meet their financial
obligations.
Legality
The Bonds are subject to approval as to certain matters by Baker & Daniels, Indianapolis,
Indiana, as Bond Counsel. Bond Counsel has not participated in the preparation of this Official
Statement and will not pass upon its accuracy, completeness, or sufficiency. Bond Counsel
has not examined nor attempted to examine or verify, any of the financial or statistical
statements, or data contained in this Official Statement, and will express no opinion with
respect thereto. A legal opinion in substantially the form set out in Appendix I herein will be
delivered at closing.
Tax Matters
In the opinion of Baker & Daniels, Indianapolis, Indiana, Bond Counsel, under existing law and
assuming continuing compliance by the South Bend Redevelopment District with its Tax
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