HomeMy WebLinkAboutResolution No. 174 Appointment of a Trustee for the South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds RESOLUTION NO. 174
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY AUTHORIZING THE APPOINTMENT OF A TRUSTEE
FOR THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE
RENTAL REVENUE REFUNDING BONDS, SERIES 2011
AND OTHER RELATED MATTERS
WHEREAS, the South Bend Redevelopment Authority (the Authority") has been
created pursuant to I.C. 37-7-14.5 as a separate body, corporate and politic, and as an
instrumentality of the City of South Bend, Indiana (the "City") to finance local public
improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and
WHEREAS, the Authority has previously issued its Lease Rental Revenue
Refunding Bonds of 2000 (College Football Hall of Fame Project) (the "2000 Bonds") for the
purpose of currently refunding its Variable Rate Demand Lease Rental Revenue Bonds of 1994
(College Football Hall of Fame Project) which were issued to finance the construction of the
College Football Hall of Fame (the "Hall of Fame Project") and pay the costs of issuance of the
2000 Bonds; and
WHEREAS, the Authority has previously issued its Lease Rental Revenue
Refunding and Improvement Bonds of 2001 (Century Center Project) (the "2001 Bonds" and
C together with the 2000 Bonds, collectively, the "Refunded Bonds") for the purpose of advance
refunding its Lease Rental Revenue Bonds of 1994 (Century Center Project) which were issued
to finance the construction of the Century Center (the "Century Center Project") and pay the
costs of issuance of the 2001 Bonds; and
WHEREAS, the Authority has previously approved and executed a lease of the
Hall of Fame Project and the Century Center Project with the Commission dated as of November
1, 1993, as amended by an Addendum to Lease dated as of June 3, 1994, as amended by a
Second Addendum to Lease dated as of July 1, 1994, and as further amended by a Third
Addendum to Lease between the Commission and the Authority dated as of November 17, 2000,
(collectively, the "Lease"); and
WHEREAS, the Authority has previously approved and executed a trust
agreement with Wells Fargo Bank Indiana, N.A., as trustee (the "Prior Trustee"), dated as of
November 1, 2000 (the "2000 Trust Agreement"), for the purpose of securing the principal of
and premium, if any, and interest on all of the 2000 Bonds and the performance of the covenants
contained therein; and
WHEREAS, the Authority has previously approved and executed a trust
agreement with the Prior Trustee, dated as of August 1, 2001 (the "2001 Trust Agreement"), for
the purpose of securing the principal of and premium, if any, and interest on all of the 2001
Bonds and the performance of the covenants contained therein; and
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CWHEREAS, the Authority approved and adopted its Resolution No. 173, on
May 18, 2011, which authorized the issuance and sale of its lease rental revenue refunding bonds
pursuant to I.C. 36-7-14.5-19 and I.C. 5-1-5 in two (2) series to be known as (i) the "South Bend
Redevelopment Authority Taxable Lease Rental Revenue Refunding Bonds, Series 2011 A
(College Football Hall of Fame Project)" (the "Hall Bonds") in an aggregate principal amount
not to exceed Eight Million Six Hundred Thousand and 00/100 Dollars ($8,600,000.00) and
(ii) the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series
2011 B (Century Center Project)" (the "Century Center Bonds" and together with the Hall
Bonds, the "Bonds") in an aggregate principal amount not to exceed Three Million Eight
Hundred Thousand and 00/100 Dollars ($3,800,000), the proceeds of each of the series are to be
used to refund all or a portion of the Refunded Bonds and to pay the cost of issuance of the
Bonds; and
WHEREAS, the Authority desires to appoint U.S. Bank National Association as
trustee for the Bonds;
NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment
Authority as follows:
Section 1. U.S. Bank National Association is hereby appointed as trustee (the
"Trustee") for the Bonds.
Section 2. The Authority hereby authorizes the President, Vice-President
and/or the Secretary-Treasurer of the Authority to execute and attest, respectively, a supplement
to the 2000 Trust Agreement (the "Hall of Fame Supplemental Trust Agreement"), by and
between the Authority and the Trustee, in such form as approved by the President, Vice-
President and/or Secretary-Treasurer, or any other officer of the Authority, such approval to be
conclusively evidenced by such authorized execution and attestation of the Hall of Fame
Supplemental Trust Agreement.
Section 3. The Authority hereby authorizes the President, Vice-President
and/or the Secretary-Treasurer of the Authority to execute and attest, respectively, a supplement
to the 2001 Trust Agreement (the "Century Center Supplemental Trust Agreement"), by and
between the Authority and the Trustee, in such form as approved by the President, Vice-
President and/or Secretary-Treasurer, or any other officer of the Authority, such approval to be
conclusively evidenced by such authorized execution and attestation of the Century Center
Supplemental Trust Agreement.
Section 4. This Resolution shall be in full force and effect after its adoption
by the Authority.
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Adopted at a meeting of the Authority held on August 3, 2011, in Room 1308,
County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND
REDEVELOPMENT AUTHORITY
Jose A . - ., 'resident
ATTEST:
Raphael T lie as, Secretary-Treasurer
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