HomeMy WebLinkAboutNo. 0829 approving an addendum to the official statement concerning the City of South Bend redevelopment district tax increment revenue bonds of 1988RESOLUTION NO. 829
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROVING AN ADDENDUM TO THE OFFICIAL STATEMENT
CONCERNING THE CITY OF SOUTH BEND REDEVELOPMENT
DISTRICT TAX INCREMENT REVENUE BONDS OF 1988
WHEREAS, on December 30, 1987, the South Bend Redevelopment Com-
mission (the "Commission ") adopted a resolution entitled "A RESOLU-
TION OF THE SOUTH BEND REDEVELOPMENT COMMISSION RELATING TO THE DIS-
TRIBUTION OF INFORMATION AND CONFIRMING RECOMMENDATIONS REGARDING THE
CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS
OF 1988" (Resolution No. 827); and
WHEREAS, Resolution No. 827 approved, among other things, the
Official Statement dated January 5, 1988 (the "Official Statement ")
prepared by Springsted Incorporated, as financial advisor to the
Commission, relating to the issuance of the City of South Bend
Redevelopment District Tax Increment Revenue Bonds of 1988 (the
"Bonds ") which included the Official Notice of Sale and authorized
and directed Springsted Incorporated to cause to be distributed such
Official Statement to all parties who may be interested in bidding on
the Bonds; and
WHEREAS, the Official Notice of Sale of the Bonds provided that
the date of sale was to be January 19, 1988 (Tuesday) at 12:00 noon,
Eastern Standard Time with the sale taking place at the office of the
City Controller; and
WHEREAS, due to the Official Notice of Sale not being published
in the manner as required by law, it was necessary to cancel the
scheduled sale of the Bonds and to reschedule the date of the sale of
co the Bonds subsequent to publication of the Notice of Sale as required
by law; and
WHEREAS, it is necessary to modify the Official Statement and
Official Notice of Sale to provide for the rescheduled date for the
sale of the Bonds of February 8, 1988; and
WHEREAS, as a result of the introduction of legislation in the
1988 Session of the Indiana General Assembly, it is also necessary to
modify the Official Statement to disclose such legislation and to
provide supplemental cash flow and revenue projections; and
WHEREAS, an Addendum to the Official Statement dated January 21,
1988 (the "Addendum ") making the required modifications to the
Official Statement and the Official Notice of Sale as described
herein was prepared by Springsted Incorporated and provided to the
Commission, a copy of which Addendum is attached hereto as Exhibit
"A"
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION THAT:
Section 1: The Addendum is hereby approved in the form presented
to the Commission at this meeting, and Springsted Incorporated is
hereby authorized and directed to cause to be distributed said
Addendum to all parties who in their judgment may be interested in
-2-
bidding on the Bonds, and the Secretary of the Commission shall place
a copy of said Addendum with the minutes of this meeting.
Section 2: This resolution shall be in full force and effect
from and upon compliance with the procedures required by law.
Adopted at a meeting of the Commission held on the 22nd day of
January, 1988, in the offices of the Commission located on the
Twelfth (12th) Floor of the County -City Building, 227 W. Jefferson
Boulevard, South Bend, Indiana, 46601.
ATTEST:
W
- k4at
Roman Piasecki, Secretary
SOUTH BEND REDEVELOPMENT COMMISSION
-3-
VA
FAA
SPRINGSTED
PUBLIC FINANCE ADVISORS
251 North Illinois Street, Suite 1510
Indianapolis, Indiana 462041942
317.237.3636
Fax 317.237.3639
TO
OFFICIAL STATEMENT DATED JANUARY 5, 1988
$1,800.,000
CITY OF SOUTH BEND, INDIANA REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS OF 1988
Rating: AAA /Aaa
(AMBAC Indemnity Insured)
Sale Date and Time:
Due to the failure of a local newspaper to publish the notice of sale in the manner
legally required, the sale of this Issue has been rescheduled to:
MONDAY, FEBRUARY 8, 1988, AT 12.00 NOON, EASTERN STANDARD TIME
All other terms and conditions of sale remain unchanged.
Procedures for Property Assessment, Tax Levy and Collection, and Tax Abatement:
Since the date of the Official Statement, Senate Bill 320 has been introduced in the
1988 Session of the Indiana General Assembly. Senate Bill 320 establishes a property
tax credit for those taxpayers in tax increment finance ( "TIF") allocation areas whose
property taxes are allocated to TIF allocation funds. The purpose of the bill is to
eliminate the higher net property tax liability that would otherwise apply to such
taxpayers as a result of the denial of the property tax replacement credit as
described on page 8 of the Official Statement. The credit given to such taxpayers in
TIF allocation areas reduces the amount of incremental property taxes payable into
TIF allocation funds by an amount up to twenty percent of the property tax
increment available. In addition, the bill makes technical corrections in
redevelopment statutes.
Cash flow and revenue projections which supplement those on pages 17 and 18 of the
Official Statement are attached, showing the estimated effect of the reduction in
property taxes allocable to the City's Allocation Area Special Fund that would occur
if Senate Bill 320 is passed. These projections also include refinements for current
interest rate estimates and revenue stream projections.
Dated: January 21, 1988
Home Office:
85 East Seventh Place, Suite 100
Saint Paul, Minnesota 55101-2143
612.223.3000
Fax: 612.223.3002
Wisconsin Office:
500 Elm Grove Road, Suite 101
Elm Grove, Wisconsin 53122.0037
414.782.8222
Fax: 414.782.2904
EXHIBIT "A"
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OFFICIAL NOTICE OF SALE
$1,800,000
AW CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS OF 1988
Sealed bids for the City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1988
in the aggregate principal amount of One Million Eight Hundred Thousand Dollars ($1,800,000) (the
"Bonds ") will be opened by the City Controller of the City of South Bend (the "City "), on Monday,
February 8, 1988, at 12:00 Noon, Eastern Standard Time, at the Office of the City Controller in
Room 1400 of the County -City Building, 227 West Jefferson Boulevard, in South Bend, Indiana. The
City Controller will consider award of the Bonds immediately following the opening of bids, subject
to approval of the interest rate by the State Board of Tax Commissioners if any interest rate or the
net effective rate exceeds eight percent (8%) per annum. If no acceptable bid is received at the time
fixed for the sale of the Bonds, then the sale may be continued from day - today for a period not to
exceed thirty (30) days without readvertising. During the continuation of the sale, no bid shall be
accepted which offers an interest cost which is equal to or higher than the best bid received at the
time fixed for the sale in the Bond Sale Notice. The acceptability of a bid is within the sole
discretion of the Controller.
DETAILS OF THE BONDS
The Bonds will be dated February I, 1988, and will bear interest payable on August I, 1988 and
Alliftemiannually thereafter on February I and August I of each year. Interest will be computed on the
sis of a 360 -day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB.
The Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars
($5,000) or in integral multiples thereof (the "Authorized Denominations "). The principal and
premium, if any, on the Bonds shall be payable at the principal office of the Paying Agent, and
interest on the Bonds shall be paid by check or draft mailed or delivered to the registered owners of
the Bonds at the address as it appears on the books for registration and for transfer of the Bonds kept
and maintained by the Registrar (the 'Bond Register ") as of the 15th of the month immediately
preceding the interest payment date or at any such other address as provided to the Paying Agent in
writing by such registered owners.
The Bonds shal I mature and be payable on February I st in the amounts and years as follows:
$25,000 1993 -1996
$75,000 1997 -1998
$1009000 1999 $150,000 2003 -2004
$125,000 2000 -2002 $775,000 2005
Bonds maturing on or after February 1, 2000 are redeemable in advance of maturity, at the option of
the South Bend Redevelopment Commission (the "Commission "), beginning on February I, 1999, in
whole or in part (only in Authorized Denominations). If redeemed in whole, the Bonds may be
redeemed on February I, 1999 or on any date thereafter. If in part, Bonds may be redeemed in any
order of maturity selected by the Commission and within a maturity by lot (in such manner as may be
,,termined by the Registrar) on February 1, 1999 and on any interest payment date thereafter. All
Cr shall be at a price of par and accrued interest.
In the case of redemption of the Bonds, notice of the call for any such redemption identifying the
Bonds, or portions of the Bonds, to be redeemed shall be given by the Registrar on behalf of the
Commission by mailing a copy of the redemption notice by registered or certified mail not less than
thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the registered
owner of each Bond to be redeemed at the address shown on the Bond Register; provided, however,
that failure to give such notice by mailing, or any defect therein, with respect to any such Bond shall
not affect the validity of any proceedings for the redemption of other Bonds.
SECURITY AND PURPOSE
The Bonds do not constitute a corporate obligation or indebtedness of the City, but the same is an
obligation of the South Bend Redevelopment District (the "District "), which is a special taxing
district having the same boundaries as the City, and is payable solely out of taxes on real property
sated in the South Bend Central Allocation Area (South Bend Allocation Area No. IA) (the
Allocation Area ") allocated and deposited in the Allocation Area Special Fund (the "Allocation
Fund "), pursuant to the provisions of IC 36- 7 -14 -39 and proceeds from the sale or leasing of property
in the Allocation Area under I C 36- 7 -14 -22 deposited in the Allocation Fund as required by IC 36 -7-
14-26 (these sources of revenues that will be used for payment of the Bonds shall hereinafter be
referred to as the "Tax Increment ").
The Bonds are being issued under the provisions of IC 36 -7 -14 in order to provide funds for payment
of part of the cost of property acquisition and redevelopment in the Allocation Area.
The District has previously issued $4,200,000 Tax Increment Revenue Bonds of 1985 (the "1985
Bonds ") and $1,750,000 Tax Increment Revenue Bonds of 1986 (the "1986 Bonds ") with the 1986 Bonds
being on a parity with the 1985 Bonds. Both bond issues remain outstanding in their entirety as of
February 2, 1988. The authorizing bond resolutions provide the District the right to issue additional
bonds (the "Parity Bonds ") payable from the Tax Increment, ranking on a parity with the 1985 Bonds
and the 1986 Bonds. The Commission has approved and confirmed that the conditions precedent
required in the 1985 and 1986 bond resolutions pertaining to the issuance of said Parity Bonds have
been met and has authorized the issuance of the Bonds described herein.
The District reserves the right to authorize and issue additional Parity Bonds, payable from Tax
Increment, ranking on a parity with the Bonds, the 1985 Bonds, and the 1986 Bonds, under certain
CP nditions as specified in the 1988 bond resolution adopted by the Commission on November 12, 1987.
TYPE OF BID
A sealed bid for not less than $1,755,000.00 and accrued interest on the total principal amount of the
Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to
the time set for bid opening, a certified or cashier's check in the amount of $18,000 payable to the
order of the South Bend Redevelopment District shall have been filed with the City Controller or
with SPRINGSTED Incorporated, the City's Financial Advisor, at the home office of SPRINGSTED
Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, (612) 223 -3000. No bid
will be considered for which said check has not been filed. The checks of unsuccessful bidders will be
returned immediately following the award of the Bonds. The check of the Purchaser will be retained
by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid.
The City will deposit the check of the Purchaser, the amount of which will be deducted at
settlement. Bidders for the Bonds shall be required to name the rate or rates of interest which the
Bonds are to bear, not exceeding twelve percent (12 %) per annum and such interest rate or rates shal I
be in multiples of 1/8 or 1/20 of one percent (I %). Bids specifying more than one interest rate shall
also specify the maturities of the Bonds bearing each rate and all Bonds maturing on the same date
shall bear the some rate. No rate for any maturity shall be more than one percent (1%) lower than
any prior rate. No conditional bid will be considered. Although not a term of sale, it is requested
that each bid show the net dollar interest cost to final maturity and the net effective average
terest rate on the entire Issue.
MUNICIPAL BOND INSURANCE
An application for a municipal bond guaranty insurance policy for this issue has been made. If a bond
guaranty insurance policy is issued, it will unconditionally and irrevocably guarantee payment of the
principal of and interest on the Bonds. The premium for such policy, if issued, will be paid by the
District. No such municipal bond guaranty issuance has yet been obtained for the Bonds. Bidders are
advised to contact the City Controller at Room 1400, County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601, (219) 284 -9742, or SPRINGSTED Incorporated, the District's
Financial Advisor, at 251 North Illinois Street, Suite 1510, Indianapolis, Indiana 46204 -1942, (317)
237 -3636 in order to obtain information related to bond guaranty insurance.
AWARD
Cubject to provisions contained herein, the Controller shall award the Bonds to the bidder offering the
lowest interest cost to be determined by computing the total interest on all of the Bonds from the
date thereof to the date of their maturities and deducting therefrom the premium bid, if any or
adding thereto the amount of any discount, if any.
The Controller will reserve the right to: (i) waive non - substantive informalities of any bid or of
matters relating to the receipt of bids and the award of the Bonds, (ii) reject all bids without cause,
and, (iii) reject any bid which he determines to have failed to substantially comply with the terms
herein.
PAYMENT AGENT AND REGISTRAR
The Paying Agent and Registrar shall be Bank One, Indianapolis, National Association, in Indianapolis,
Indiana.
CUSIP NUMBER
If the Bonds qualify for assignment of CUSIP numbers, such numbers will be printed on the Bonds, but
neither the failure to print such numbers on any Bond nor any error with respect thereto will
constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP
Ap%ervice Bureau charge for the assignment of CUSIP identification numbers shall be paid by the
urchaser.
SETTLEMENT
Unless otherwise agreed to by and between the City Controller and the Purchaser, the Bonds will be
delivered without cost to the Purchaser within 40 days following the date of the award, at a place
mutually satisfactory to the City Controller and the Purchaser. The Bonds may be delivered in
temporary form at settlement which Bonds may be exchanged for definitive Bonds without delay. On
the date of settlement, payment for the Bonds shall be made in immediately available funds in lawful
money of the United States of America, which shall be received by the City Controller not later than
1:00 P.M., Eastern Standard Time. Except as compliance with the terms of payment for the Bonds
shall have been made impossible by action of the Commission, the City Controller or their agents, the
Purchaser shall be liable for any loss suffered by the District by reason of the Purchaser's non-
compliance with said terms for payment.
At the time of delivery of the Bonds the approving opinion of Baker and Daniels, bond counsel, of
Indianapolis, Indiana, as to the validity of the Bonds, together with a transcript of Bond proceedings,
the printed Bonds with such legal opinion printed thereon, and closing certificates in the customary
form showing no litigation, will be furnished to the successful bidder at the expense of the District.
In addition, unless bond counsel is able, on the date of delivery, to render an opinion to the effect
Qat, as of such date, under existing law, the interest on the Bonds is excluded from gross income for
deral income tax purposes and all present taxes of the State of Indiana, except the state
inheritance tax, the successful bidder shall have the right to rescind the sale, and in such event the
good faith deposit will be immediately returned. On request of the District the successful bidder
shall furnish to the District simultaneously with or before delivery of the Bonds, a certificate in form
satisfactory to the District as to the initial public offering price of the Bonds.
At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the
City, to the effect that the Official Statement did not as of the date of the Official Statement, and
does not as of the date of settlement, contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.
OFFICIAL STATEMENT
underwriters may obtain a copy of the Official Statement by request to the City Controller or the
City's Financial Advisor prior to the bid opening. The Purchaser will be provided with 20 copies of
the Official Statement.
For further information regarding the Bonds contact the City Controller at Room 1400, County -City
Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601, (219) 284 -9742, or SPRINGSTED
Incorporated at 251 North Illinois Street, Suite 1510, Indianapolis, Indiana 46204 -1942, (317) 237 -3636.
Dated: January 20, 1988 THE SOUTH BEND REDEVELOPMENT COMMISSION
By Roman Piasecki
Secretary of the South Bend Redevelopment Commission
OFFICIAL BID FORM
TO: Ms. S. Katherine Humphreys, Controller
City of South Bend
1400 County -City Building
South Bend, Indiana 46601
RE: $1,800,000 Tax Increment Revenue Bonds of 1988
SALE DATE: February 8, 1988
For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as
follow, we offer a price of $ (Note: This amount may not be less than
$1,755,000) and accrued interest to the date of delivery.
% 1993
% 1994
% 1995
% 1996
% 1997
% 1998
% 1999
% 2000
% 2001
% 2002
% 2003
% 2004
% 2005
In making this offer we accept all of the terms and conditions of the Official Notice of Sale
published in the Addendum to the Official Statement dated January 21, 1988. In the event of failure
to deliver these Bonds in accordance with the 0 icia1 Notice of Sale as printed in the Addendum to
the Official Statement and made a part hereof, we reserve the right to withdraw our offer,
ereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer
''re intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
NET EFFECTIVE RATE: %
Account Members
BY:
Account Manager
............
...........
regoing offer is hereby accepted by the Issuer on7the date of the offer by the following officer
i�efo
Askuly authorized and empowered to make such acceptance.
S. Katherine Humphreys, Controller
Received good faith check for return to bidder.
By
OFFICIAL BID FORM
TO: Ms. S. Katherine Humphreys, Controller
City of South Bend
1400 County -City Building
South Bend, Indiana 46601
RE: $1,800,000 Tax Increment Revenue Bonds of 1988
SALE DATE: February 8, 1988
For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as
follow, we offer a price of $ (Note: This amount may not be less than
$1,755,000) and accrued interest to the date of delivery.
% 1993
% 1994
% 1995
% 1996
%
1997
%
1998
%
1999
% 2000
% 2001
% 2002
% 2003
% 2004
% 2005
In making this offer we accept all of the terms and conditions of the Official Notice of Sale
published in the Addendum to the Official Statement dated January 21, 1988. In the event of failure
to deliver these Bonds in accordance with the Official Notice of Sale as printed in the Addendum to
the Official Statement and made a part hereof, we reserve the right to withdraw our offer,
AplVhereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer
e intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the
verification of the offer, we have made the following computations:
NET INTEREST COST: $
NET EFFECTIVE RATE: %
Account Members
Account Manager
BY:
... ............................... . ... .. ... ..........
h'
e foregoing offer is he accepted by the Issuer on the date of the offer by the following officer
my authorized and empowered to make such acceptance.
S. Katherine Humphreys, Controller
Received good faith check for return to bidder.
By