HomeMy WebLinkAboutNo. 0827 relating to the distribution of information and confirming recommendations regarding the COSB redevelopment district tax increment revenue bonds of 1988RESOLUTION NO. 827
A RESOLUTION OF THE SOUTH BEND
REDEVELOPMENT COMMISSION RELATING
TO THE DISTRIBUTION OF INFORMATION
AND CONFIRMING RECOMMENDATIONS
REGARDING THE CITY OF SOUTH BEND
REDEVELOPMENT DISTRICT TAX
INCREMENT REVENUE BONDS OF 1988
WHEREAS, on November 12, 1987, the South Bend Redevelopment Com-
mission (the "Commission ") passed a Bond Resolution (Resolution No.
819) authorizing and directing the Controller of the City of South
Bend, Indiana (the "City ") to have prepared and to issue and sell the
negotiable bonds of the South Bend Redevelopment District (which is a
special taxing district having the same boundaries as the City), the
principal of and interest on which are payable solely from taxes on
real property located in a previously established Allocation Area al-
located and deposited in a previously established Allocation Fund pur-
suant to the provisions of IC 36- 7 -14 -39 and proceeds from the sale
or leasing of property in the Allocation Area under IC 36- 7 -14 -22
deposited in the Allocation Fund as required by IC 36- 7 -14 -26 (the
"Tax Increment "), which bonds shall be issued in the name of the City
and which are designated "City of South Bend Redevelopment District
Tax Increment Revenue Bonds of 1988" in an aggregate principal amount
of One Million Eight Hundred Thousand Dollars ($1,800,000) (the
"Bonds ") , and which amount does not exceed the cost of property
acquisition and redevelopment in the Allocation Area together with a
sum sufficient to pay the estimated cost of all expenses reasonably
incurred in connection with the acquisition and redevelopment of the
Allocation Area, including the total cost of all land, rights -of -way
and other property to be acquired and redeveloped, all necessary
architectural, engineering, legal, accounting, advertising, bond
discount and supervisory expenses, a debt service reserve and capi-
talized interest and expenses the Commission may be required to pay
as "relocation assistance" under IC 8 -13 -18.5, together with the ex-
penses in connection with the issuance of the Bonds; and
WHEREAS, an "Official Statement" relating to the issuance of the
Bonds has been prepared by Springsted Incorporated as financial advi-
sor to the City and presented to the Commission; and
WHEREAS, Springsted Incorporated has presented to the Commission
"Confirming Recommendations for the City of South Bend, Indiana Rede-
velopment Commission $1,800,000 Tax Increment Revenue Bonds of 1988"
(the "Confirming Recommendations ").
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION THAT:
Section 1. The "Official Statement" relating to the issuance of
the Bonds is hereby approved in the form presented to the Commission
at this meeting, including the Official Bid Form and Official Notice
of Sale, prepared by Springsted Incorporated and contained therein;
Springsted Incorporated is hereby authorized and directed to cause to
be distributed such statement, substantially in the form presented to
this meeting, with such changes which are approved by the Commis-
sion's legal counsel as Springsted Incorporated might recommend to
describe adequately such bond issue and information related thereto,
to all parties who in their judgment may be interested in bidding on
such bond issue and to the successful bidder for the Bonds; and the
Secretary of the Commission shall place a copy of such statement as
presented to this meeting with the minutes of this meeting.
Section 2. The "Confirming Recommendations" relating to the
issuance of the Bonds are hereby accepted by the Commission in the
form presented to this meeting.
Section 3. 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 30th day of
December, 1987, in the offices of the Commission located on the
Twelfth (12th) Floor of the County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
ATTEST:
Roman Piasecki, Secretary
SOUTH BEND REDEVELOPMENT COMMISSION
F. Jay Ni)ptz, President
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