Loading...
HomeMy WebLinkAboutNo. 0755 amending Section 19 of and adding Section 20 to Res. No. 747 on the COSBRCRESOLUTION NO. 755 A RESOLUTION AMENDING SECTION 19 OF AND ADDING SECTION 1"W 20 TO RESOLUTION NO. 747 OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION WHEREAS, on August 23, 1985, the South Bend Redevelopment Commission (Commission) adopted Resolution No. 747, authorizing the issuance of tax increment bonds in the amount of Four Million Two Hundred Thousand Dollars ($4,200,000.00) to finance property acquisition and redevelopment in the South Bend Central Development Area, which has boundaries co- terminous with the South Bend Allocation Area No. 1A; and WHEREAS, on November 18, 1985, the Commission adopted Resolution No. 752, amending Section 6 of Resolution No. 747; and WHEREAS, certain additional amendments to Resolution No. 747 are necessary to address bond insurance requirements. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND �- REDEVELOPMENT COMMISSION, as follows: SECTION I. Section 19 of Resolution No. 747 shall be deleted in its entirety and a new Section 19 shall be and hereby is adopted to read in its entirety as follows: SECTION 19. Without notice to or consent of the owners of the Bonds, the Commission may, from time to time and at any time, adopt such resolutions supplemental hereto as shall not be inconsistent with the terms and provisions hereof (which supplemental resolutions shall thereafter form a part hereof): (a) to cure any ambiguity or formal defect or omission in this Resolution or in any supplemental resolution; or (b) to grant to or confer upon the owners of the Bonds any additional rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon the owners of the Bonds. This Resolution, and the rights and obligations of the Commission and the owners of the Bonds may be modified or amended at any time by supplemental resolutions adopted by the Commission with the consent of the owners of the Bonds holding sixty percent (60 %) in aggregate principal amount of the outstanding Bonds (exclusive of Bonds, if any, owned by the Commission or the City); provided, however that no such modification or amendment shall, without the express consent of the owners of the Bonds affected, reduce the principal amount of any Bond, reduce the interest rate payable thereon, advance the earliest redemption date, extend its ,ftw maturity or the times for paying interest thereon or change the monetary medium in which principal and interest is payable, nor shall any such modification or amendment reduce the percentage of consent required for amendment or modification. Any act done pursuant to a modification or amendment so consented to shall be binding upon all the owners of the Bonds and shall not be deemed an infringement of any of the provisions of this Resolution or of the Act, and may be done and performed as fully and freely as if expressly permitted by the terms of this Resolution, and after such consent relating to such specified matters has been given, no owner shall have any right or interest to object to such action or in any manner to question the propriety thereof or to enjoin or restrain the Commission or any officer thereof from taking any action pursuant thereto. If the Commission shall desire to obtain any such consent, it shall cause the Registrar to mail a notice, postage prepaid, to the respective owners of the Bonds at their addresses appearing on the registration books held by the Registrar. Such notice shall briefly set forth the nature of the proposed supplemental resolution and shall state that a copy thereof is on file at the office of the Registrar for inspection by all owners of the Bonds. The Registrar shall not, however, be subject to any liability to any owners of the Bonds by reason of its failure to mail the notice described in this Section 19, and any such failure shall not affect the validity of such supplemental resolution when consented to and approved as provided in this Section 19. Whenever at any time within one year after the date of the mailing of such notice, the Commission shall receive an instrument or instruments purporting to be executed by the owners of the Bonds of not less than sixty percent (60 %) in aggregate principal amount of the Bonds then outstanding (exclusive of Bonds, if any, owned by the Commission or the City), which instrument or instruments shall refer to the proposed supplemental resolution described in such notice, and shall specifically consent to and approve the adoption thereof in substantially the form of the copy thereof referred to in such notice as on file with the Registrar, thereupon, but not otherwise, the Commission may adopt such supplemental resolution in substantially such form, without liability or responsibility to any owners of the Bonds, whether or not such owner shall have consented thereto. Whenever in this Resolution the consent of and notice to any owners of Bonds is required, the consent of and notice to AMBAC Indemnity Corporation, One State Street Plaza, New York, New York 10004, shall also be required. -2- rr. lftw Upon the adoption of any supplemental resolution pursuant to the provisions of this Section 19, this Resolution shall be, and be deemed to be, modified and amended in accordance therewith, and the respective rights, duties and obligations under this Resolution shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments. SECTION II. A new Section 20 shall be added to Resolution No. 747, to read in its entirety as follows: SECTION 20. The appropriate officers are hereby authorized to take all actions required to effectuate the terms and conditions of a Commitment to Municipal Bond Insurance for the Bonds from AMBAC Indemnity Corporation or to obtain bond insurance, if economically feasible and desirable, from any other municipal bond insurance company. SECTION II. Resolutions No. 747 and 752 shall remain in all other respects as adopted on August 23, 1985, and November 18, 1985, respectively. Approved this 22nd day of November, 1985, at a regular meeting of the South Bend Redevelopment Commission. D /30 SOUTH BEND REDEVELOPMENT COMMISSION eresiaen ATTEST: o ROMAN PIASECKI, Secretary -3-