HomeMy WebLinkAboutResolution No. 209 (Authorizing Officer to Execute Certificate re Insurance)
RESOLUTION NO. 209
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
AUTHORIZING AN OFFICER TO EXECUTE CERTIFICATES EVIDENCING
INSURANCE PERTAINING TO CURRENT AND FUTURE BONDS
WHEREAS, the South Bend Redevelopment Authority (the “Authority”) was created
pursuant to I.C. 36-7-14.5 as a separate body corporate and politic serving as an instrumentality
of the City of South Bend, Indiana (the “City”), to finance local public improvements; and
WHEREAS, the Authority has issued certain bonds that remain outstanding as of the date
of this Resolution, which are known as the following (collectively, the “Bonds”):
South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds,
Series 2013 (Century Center Project)
South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2015
(Smart Streets Project)
South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of
2015 (Eddy Street Commons Project)
South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2019
(South Shore Double Tracking Project); and
WHEREAS, pursuant to the respective trust agreements governing the administration of
the Bonds, the Authority is required annually to deliver to the trustee a certification that certain
insurance is provided for with respect to the projects financed by the Bonds; and
WHEREAS, the City, through its Department of Administration and Finance, maintains
the insurance necessary to comply with the Bonds’ insurance-related covenants; and
WHEREAS, in order to efficiently and timely present to the bond trustee evidence of
compliance with insurance-related covenants in connection with the currently outstanding Bonds
and any other bonds issued by the Authority after the date of this Resolution, the Authority
desires to establish and memorialize its procedure for documenting the City’s compliance with
such insurance-related covenants.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT AUTHORITY AS FOLLOWS:
1. The Authority acknowledges and confirms that the City, through its Department
of Administration and Finance, presently maintains and will continue to maintain the insurance
required under the governing documents of the Authority’s current and future bonds.
2. The Authority hereby authorizes any officer of the Authority, upon a request of
the City Controller (or his or her designee) and without the necessity of a meeting of the
Authority, to execute any appropriate certificate or other document confirming the Authority’s
compliance with insurance requirements established by the governing documents of any
outstanding bonds.
3. This Resolution will be in full force and effect upon its adoption by the Authority.
Signature Page Follows
ADOPTED at a meeting of the South Bend Redevelopment Authority held on March
30, 2021.
SOUTH BEND REDEVELOPMENT AUTHORITY
______________________________
ATTEST:
Anthony Fitts, President
Erin Linder Hanig, Secretary