HomeMy WebLinkAbout1998-03-16 Resolution 125~. J ~
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RESOLUTION NO. 125
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY AUTHORIZING THE EXPENDITURE OF FUNDS
RECEIVED ON BEHALF OF THE AUTHORITY TO PAY
OUTSTANDING PRINCIPAL OF THE BONDS ISSUED TO FINANCE
THE COLLEGE FOOTBALL HALL OF FAME
WHEREAS, the South Bend Redevelopment Authority (the "Authority") previously
issued in 1994 and has currently outstanding certain lease rental revenue bonds known as the "South
Bend Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994
(College Football Hall of Fame Project)" (the "Bonds") which Bonds were used to pay capital
expenditures relating to the construction of the College Football Hall of Fame (the "Project"); and
WHEREAS, an application for a grant was submitted on behalf of the Authority to
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the State of Indiana for the purpose of seeking moneys from the Build Indiana Fund to assist in
paying capital expenditures related to the Project; and
WHEREAS, the State awarded Five Hundred Thousand and 00/100 Dollars
($500,000.00) (the "Grant Amount") for the purpose of paying capital expenditures related to the
Project, and the Authority desires to authorize use of said Grant Amount for the purpose of paying
a corresponding amount of principal on the outstanding Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT AUTHORITY, AS FOLLOWS:
1. The Authority hereby authorizes the payment of the Grant Amount to the
Norwest Bank Indiana, N.A., as trustee (the "Trustee"), under that certain Trust Indenture dated as
• of June 1, 1994, between the Authority and the Trustee (the "Trust Indenture"). The Grant Amount
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• shall be used for the payment of principal of the Bonds in a corresponding amount either by
redemption of Bonds or by purchase of Bonds as authorized herein.
2. The Grant Amount shall be deposited into an escrow account established with
the Trustee. The President and Secretary-Treasurer of the Authority are authorized to execute and
attest, respectively, an escrow agreement to be prepared by counsel in a form acceptable to such
officers, said officers' execution and attestation thereof to be conclusive evidence of their approval
of such agreement, and such other documents as may be necessary, if any, to provide for the escrow
of the Grant Amount for the purposes described herein.
3. The Authority hereby directs the Trustee to contact First Chicago Capital
Markets, Inc., the Remarketing Agent for the Bonds (the "Remarketing Agent"), for the purpose. of
making available the Grant Amount to purchase a corresponding amount of Bonds as soon as
• reasonably possible upon such Bonds being put to the Remarketing Agent for remarketing. In the
event it is not possible to acquire Bonds in this manner within a reasonable time period, the President
and Secretary-Treasurer are hereby authorized to provide a notice of redemption to the Trustee and
the Trustee shall be directed to redeem a corresponding amount of Bonds all in accordance with the
terms of the Trust Indenture.
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 South Bend Redevelopment Authority held on March
16, 1998, Room 1308, County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601.
ATTEST:
SOUTH BEND REDEVELOPMENT AUTHORITY
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By:
President
Secretary-Treasurer
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