HomeMy WebLinkAbout2000-11-20 Resolution 144y
RESOLUTION NO. 144
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RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY APPROVING THE EXECUTION OF AN ADDENDUM TO
THE LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT
AUTHORITY AND THE SOUTH BEND REDEVELOPMENT
COMMISSION FOR THE COLLEGE FOOTBALL
HALL OF FAME PROJECT
WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been
created pursuant to IC 36-7-14.5 as a separate body, corporate and politic, and as an instrumentality
of the City of South Bend to finance local public improvements for lease to the South Bend
Redevelopment Commission (the "Commission"); and
• WHEREAS, the Authority has authorized the issuance of its lease rental revenue
refunding bonds in an aggregate principal amount not to exceed Fifteen Million Five Hundred
Thirty-five Thousand and 00/100 Dollars ($15,535,000.00) pursuantto IC 36-7-14.5-19 and IC 5-15
to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds
of 2000 (College Football Hall of Fame Project)" (the "Bonds"),the proceeds of which are to be used
to currently refund the South Bend Redevelopment Authority Variable Rate Demand Lease Rental
Revenue Bonds of 1994 (College Football Hall of Fame Project) (the "Refunded Bonds") issued by
the Authority in 1994, and to pay the costs of issuance of the Bonds; and
WHEREAS, the Authority previously entered into a lease between the Authority and
the Commission dated as of November 1,1993, as amended by an Addendum to Lease entered into
by the Authority and the Commission and dated as of June 3, 1994, and as further amended by an
• Addendum to Lease entered into by the Authority and the Commission and dated as of July 1,1994
(collectively, the "Lease"), pursuant to which the Authority leases to the Commission the local public
improvement known as the College Football Hall of Fame Project (the "Project"); and
WHEREAS, the Authority desires to approve and execute an addendum to the Lease
(the "Addendum") in the form presented to the Authority at this meeting, to adjust the lease rental
payments payable under the lease and make certain other changes to the Lease; and
WHEREAS, the Authority intends to send written notice of redemption (the "Notice
of Redemption") to Wells Fargo Bank Indiana, N.A., trustee of the Refunded Bonds (the "Trustee")
as required by Section 4.02 of the Trust Agreement dated as of November 1, 2000 between the
Authority and the Trustee (the "Refunded Bonds Trust Agreement");
NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Authority as follows:
• Section 1. The Addendum is hereby approved in the form presented to this meeting
and the President and Secretary-Treasurer are hereby authorized to execute and attest, respectively,
said Addendum. The Lease shall be amended as of the date (the "Deposit Date")when the Authority
deposits or causes to be deposited a portion of the proceeds derived from the sale of the Bonds-into
the Escrow Fund. The Deposit Date shall be recorded as an endorsement to the Addendum.
Section 2. The Authority hereby authorizes and directs the President of the Authority
to execute and deliver the Notice of Redemption to the Trustee on the Deposit Date.
Section 3. The Financial Advisor or the Trustee is each hereby authorized to enter
into a subscription agreement on behalf of the Authority for the purchase of the Treasury Securities
-State and Local Government Series to be deposited into the Escrow Fund for purposes of advance
refunding the Refunded Bonds.
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• Section 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
November 20, 2000, in Room 1308, County-City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
By:
ATTEST:
Jose arez, Secretary
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SOUTH BEND REDEVELOPMENT AUTHORITY