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HomeMy WebLinkAbout2003-12-17 Resolution 154RESOLUTION NO. 154 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY APPROVING THE REDEMPTION OF CERTAIN SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS, APPROVING AND AUTHORIZING THE EXECUTION OF ESCROW DEPOSIT AGREEMENTS, AND CERTAIN OTHER MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been created pursuant to Indiana Code § 36-7-14.5 (the "Act") as a separate body, corporate and politic, and as an instrumentality of the City of South Bend, Indiana (the "City"), to finance local public improvements for lease to the South Bend Redevelopment Commission (the • "Commission"); and WHEREAS, the Authority previously entered into a lease with the Commission dated August 1, 1990 (the "Lease") which permitted the Authority (i) to issue bonds payable from such lease rentals, the proceeds of which were used for the purpose of financing the acquisition of land and construction of certain public improvements in the Airport Economic Development Area (the "Area") (the "Project"), and (ii) to lease the Project to the Commission; and WHEREAS, the Authority has previously issued its Redevelopment Authority Taxable Lease Rental Acquisition and Refunding Revenue Bonds of 1993 dated July 1, 1993, in the original aggregate principal amount of Four Million Nine Hundred and Five Thousand and 00/100 Dollars ($4,905,000.00) (the "1993 Bonds") for the purpose of financing certain • SBIMANI 168062v1 ~-- • additional local public improvements and refunding bonds previously issued by the Authority; and WHEREAS, the Authority has previously issued its Lease Rental Revenue Refunding Bonds of 1997 (Airport Economic Development Area Public Improvement Project) dated January 15, 1997, in the original aggregate principal amount of Two Million Five Hundred Forty Thousand and 00/100 Dollars ($2,540,000.00) (the "1997 Bonds" and with the 1993 Bonds, the "Prior Bonds") for the purpose of financing certain additional local public improvements and refunding bonds previously issued by the Authority; and WHEREAS, Section 14 of the Lease grants the Commission the right and option to purchase the Project (the "Option") at a price equal to the amount required to redeem the outstanding Prior Bonds (the "Refunding"); and • WHEREAS, the Authority acknowledges and approves of the Commission's desire to exercise its Option and to authorize the expenditures of such funds available to the Commission to redeem on February 1, 2004 (the "Redemption Date") the outstanding Prior Bonds; and WHEREAS, the J.P. Morgan Trust Company, N. A. ("J.P. Morgan") currently serves as the Trustee of the 1993 Bonds, and Wells Fargo Bank Indiana, N. A. ("Wells Fargo") currently serves as the Trustee of the 1997 Bonds; and WHEREAS, there has been prepared and submitted to the Authority a form of Escrow Deposit Agreement dated as of December 1, 2003, among the Authority, the Commission, and J.P. Morgan (the "1993 Bonds Escrow Agreement"), which provides for J.P. Morgan to serve as escrow agent in connection with the refunding of the 1993 Bonds; and r: SBIMANI 168062v1 ' 2 f. r • WHEREAS, there has been prepared and submitted to the Authority a form of Escrow Deposit Agreement dated as of December 1, 2003, among the Authority, the Commission, and Wells Fargo (the "1997 Bonds Escrow Agreement"), which provides for the Wells Fargo to serve as escrow agent in connection with the refunding of the 1997 Bonds; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Authority as follows: 1. The 1993 Bonds Escrow Agreement is hereby approved in the form submitted to this meeting and the Vice-President of the Authority (the "Vice-President") and the Secretary-Treasurer of the Authority (the "Secretary-Treasurer") are authorized to execute and attest the 1993 Bonds Escrow Agreement with such changes as may be necessary or appropriate as determined by such officers, said officers' execution and attestation thereof to be conclusive • evidence of their approval of such changes. 2. The 1997 Bonds Escrow Agreement is hereby approved in the form submitted to this meeting and the Vice-President and the Secretary-Treasurer are authorized to execute and attest the 1997 Bonds Escrow Agreement with such changes as may be necessary or appropriate as determined by such officers, said officers' execution and attestation thereof to be conclusive evidence of their approval of such changes. 3. The Vice-President and the Secretary-Treasurer are, and each of them is, hereby authorized to take all such actions and to execute all such instruments as are necessary and desirable to complete the Refunding contemplated by this Resolution, in such forms as the Vice-President and the Secretary-Treasurer executing the same shall deem proper, to be evidenced by the execution thereof. • SBIMANl 168062v1 - 3 - • ADOPTED at a meeting of the South Bend Redevelopment Authority held on the 17th day of December, 2003, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana. SOUTH BEND REDEVELOPMENT AUTHORITY r~ LJ • ATTEST: r t,. Jose Alvarez, S c tary-Treasurer SBIMANI 168062v1 r_.:" ~,r Cleo Washington, Vice-President -4-