HomeMy WebLinkAbout1988-07-29 Resolution 12'.
Resolution No. 12
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY RATIFYING THE SELECTION OF A SUCCESSFUL BIDDER
• FOR THE COVELESKI STADIUM PROJECT BONDS. AND
RATIFYING THE TERMS OF THE BONDS
WHEREAS, .the South Bend Redevelopment Authority (the "Authority")
at a meeting on June 17, 1988, adopted Resolution No. 8, authorizing
the issuance of the "South Bend Redevelopment Authority .Lease Rental
Revenue Bonds (Coveleski Stadium Project)" (the "Bonds"), in an aggre-
gate amount of $5,685,000.00 pursuant to IC 36-7-14.5-19 to finance
the acquisition of a stadium facility known as the "Stanley Coveleski
Regional Stadium" (the "Stadium"), including the site therefor, and
to pay the costs of issuance of the Bonds; and
WHEREAS, a Notice of Intent to Sell $5,685,000.00 South Bend
Redevelopment Authority Lease Rental Revenue Bonds (Coveleski Stadium
Project) was published on July 1 and July 8 in the South Bend Tribune
• and the Tri-County News; and
WHEREAS, the Authority previously entered into a Lease between
the Authority and South Bend Redevelopment Commission dated as of
June 1, 1988 (the "Lease"), pursuant to which the Authority will
base the Stadium to the South Bend Redevelopment. Commission (the
"Commission"); and
WHEREAS, bids-were received on July 26, 1988, for the sale of the
Bonds for the purchase. of the Stadium; and
WHEREAS, the lowest and best bid was received from Bank One,
Indianapolis, N.A. ("Bank One"), as the. bidder offering the lowest
net interest cost to the Authority, determined by computing the total
interest on all of the Bonds from the .date thereof to their maturi-
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ties and deducting therefrom the premium bid, if any, or adding
thereto the amount of any dscolznt, if any, with a net interest rate
of 9.5682, which bid was accepted; and
WHEREAS, the Authority at said meeting ratified and confirmed the
award of the Bonds to Bank One as the successful bidder;
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
AUTHORITY, AS FOLLOWS:
1. The Authority hereby ratifies and approves the award of the
Bonds to Bank One in the amount of $5,685,000.00, at a price equal to
$5,631,561.00, such bonds to bear a net interest figure of 9.5682,
since said bid was the highest bid submitted in accordance with the
bond sale notice published in connection with the sale of the Bonds.
2. The officers of the Authority are hereby authorized to deli-
ver said .Bonds when executed to First Interstate Bank of Northern
• Indiana, N.A., as Trustee, for delivery to the successful bidder.
3. This resolution shall be in full force and effect after its
adoption by the Authority.
ADOPTED at a meeting of the South Bend Redevelopment Authority
held on July 29, 1988, at the office of the Authority, 1200 County-
City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601, this 29th day of July, 1988.
SOUTH BEND REDEVELOPMENT AUTHORITY
,~'
By . ~~.
ATTEST: Thomas Va ga, Jr., President
Chris Davey, Secretary
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