HomeMy WebLinkAbout1991-03-08 Resolution 37
RESOLUTION NO 37
• RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
APPROVING AN ADDENDUM TO THE OFFICIAL STATEMENT RELATING
TO THE ISSUANCE OF THE
SOUTH BEND REDEVELOPMENT AUTHORITY
LEA88 RENTAL REVENUE BONDS (AIRPORT ECONOMIC
DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT)
AND AIITHORIZING DISTRIBUTION OF INFORMATION
WHEREAS, the South Bend Redevelopment Authority (the
"Authority") at a meeting on December 17, 1990 adopted Resolution
No. 27 authorizing the issuance and sale of bonds to be known as
the "South Bend Redevelopment Authority Lease Rental Revenue Bonds
(Airport Economic Development Area Public Improvement Project)"
(the "Bonds") pursuant to IC 36-7-14.5 et sea•, in the aggregate
principal sum of Two Million Three Hundred Fifty-Five Thousand
Dollars ($2,355,000), the proceeds of which are to be used to
finance certain land and public improvements and to pay the costs
of issuance of the Bonds.; and
WHEREAS , the Authority at a meeting on December 21, 19 9 0 ,
adopted Resolution No. 30 approving an Official Statement dated as
• of December 21, 1990 (the "Official Statement"), subsequently
printed and dated January 25, 1991, relating to the issuance of
the Bonds, which Official Statement was prepared by H.J. Umbaugh
& Associates, as financial advisors to the Authority; and
WHEREAS, Merrill Lynch & Company, as purchaser of the
Bonds (the "Purchaser"), reoffered certain of the Bonds to the
public at less than their par value, creating "original issue
discount"; and
WHEREAS, the Purchaser desires to amend the Official
Statement to provide disclosure language regarding the "original
issue discount."
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT AUTHORITY AS FOLLOWS:
1. The addendum to the Official Statement (the
"Addendum") is hereby approved in substantially the form presented
at this meeting (as attached hereto as Exhibit A) and H.J. Umbaugh
& Associates is hereby authorized and directed to cause to be
distributed such Addendum, with such changes as may be required
which are approved by the Authority' s legal counsel as H . J . Umbaugh
& Associates might recommend to describe adequately the Bonds and
information relating thereto. The Authority shall place a copy of
• such Addendum as presented to this meeting with the minutes of this
meeting.
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• 2. This Resolution shall be in full force and effect
from and upon compliance with the procedures required by law.
ADOPTED at a meeting of the Authority held on March 8,
1991, in the offices of the Authority, 1200 County-City Building,
227 West Jefferson Boulevard, .South Bend, Indiana 46601.
CITY OF SOUTH BEND REDEVELOPMENT
AUTHORITY
B ~~
Y
J eph Wroblewski, President
ATT ST:
Donald Fewell, Secretary-Treasurer
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