HomeMy WebLinkAbout1996-09-20 Resolution 1096'" l
RESOLUTION NO.
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
AUTHORIZING SUCH ACTIONS AS MAY BE NECESSARY FOR THE
SUBSTITUTION AND REPLACEMENT OF THE CREDIT FACILITY FOR
THE SOUTH BEND REDEVELOPMENT AUTHORITY VARIABLE RATE
DEMAND LEASE RENTAL REVENUE BONDS OF 1994 (COLLEGE
FOOTBALL HALL OF FAME PROJECT)
WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been
created pursuant to I.C. 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 previously issued its bonds pursuant to I.C.
36-7-14.5-19 said bonds being known as the "South Bend Redevelopment Authority Variable Rate
Demand Lease Rental Revenue Bonds of 1994 (College Football Hall of Fame Project)" (the
"Bonds"), the proceeds of which were used to finance the costs of: (i) constructing the College
Football Hall of Fame and (ii) issuing of the Bonds (the "Project"); and
WHEREAS, the Bonds were issued pursuant to and secured by a Trust Agreement
entered into by and between the Authority and Norwest Bank Indiana, N.A., as trustee, dated as
of June 1, 1994 (the "Trust Agreement"); and
WHEREAS, the Authority entered into a Letter of Credit and Reimbursement
Agreement with the Commission and The Fuji Bank, Limited, New York Branch ("Fuji"), dated
as of June 1, 1994 (the "Credit Agreement"), in order to induce the Bank to issue its direct-pay
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irrevocable Letter of Credit, dated July 1, 1994 (the "Letter of Credit"), to provide credit
• enhancement and liquidity support for the Bonds; and
WHEREAS, the Section 406(h) of the Trust Agreement permits the Authority to
substitute the Letter of Credit with an alternate letter of credit upon fulfilling certain conditions
stated therein; and
WHEREAS, the substitution of the Letter of Credit with an alternate letter of credit
issued by Landesbank will result in a debt service savings to the Authority because of the
stronger credit rating of Landesbank; and
WHEREAS, the Authority desires to authorize such actions as may be necessary,
including without limitation, the execution of a letter of credit and reimbursement agreement with
the Commission and Landesbank, to provide for the issuance of an alternate letter of credit by
Landesbank;
NOW, THEREFORE, BE IT RESOLVED, by this .South Bend Redevelopment
Authority as follows:
Section 1. The President or Vice-President and Secretary-Treasurer are
authorized to approve and execute and attest, respectively, on behalf of the Authority a letter of
credit and reimbursement agreement with Landesbank in form and substance acceptable to the
President or Vice-President and Secretary-Treasurer with said officers' execution and attestation
to be conclusive evidence of their approval. The President or Vice-President and Secretary-
Treasurer are further authorized to enter into such certificates or take such other actions as may
be necessary to effect the replacement and substitution of the Letter of Credit with an alternate
letter of credit issued by Landesbank.
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Section 2. 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
September ~U'~,~ 1996, at 1308 County-City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT AUTHORITY
W a ~ r
By, t,(~
seph . .Wroblewski, President
ATTEST:
M O. Ferlic Secretary- reasurer
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