HomeMy WebLinkAbout1997-02-05 Resolution 111C`.
RESOLUTION NO. ~
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY APPROVING THE EXECUTION OF AN ADDENDUM
TO THE LEASE BETWEEN THE AUTHORITY AND THE SOUTH
BEND REDEVELOPMENT COMMISSION AND OTHER RELATED
MATTERS
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 intends to issue bonds in an aggregate principal amount
not to exceed of Two Million Five Hundred Forty Thousand and 00/100 Dollars ($2,540,000.00)
• pursuant to IC 36-7-14.5-19 to be known as the "South Bend Redevelopment Authority Lease
Rental Revenue Refunding Bonds of 1997 (Airport Economic Development Area Public
Improvement Project)" (the "Bonds"), the proceeds of which are to be used to refund the South
Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development
Area Public Improvement Project) issued by the Authority in 1991 (the "Prior Bonds"), 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 August 1, 1990, which Lease was amended by the Addendum
to Lease entered into between the Authority and the Commission and dated as of January 29,
1991 (collectively, the "Lease"), which Lease was heretofore approved by this Authority, and
pursuant to which the Authority leases to the Commission certain land and the public
improvements located thereon (the "Project"); and
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WHEREAS, the Authority desires to approve and execute an addendum to the
Lease (the "Addendum"), a copy of which has been presented to this meeting, reflecting lower
annual lease rental amounts; and
WHEREAS, the Authority intends to send written notice of redemption (the
"Notice of Redemption") to Mellon Bank, N.A., trustee of the Prior Bonds (the "Trustee") for the
Refunded Bonds as required by Section 4.02 of the trust agreement entered into by the Authority
and the Trustee and dated as of , 19 ;
NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Authority as follows:
Section 1. The Addendum is hereby approved and the President or Vice
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President and Secretary-Treasurer are hereby authorized to execute and attest 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 an
escrow fund (the "Escrow Fund") to be established by that certain Irrevocable Escrow Deposit
Agreement, such Agreement to be dated as of January 15, 1997, to reduce the annual rental
payments payable in semi-annual installments. 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. 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 Authority held on February ~ , 1997, in Room 1308,
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County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND
REDEVELOPMENT AUTHORITY
ATTEST:
Secr tart'-Tread •er
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By:
President
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