HomeMy WebLinkAbout1997-02-05 Resolution 112~~
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RESOLUTION NO. 1~~_
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY AMENDING RESOLUTION N0.107 AUTHORIZING
THE ISSUANCE OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY LEASE RENTAL REVENUE REFUNDING BONDS
AND OTHER RELATED MATTERS
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 adopted Resolution No. 107 on March 13, 1996 (the
"Bond Resolution"), to (i) issue bonds in the aggregate principal amount not to exceed Six
Million and 00/100 Dollars ($6,000,000.00) pursuant to I.C. 36-7-14.5-19 and I.C. 5-1-5 to be
known as the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds,
Series 1996 A (South Bend Central Development Area Public Improvement Project)" (the "Series
1996 A Bonds"), for the purposes of refunding the South Bend Redevelopment Authority Lease
Rental Revenue Bonds (South Bend Central Economic Development Area Public Improvement
Project) (the "1990 Bonds") issued in 1990 to pay the costs of acquiring certain land and
constructing certain public improvements located in the South Bend Central Economic
Development Area (the "Central Project") and paying the costs of issuance of the Series 1996 A
Bonds and (ii) issue bonds in the aggregate principal amount not to exceed Three Million and
00/100 Dollars ($3,000,000.00) pursuant to I.C. 36-7-14.5-19 and I.C. 5-1-5 to be known as the
"South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series 1996 B
Ai ort Economic Develo ment Area Public Im rovement Project)" (the "Series 1996 B Bonds")
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refunding the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport
Economic Development Area Public Improvement Project) (the "1991 Bonds") issued in 1991
to pay the costs of acquiring certain land and constructing certain public improvements located
in the Airport Economic Development Area (the "Airport Project") and paying the costs of
issuance of the Series 1996 B Bonds; and
WHEREAS, the Authority issued $3,790,000 aggregate principal amount of Series
1996 A Bonds on September 26, 1996; and
WHEREAS, the Authority did not issue the Series 1996 B Bonds in 1996 and has
determined to proceed with the issuance of refunding bonds in 1997 to advance refund the 1991
Bonds and desires to amend certain of the provisions contained in the Bond Resolution to provide
for the issuance of the Series 1996 B Bonds in 1997; and
• NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Authority as follows:
Section 1. The Authority hereby amends the Bond Resolution to provide for the
issuance of bonds to advance refund the 1991 Bonds with said bonds to be known as the "South
Bend Redevelopment Authority Lease Rental Revenue Bonds of 1997 (Airport Economic
Development Area Public Improvement Project) (the "Bonds") with said Bonds being issued in
an aggregate principal amount not to exceed Two Million Five Hundred Forty Thousand and
00/100 Dollars ($2,540,000.00).
Section 2. The Authority hereby ratifies and approves the execution of a Bond
Purchase Contract (the "Contract") providing for the sale of the Bonds to City Securities
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interest at rates referred to in the Contract and upon the terms and conditions contained therein.
Section 3. The Authority hereby approves of any and all changes to the form of the
Bonds, the Escrow Agreement and the Trust Agreement previously approved by the Authority
in the Bond Resolution which may be made necessary as a result of the Bonds being issued in
1997.
Section 4. The President, Vice President, and Secretary-Treasurer of this Authority
and each of them is hereby authorized to take all such actions and to execute all such instruments
as are desirable to carry out the transactions contemplated by this Resolution, and the Bond
Resolution in such forms as the President, Vice President and Secretary-Treasurer executing the
same shall deem proper, to be evidenced by the execution thereof.
• Section 5. The provisions of the Bond Resolution, this Resolution and the Trust
Agreement shall constitute a contract between the Issuer and the holders of the Bonds, and, after
the issuance of the Bonds, this Resolution shall not be repealed or amended in any respect which
would adversely affect the rights of such holders so long as the Bonds or the interest thereon
remains unpaid.
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Adopted at a meeting of the Authority held orr February ~ 1997, at 1308
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County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND REDEVELOPMENT
AUTHORITY
By:
President
ATTEST:
Sec etary-Treas er
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