HomeMy WebLinkAbout1997-04-18 Resolution 113• RESOLUTION NO. 1 1 3
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY ESTABLISHING ITS INTENT TO ISSUE
REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE
BONDS .AND THAT CERTAIN PRELIMINARY COSTS BE
REIMBURSED FROM THE PROCEEDS OF SAID BONDS
WHEREAS, the South Bend Redevelopment Authority (the "Authority") intends
to issue its lease rental revenue bonds (the "Bonds") for the purpose of providing funds to
acquire, construct, renovate and equip the Morris Performing Arts Center which includes the
Morris Civic Center and certain portions of the Palais Royale facility located in South Bend,
Indiana (the "Project"); and
• WHEREAS, certain preliminary costs in financing the Project, have been or will
be incurred by or on behalf of the Authority and the South Bend Redevelopment Commission
(the "Commission") prior to the issuance and delivery of the Bonds; and
WHEREAS, the Authority reasonably expects to reimburse such preliminary costs
of the Project with proceeds of the Bonds; and
WHEREAS, the Authority expects that any such Bonds will be issued in an
aggregate principal amount not to exceed Thirteen Million Nine Hundred Thousand and 00/100
Dollars ($13,900,000.00); and
WHEREAS, the Authority desires to declare its official intent, pursuant to
I.C. 5-1-14-6(b) and §1.150-2 of the Treasury Regulations promulgated by the Internal Revenue
Service (the "Treasury Regulations"), that said preliminary costs be reimbursed from the proceeds
• of the Bonds;
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NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Authority as follows:
1. The Authority hereby establishes its intent to issue its Bonds pursuant to
I.C. 36-7-14.5 for the purpose of financing the Project, and the Authority hereby determines that
the aggregate principal amount of the Bonds will not exceed Thirteen Million Nine Hundred
Thousand and 00/100 Dollars ($13,900,000.00).
2. The Authority hereby declares its official intent, pursuant to
I.C. 5-1-14-6(b) and § 1.150-2 of the Treasury Regulations, that preliminary costs incurred by or
on behalf of the Authority and the Commission in financing the construction of the Project be
reimbursed from the proceeds of the Bonds.
3. This resolution shall be in full force and effect from and after its adoption
•
by the Authority.
ADOPTED at a meeting of the South Bend Redevelopment Authority held on
April 18, 1997, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend,
Indiana.
CITY OF SOUTH BEND
REDEVELOPMENT AUTHORITY
By:
ATTEST:
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Euge ad w i, Secretary-Treasurer
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Andre B. Gammage, resident
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