Loading...
HomeMy WebLinkAbout1990-03-02 Minutes • SOUTH BEND REDEVELOPMENT AUTHORITY SPECIAL MEETING March 2, 1990 10:30 a.m. Presiding: Joseph Wroblewski President 1200 County-City Building 227 W. Jefferson Boulevard South Bend, Indiana 46601 The March 2, 1990, Special Meeting of the Redevelopment Authority was called to order at 10:50 a.m. by its President, Joseph Wroblewski. 'T'here was a quorum present. 1. ROLL CALL Members Present: Legal Counsel: Redevelopment Staff: Media: 2. APPROVAL OF NENUTF~ Mr. Joseph Wroblewski, President Mr. Don Fewell, Vice President Mr. George McCullough, Secretary/Treasurer Ms. Carolyn Pfotenhauer Mrs. Ann Kolata, Director Mrs. Cheryl Phipps, Office Manager Mr. Don Porter, South Bend Tribune a. Approval of Minutes of the Special Meeting of Friday, February 16, 1990. Upon a motion by Mr. McCullough, seconded by Mr. Fewell and unanimously carried, the Authority approved the Minutes of the Special Meeting of Friday, February 16, 1990. 3. OLD BUSINESS a. Authority approval requested for Walkway Construction, Easement and Operating Agreement with Hathaway Inc. Mrs. Kolata asked that this item be continued indefinitely. There was no objection and. item 3.a. was continued until the next meeting. 4. NEW BUSINESS a. Authority approval requested for Resolution No. 18 approving an Official Statement relating to the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project, authorizing distribution of information, publication of Notice of Intent to Sell Bonds and other related matters. Mrs. Kolata explained that Resolution No. 18 approves the Official Statement, prepared by Springsted, Inc., our financial advisors for the bond issue, and authorizes them to make the Official Statement available to potential bidders -1- South Bend Redevelopment Authority Special Nieet].r1g -March 2, 1990 4. NEW BUSINESS (Cont.) a. continued... on the bored. The resolution also authorizes the publication of the Notice of Intent to Sell Bonds in the South Bend Tribune, the Tri-County News, the Indianapolis Ccarnnercial and the Indianapolis Star on March 2 and March 9, 1990. The resolution also acknowledges for the record that the Authority has accepted the assigrnnent of the engineering contracts and the execution of engineering contracts that were previously accepted. Mrs. Kolata explained that the Official Statement provides general information on the bond to potential bidders, outlines the terms of the bond, summarizes the projects to be funded by the bond, and requires that parties interested in bidding must notify Springsted by March 20th of their intent to bid. We are tentatively planning to hold the bond sale on March 27th, but that date will be set by the financial advisor and bond counsel after March 20th. Upon a motion by Mr. Fewell, seconded by Mr. McCullough and unanimously carried, the Authority approved Resolution No. 18 approving an Official Statement relating to the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project), authorizing distribution of information, publication of Notice of Intent to Sell Bonds and other related matters. 5. Ori1IEFt There was no other business, 6. ADJOURN' 'T'her'e being no further business to come before the Authority, Mr. McCullough made a motion that the meeting be adjourned. Mr. Fewell seconded the motion and the meeting was adjourned at 11:05 a.m. • Vl/ J ph Wroblewski, president ~~ ~ Arin E. Kolata, Director :~ -2- OFFICIAL STATEMENT DATED-MARCH 2, 1990 Rating: Requested from Moody's NEW ISSUE Investors Service, Inc. • In the opinion of Baker & Daniels, Indianapolis, Indiana, Bond Counsel, under existing law and assuming continuing compliance by the South Bend Redevelopment Authority with its tax covenants described herein, the interest on the Bonds is excludable from gross income for purposes of federal income taxation pursuant to Section 103 of the Infernal Revenue Code of 1986, as amended. In the opinion of Bond Counsel, interest on the Bonds is exempf from income taxation in the State of Indiana under existing law, except that such interest is included for the purpose of computing the adjusted gross income upon which the Indiana franchise tax on financial institutions is imposed. (See "Tax Matters" herein and Appendix 1 hereto.) $4,895,000 South Bend (Indiana) Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) Dated Date: First day of the month of Interest Due: Each February 1 and August 1, original delivery of the Bonds. commencing February 1, 1991 Anticipated Dated Date: April 1, 1990 The Bonds will mature February 1 as follows: 1996 $ 40,000 2002 $ 200,000 2008 $425,000 1997 $100,000 2003 $ 225,000 2009 $450,000 1998 $115,000 2004 $ 250,000 2010 $480,000 1999 $150,000 2005 $ 275,000 2011 $515,000 2000 $175,000 2006 $ 365,000 2012 $550,000 2001 $190,000 2007 $ 390,000 The South Bend Redevelopment Authority (the "Authority" or the "Issuer") may elect on February 1, 2002, and on any date thereafter, to prepay Bonds due on or after February 1, 2003 at a price of par and accrued interest. 1~ The Authority, created pursuant to I.C. 36-7-14.5, will sell Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) (the "Bonds") to finance certain land and public improvements within the South Bend Central Development Area. Pursuant to the Lease, the Authority will lease the improvements to the South Bend Redevelopment Commission (the "Commission"). The Bonds will be secured by a Trust Agreement between the Authority and the Trustee, First Interstate Bank of Northern Indiana, N.A., and will be issued pursuant to the terms and provisions of said Trust Agreement, the authorizing bond resolution, and in compliance with the provisions of I.C. 36-7-14.5. Said Bonds shall constitute an indebtedness only of the Authority, payable in accordance-with the terms of the Trust Agreement and secured by the Pledged Funds (as defined in the Trust Agreement). Funds for the payment of principal and interest on the Bonds will be provided by lease rental payments made by the Commission to the Trustee. Funds for the lease rental will be generated from unlimited ad valorem roe taxes assessed throughout the South Bend Redevelopment District (having the same boundaries as tfie ~ty~h en AitT-cough not pledged, the Commission expects to make certain tax increment revenues available for payment of the lease rental. Bidding requirements are set out in the "Notice of Intent To Sell" and "Summary Terms of Offering" contained in this Official Statement. The Bonds will not be bank-qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, and will not be subject to the alternative minimum tax for individuals. The Bonds will be issued in integral multiples of $5,000 as requested by the Purchaser, and will be fully registered as to principal and interest. The Trustee will serve as Registrar and Paying Agent. The Bonds will be delivered without cost to the Purchaser within 45 days following the date of their award. DEADLINE FOR BIDDERS TO NOTIFY OF INTENT TO BID: On or before March 20, 1990 (Tuesday) at 5:00 P.M., Eastern Standard Time (See "Notice of Intent to Sell" and "Summary Terms of Offering" herein.) ANTICIPATED BID OPENING AND AWARD: Time and date of bid opening will be by notification. Anticipated to be March 27, 1990 (Tuesday) at 12:00 Noon, Eastern Standard Time, at the • office of the South Bend Redevelopment Authority, 1200 County-City Building, South Bend, Indiana 46601 Further information may be obtained from SPRINGSTED SPRINGSTED Incorporated, Financial Advisor to the Issuer, 135 North Pennsylvania Street, Suite 2015, Indianapolis, IN 46204- PUBLIC FINANCE ADVISORS 2498 (317) 684-6000. TABLE OF CONTENTS Pa e s g ....................................................................................................... i-ui • Summary Terms of Offerin Notice of Intent to Sell ................................................................................................................ iv-xii Schedule of Bond Years ............................................................................................................ xui Introductory Statement .........................................................................:..................................... 1 Project Financing and Description ............................................................................................ 1-2 Security and Financing .............................................................................................................. 2-3 Authorization ..................................................................................................................:............ 3 Summary of Selected Provisions of the Lease ........................................................................ 4-5 Summary of Selected Provisions of the Trust Agreement :..........................................:.......... 5-7 Funds and Accounts Per the Trust Agreement ................................................................:....... 7-8 Funds and Accounts of the Commission Per Resolution No. 915 ......................................... 8 Risk Factors To Be Considered By Investors .................:.............................................:.......... 8-9 Procedures for Property Assessment, Tax Levy and Collection, and Tax Abatement ................................................................................................................. 9-10 Future Financing .....................................................:................................................................... 10 Rating .........................................................................:................................................................. 10-11 Litigation ...................................................................................................................................... 11 • Legality ........................................................................................................................................ 11 Tax Matters ...................................................................................:.............................................. 11-12 Not Qualified Tax-Exempt Obligations ...................................................................................... 12 Financial Advisor ..........................................................................:...............:.........:................... 12 Certification .......................................:......................................................................................... 12 Summary of Statistical Data (of the Redevelopment District) ................................................. 13 The City of South Bend .............................................................................................................. 14-18 General Information Concerning the City..........: ...........................:.:........................................ 18-23 Proposed Form of Legal Opinion .................................................................................... Appendix I The Bond Resolution ........................................................................................................ Appendix II The Lease (Not Including Certain Exhibits) .................................................................... Appendix III Excerpts from the Trust Agreement ................................................................................ Appendix IV Resolution No. 915 ........................................................................................................... Appendix V Cash Flow ......................................................................................................................... Appendix VI Annual Audited Financial Statements .............................:............................................... Appendix Vll Bid Forms .......................................................................................................................... Attached ANTICIPATED SALE DATE: Tuesday, March 27, 1990, Noon, Eastern Standard Time. • Place of Sale: Office of the South Bend Redevelopment Authority 1200 County-City Building South Bend, Indiana 46601 NOTICE BY BIDDERS OF INTENT TO BID: On or before 5:00 P.M. (EST), March 20,1990. Interested bidders must furnish in writing to the Authority c/o Mr. Richard Treptow, Springsted Incorporated, 135. North Pennsylvania Street, Suite 2015, Indianapolis, Indiana 46204- 2498, telephone (317) 684-6000, facsimile {317) 684-6004, the bidder's name, address, telephone number and (optional) telex (facsimile) number. Bidders will be notified at least 24 hours prior to the date and time of the sale. Type of Bid: A sealed bid for not less than $4,809,337 and accrued interest on the total principal amount of the Bonds shall be filed with the :Secretary-Treasurer of the Authority prior to the .time set for opening bids. (Bid Forms are included as part of the Official Statement.) Each bid must be accompanied by a certified or cashier's check in the amount of $48,950 made payable to 'The South Bend Redevelopment Authority." No conditional bid will be considered. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, not exceeding 8.5% per annum. Interest rates must be in ascending order. • Basis of Award: The Secretary-Treasurer of the Authority shall award the Bonds to the bidder offering the lowest net interest cost to the Authority, to be determined by computing the total interest on all of the Bonds from the date thereof to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of the discount, if any. Interest will be computed on the basis of a 360- day year of twelve, 30-day months and will be rounded pursuant to the rules of the MSRB. The Secretary-Treasurer shall have full right to reject any and all bids. In the event no acceptable bid is received at the sale, then the sale may be continued from day-to- day for a period not to exceed 30 days without re-advertising. Settlement Date: The Bonds will be delivered within 45 days following the date of the award. At the time of delivery, the approving opinion of Baker & Daniels, bond counsel, of Indianapolis, Indiana, will be furnished to the successful bidder. Official Statement: The Issuer has authorized the preparation of this Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as an Official Statement "deemed final" as of the date of the Official Statement by the Issuer as required by -Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the Issuer, • Springsted Incorporated, 135 North Pennsylvania Street, Suite 2015, Indianapolis, Indiana 46204-2498, (317) 684-6000. NOTICE OF INTENT TO SELL $4,895,000 • SOUTH BEND (INDIANA) REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS (SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT) Upon not less than twenty-four (24) hours' notice given by telephone by or on behalf of the South Bend Redevelopment Authority (the "Authority") prior to the sale date. anticipated to be March 27, 1990, the Secretary-Treasurer of the Authority will receive in the office of the Authority, .1200 County-City Building, South Bend, Indiana, and consider sealed bids for the purchase of the lease rental revenue bonds of the Authority designated as "South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public • Improvement Project)" (the "Bonds"), in the aggregate principal amount of Four Million Eight Hundred Ninety-Five Thousand Dollars ($4,895,000), bearing interest at a rate or rates not exceeding eight and one-half percent (8.5%) per annum (the exact rate or rates to be determined by bidding), which interest shall be payable on February 1, 1991, and semiannually thereafter on August 1 and February 1 of each year. The Bonds will be issued in fully registered form in the denominations of $5,000 or an integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing in any year, will be originally dated as of the first day of the month in which they are originally delivered (anticipated to be April 1, 1990), will. be numbered consecutively, and will mature serially on February 1 in • the years and amounts as follows: -iv- the terms and conditions of the Trust Agreement dated as of the first day of November, 1989 (the "Trust Agreement"), pursuant to which the Bonds are being issued. Any person interested in submitting a bid for the Bonds must furnish in writing to the Authority, c/o Mr. Richard Treptow, Springsted Incorporated, 135 North Pennsylvania, .Suite. 2015, Indianapolis, Indiana 462.04-2498, telephone (317) 684-6000, on or before 5:00 p.m. (EST), March 20, 1990, the person's name, address and telephone number. The person may also furnish a telex number.. The undersigned Secretary-Treasurer will cause each person so registered to be notified of the date and time bids will be received not less than 24 hours before the date and time of sale. The notification shall be made by telephone at the number furnished by such person and also by telex if a telex number has been furnished. • Each bid must be for all of the Bonds and must state the rate or rates of interest therefor, not exceeding eight and one-half percent (8.5%) per annum. All bids for the Bonds shall be sealed in an envelope marked "Bid for South Bend Redevelopment. Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project)", and shall be presented to the Secretary-Treasurer at the principal office of the Authority, and the Secretary-Treasurer shall continue to receive all bids offered until the hour fixed for the sale of the Bonds, at which time and place he shall open and consider each bid. Bidders. for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, not exceeding eight and one-half. percent (8.50) per annum. The interest rate • - vi - is insured by the Federal Deposit Insurance Corporation and made. • payable to "The South Bend Redevelopment Authority," to be held as a guarantee of the good faith of the bidder. In the event the bidder to whom said Bonds are awarded shall fail or refuse to comply with the provisions of the bid and this notice, such check and the proceeds thereof shall become the property of the Authority and shall be taken and considered as liquidated damages of the Authority on account of .such failure or refusal. The checks of unsuccessful bidders will be returned immediately following the award of the Bonds. The successful bidder will be required to make payment for the. Bonds in Federal Reserve or other immediately available funds and accept delivery of the. Bonds within five (5) days after being notified. that the Bonds are ready for delivery, at a bank designated by the Authority. Any premium bid and accrued • id in cash at the time of delivery as a part interest must be pa of the purchase price for the Bonds. .The Bonds will be ready for delivery within forty-five (45) days after the date on which the award is made, and if not deliverable within that period, the successful bidder will be entitled to rescind the sale and the good faith deposit will be returned. Any notice of rescission.. must be in writing. At the request of the Authority, the successful bidder shall furnish to the Authority, before delivery of the Bonds, a certificate in form. satisfactory. to the Authority as to the initial public offering price of the Bonds. It is anticipated that CUSIP identification numbers will be printed on the Bonds (at the expense of the Purchaser), but neither the failure to print such numbers on any Bonds nor any • -viii - "Commission"). All actions have been taken in compliance with • the provisions of IC 36-7-14 and IC 36-7-14.5. The Bonds will be secured by the Trust Agreement, and the Bonds will be issued pursuant to the terms and provisions of said Trust Agreement and a resolution of the Authority entitled "Resolution of the South Bend Redevelopment Authority Authorizing the Issuance of the South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project)" (the "Bond Resolution"). The property referred to in the Trust Agreement has been leased for a period of twenty-two (22) years to the Commission at the rental amounts set forth in such lease, payable on such dates and subject to the terms as set forth in the lease. The funds for the payment of the lease rental will be generated by the • Redevelopment District of the City of South Bend from unlimited ad valorem property taxes assessed throughout said District. After the sale of the Bonds, the annual rental shall be reduced as set forth in the lease, and the term of the lease may also be shortened as described in the Official Statement. All bidders shall be deemed to be advised as to the provisions of the above-mentioned Trust Agreement, Bonds Resolution and lease and the provisions of the aforesaid Indiana Code. The Bonds constitute an indebtedness only of the Authority, payable in accordance with the terms of the above- mentioned Trust Agreement and Bond Resolution and the provisions of the aforesaid Indiana Code. • -x- thereby that if its bid is accepted by the Authority (i) it shall accept such designation and (ii) it shall enter into a • i with all Participating Underwriters of contractual relationsh p the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. If bids are submitted by mail, they should be addressed to the Authority, attention of George McCullough, Secretary- Treasurer, South Bend Redevelopment Authority,- 1200 County-City Building, South Bend, Indiana 46601. Dated this 2nd of March, 1990. SOUTH BEND REDEVELOPMENT AUTHORITY By: George McCullough, Secretary-Treasurer • • - xii - OFFICIAL STATEMENT • $4,895,000 SOUTH BEND (INDIANA) REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS (SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT) Introductory Statement This Official Statement contains information pertaining to the issuance of $4,895,000 Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) (the "Bonds" or the "Issue") by the South Bend Redevelopment Authority (the "Authority") in accordance with I.C. 36-7-14.5, pursuant to the authorizing Bond Resolution and the terms and conditions of the Trust Agreement. The Bonds are to be issued under and secured by a Trust Agreement dated as of November 1, 1989 between the Authority and First Interstate Bank of Northern Indiana, N.A. (the "Trustee"). The Authority will sell the Bonds to finance land and public improvements in the South Bend Central Development Area. The Authority will lease the improvements to the South Bend Redevelopment Commission (the "Commission") pursuant to a Lease dated as of November 1, 1989 (to be further amended prior to bond closing as described in certain sections of this Official Statement). The Bonds shall constitute an indebtedness only of the Authority payable in accordance with the terms of the Trust Agreement and secured by the Pledged Funds (as defined in the Trust Agreement) and all pledges, assigns and covenants made therein. Funds for the payment of • principal and interest on the Bonds will be provided by lease rental payments made by the Commission to the Trustee. Funds for the lease rental will be generated from unlimited ad valorem roe taxes assessed throughout the South Bend Redevelopment District (the "District") (having the same boundaries as the City of South Bend). Although not pledged, the Commission expects to make certain tax increment revenues available for payment of the lease rental Lease rental payments are subject to certain conditions regarding commencement and abatement as more fully described in the section entitled "Risk Factors to be Considered by Investors" contained in this Official Statement. Project Financing and Description Land Acquisition and Public Improvements $3,852,360 Capitalized Interest 873,783 Issuance Costs 175,000 Allowance for Underwriter Discount 85.663 Subtotal $4,986,806 Less: Estimated Interest Earnings 91 806) Total Bond Issue $4,895,000 Bond proceeds will be used for the acquisition of certain land and the construction of new improvements, the incidental costs incurred relating thereto, and to pay the costs of issuance. • The real estate to be acquired (including all right-of-way easements) and improvements to be made thereon (hereinafter referred to as the "Improvements" or the "Public Improvement Projects") and corresponding legal descriptions are more fully described in Exhibit C of the -1- The Commission intends to reduce tax levies to the extent funds are available from surplus tax increment revenues received from the South Bend Central Development Area. Sufficient funds • are projected to be available to make -all lease rental payments as demonstrated in the Cash Flow in Appendix VI of this Official Statement. However, the Commission's taxing power will be required to make any lease rental payments in the event the revenues are insufficient to meet required lease payments. Prior to commencement of lease payments, interest due on the Bonds will be payable from capitalized interest to the extent available. Under the Lease as will be amended, the lease rental will commence upon the completion of the Improvements or January 31, 1993, whichever is later. After completion, if the Improvements should ever be substantially or totally destroyed, the lease rental shall be abated during the period in which the Improvements are unfit for their intended use. In such a case, rental value insurance will be available to make lease rental payments due during this time for a period up to two years. If restoration of the Improvements is not completed (as allowed under certain conditions specified in Section 5 of the Lease), the Authority will use insurance proceeds to redeem all of the outstanding Bonds. With regard to the commencement and abatement of lease rental payments,. as described in the preceding paragraphs, refer also to the section entitled "Risk Factors to be Considered by Investors" contained in this Official Statement and the Lease in .Appendix III of this Official Statement. Authorization The Authority, a body corporate and politic, duly organized and existing under the provisions of I.C. 36-7-14.5, was created for the purpose of financing local public improvements for lease to the Commission. The Authority is comprised of three members appointed by the Mayor. Current members of the Authority are listed below: Joseph W. Wroblewski, President Donald K. Fewell, Vice President George W. McCullough, Jr., Secretary-Treasurer On February 16, 1990, the Authority adopted a "Resolution of the South Bend Redevelopment Authority Authorizing the Issuance of the South Bend Redevelopment Authority .Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project)" (the "Bond Resolution") which authorized the issuance of the Bonds to finance the Improvements and related issuance costs. The Bond Resolution is contained in Appendix II of this Official Statement. The Lease dated as of November 1, 1989 authorizes the lease of the Improvements to the Commission and obligates the Commission to make lease rental payments to the Authority (except as provided therein) as well as pay all taxes, insurance and maintenance costs related to the Improvements. The Trust Agreement, dated as of November 1, 1989 between the Authority and the Trustee, provides the security to the bondholders. In the Trust Agreement, the Authority pledges the Pledged. Funds to the repayment of the Bonds and covenants therein to maintain insurance and to pay taxes and other charges related to the Improvements. Summaries of the Lease and the Trust Agreement are provided in the following two sections of this Official Statement. The Lease (not including certain Exhibits) and excerpts from the Trust Agreement are provided in Appendices III and IV of this Official Statement. • -3- The Commission covenants that it shall not encumber or permit any encumbrances on the Improvements, except for certain Permitted Encumbrances, nor shall it sublet the • Improvements or assign the Lease without the consent of the Authority. The Commission covenants that it will not take any action or fail to take any action which would result in the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"). The Commission further covenants that it will not make any investment or do any other act which would cause any Bond to be an "arbitrage Bond" within the meaning of Section 148 of the Code. The Authority grants the Commission the right and option, on any rental payment date, upon 30 days written notice, to purchase the Improvements at a price that will enable the Authority to redeem all outstanding Bonds and pay certain related costs. If the Commission has not already exercised its purchase option at the end of the term of the Lease and upon the full discharge of all obligations pertaining thereto, the Authority will convey all of its interest in the Improvements to the Commission. If, during the term of the Lease, the Commission (a) defaults in the payment of rentals or other sums payable to the Authority, (b) fails to comply with the .terms of the Lease, or (c) defaults in the observance of any other covenants or agreements, and such default under (c) continues for 90 days after written notice to correct such a default, the Authority may proceed to protect and enforce its rights, either at law or in equity, by suit, action, mandamus or other proceedings, whether for specific performance of any covenant or agreement or for the enforcement of any other appropriate legal or equitable remedy. For greater detail please refer to the Lease (not including certain Exhibits) provided in Appendix III of this Official Statement. • Summary of Selected Provisions of the Trust Agreement A Trust Agreement is to be executed between the Authority and First Interstate Bank of Northern Indiana, N.A., the Trustee, in which Agreement the Authority pledges and assigns the Lease and the Pledged Funds (as defined in Appendix IV of this Official Statement) to the Trustee. The Trust Agreement creates a continuing pledge by the Authority to the bondholders to pay the debt service on all Bonds from the Pledged Funds until the principal sum is fully paid. The Authority additionally pledges to keep and perform all covenants and conditions pursuant to the terms of the Trust Agreement. The Authority covenants that it has and will preserve its interest in all property to be leased, subject only to Permitted Encumbrances as defined in the Lease. The Authority covenants that all lawful taxes, charges, and assessments levied upon the Improvements will be paid and that the Improvements will be operated and maintained in good repair, working order and condition. Under the Lease, the Commission is obligated to actually pay, as its expense, all costs of taxes and assessments, and maintenance and use related to the Improvements. If the Authority, via the Commission, fails to pay any tax, assessment, or other charge, the Trustee may pay such charges which shall constitute an additional indebtedness of the Authority secured by the lien of the Trust Agreement, prior and paramount to the lien of the Bonds and interest thereon. For any such charges paid by the Trustee, the Authority will pay interest to the Trustee at the highest rate of interest on any of the Bonds when sold. The Authority covenants that it will not take any action or fail to take any action with respect to the Bonds that would result in the loss of the exclusion from gross income for federal tax • purposes of interest on the Bonds pursuant to Section 103(a) of the Code. The Authority further covenants that it will not make any investment of Bond proceeds or do any other act which would cause any Bond to be classified as an "arbitrage Bond" within the meaning of -5- If any of the "events of default" (as defined in Article VII, Section 7.01 of the Trust Agreement) occurs, the Trustee may, upon request of the holders of 25% of the then outstanding Bonds, by • notice in writing to the Authority, declare the outstanding principal and interest immediately due and payable, subject to the right of the holders of a majority of the outstanding Bonds, by written notice to the Authority and Trustee, to annul each declaration at any time if the defaults have been cured. In the case of an event of default, the Trustee may protect its and the bondholders' rights. by suit or by suits in equity or at law in any court of competent jurisdiction whether for specific performance of any covenant or for the enforcement of any other appropriate legal or equitable remedy. Each and every such remedy will be cumulative. The Authority covenants that whenever there are sufficient funds held by the Trustee to pay principal, redemption premiums and interest to the next interest .payment date on all outstanding Bonds, it will direct the Trustee to call all outstanding. Bonds for redemption. A summary of the funds and accounts established in the Trust Agreement is provided in the following section of this Official Statement. Excerpts from the Trust Agreement are found in Appendix IV of this Official Statement. Persons interested in obtaining the .full Trust Agreement may request a copy from Parker & Jaicomo, Attn: Richard L. Hill, Esq., First Bank Building, 205 West Jefferson, South Bend, Indiana, 46601, (219) 234-4149. Funds and Accounts Per the Trust Agreement • The Trust Agreement establishes the following funds and accounts. (This information is presented in summary form. For greater detail, please refer to Appendix IV.) South Bend Redevelopment Authority South Bend Central Development Area Public Improvement Project Construction Fund. The construction fund shall consist of the following accounts: Bond Interest Account and Construction Account. Bond Interest Account. The Trustee shall deposit into this .Account the accrued interest, unused discount, and an amount from the Bond proceeds which when added thereto is equal to the interest on the Bonds. through August 1, 1992, plus $60,000. (The Trust Agreement currently provides for interest to be capitalized through August 1, 1991; however, the final form of the Trust Agreement, to be executed between the Authority and the Trustee after the sale of the Bonds and prior to bond closing, will provide for this larger amount of capitalized interest.) The Trustee shall pay from this Account the interest accruing on all obligations of the Authority until the filing of the Affidavit of Completion. Upon the filing of such Affidavit, the Trustee may. transfer to the Sinking Fund the amount needed to pay principal and interest on the Bonds to the extent the lease rental will be insufficient. The balance remaining in the Bond Interest Account will be transferred to the Construction Account. Construction Account. All Bond proceeds not required to be deposited in another account shall be deposited in the Construction Account to pay all direct and related costs of construction, costs of real estate acquisition and equipment acquisition, the required audit expense, and all costs relating to issuance of the Bonds. After the filing of the Affidavit of Completion, the Trustee shall hold in this Account 150% of the amount of any disputed claims of contractors and work to be repaired and transfer the remainder to the Sinking Fund. Any balance remaining after payment of all disputed claims shall be transferred to the Sinking Fund. • -7- 2. In reference to the risk described in number 1 above,. in the event there is excessive delay in completion of the Improvements so as to be delayed beyond • January 31, 1993 sufficient revenues may not be available to meet the interest payment due on August 1, 1993 and subsequent interest and principal payments. 3. In the event the Improvements should ever be totally or substantially destroyed, the lease rental shall be abated during the period in which the Improvements are unfit for their intended use. However, rental value insurance wilt be available to make Bond payments during the time the lease rental is abated, for a period of up to two years. If either (i) the cost of reconstruction of the Improvements would exceed the amount of insurance proceeds or (ii) such reconstruction cannot be completed within the period of time covered by rental value insurance, the insurance proceeds will be applied to the redemption of all outstanding Bonds and the full discharge of .all obligations pertaining thereto, 4. No provision has been made either for redemption of the Bonds or for an increase in the interest rate on the Bonds in the event that interest on the Bonds becomes subject to income taxation. 5. In the event of delayed billing, collection, or distribution of property taxes by the county auditor, sufficient funds may not be available to the Commission in time to make lease rental payments when due. Procedures for Property Assessment, Tax Levy and Collection, and Tax Abatement Real Property in the State is assessed each year as of March I. On or before August I each • year, the County Auditor must submit to each underlying unit a statement of (i) the estimated assessed value of the unit as of March I of that year, and (ii) an estimate of the taxes to be distributed to the unit during the last six months of the current budget year. The estimated assessed value is based on abstracts delivered to the Auditor by the Township Assessor on or before July 15. The estimated value is used when the Common Council meets to establish its budget for the next fiscal year (January I through December 31), and to set tax rates and levies. By statute, this must be done not later than the last Monday in August. The budget, tax levy and tax rate is subject to review and revision by the State Board of Tax Commissioners. On or before December 31, the County Auditor prepares and delivers the final abstract. The County Treasurer mails tax statements the following April. Property taxes are due and payable to the County Treasurer in two installments on May 10 and November 10. If an installment of taxes is not completely paid on or before the due date, a penalty of 10°~ of the amount delinquent is added to the amount due. On May 10 and November 10 of each year thereafter, an additional penalty equal to 10% of any taxes remaining unpaid is added. The penalties are imposed only on the principal amount of the delinquency. Property becomes subject to tax sale procedures after 15 months of delinquency. Pursuant to State law, real property is valued for assessment purposes at its 'True Tax Value" as defined in rules and regulations promulgated by the State Tax Board. 'True Tax Value" does not mean fair market value. Beginning with property assessed in 1989 for taxes payable in 1990, the True Tax Value will be determined on the basis of property replacement cost which is based on actual material and labor costs prevalent in the State of Indiana in 1985. (Prior True Tax Value [from 1979 through 1988] had been based on 1975 replacement costs.) The local • assessor may subtract from the replacement value, an amount for normal depreciation, as provided in the regulations, as well as amounts for functional or economic obsolescence, as -9- so warrant. A revision or withdrawal of the rating may have an adverse effect on the market price of the Bonds. • Litigation Neither the Authority nor the Commission is aware of any threatened or pending litigation affecting either the validity of the Issue or the ability of the Authority and. the Commission to meet their financial obligations. Legality The Bonds are subject to approval as to certain matters by Baker & Daniels, Indianapolis, Indiana, as Bond Counsel. Bond Counsel has not participated in the preparation of this Official Statement and will not pass upon its accuracy, completeness, or sufficiency. Bond Counsel has -not examined nor attempted to examine or verify, any of the financial or statistical statements, or data contained in this Official Statement, and will express no opinion with respect thereto. A legal opinion in substantially the form set out in Appendix I herein will be delivered at closing. Tax Matters In the opinion of Baker & Daniels, Indianapolis, Indiana, Bond Counsel, under law existing and in effect on the date of such opinion, and assuming continuing compliance by the Authority with its Tax Covenants (as hereinafter defined), the interest on the Bonds is excludable from gross income for purposes of Federal income taxation pursuant to Section 103 of the Code as • in effect on the date of delivery of the Bonds. In the opinion of Bond Counsel, interest on the Bonds is exempt from income taxation in the State of Indiana under existing law, except that such interest is included for the purpose of computing the adjusted gross income upon which the Indiana franchise tax on financial institutions is imposed. The form of opinion that Bond Counsel proposes to render upon the delivery of the Bonds is attached to this Official Statement as Appendix I. As amended by the Tax Reform Act of 1986, the Code prescribes a number of qualifications and conditions, including continuing issuer compliance, for the interest on state and local government obligations to be and remain excludable from gross income for federal income tax purposes. Under the Trust Agreement, the Authority has made certain covenants (the 'Tax ~~ Covenants) not to take any action or to fail to take any action with respect to the proceeds of the Bonds or any investment earnings thereon which would result in constituting the Bonds as "arbitrage bonds" under the Code or would otherwise cause the interest on the Bonds to cease to be excludable from gross income for purposes of Federal income taxation. The Authority shall comply with the arbitrage rebate requirements under Section 148 of the Code to the extent applicable. Noncompliance with the foregoing Tax Covenants may cause the interest on the Bonds to be includable in gross income for federal income tax purposes retroactively to the date of issuance of the Bonds. Further, even assuming compliance by the Authority with its Tax Covenants, certain provisions of the Code may affect certain owners of the Bonds. The Code imposes alternative minimum taxation on corporations (as defined for Federal income tax purposes) and individuals. The Bonds are not "private activity bonds" for the purpose of treatment of interest thereon as a direct preference item in calculating the alternative minimum tax. However, for corporations (as • defined for federal income tax purposes) in tax years beginning after 1986 and before 1990, the alternative minimum tax is determined under the Code at 20% of each corporation's alternative minimum taxable income. Such alternative minimum taxable income includes 50% of the -11 - SUMMARY OF STATISTICAL DATA • • • THE DISTRICT: REDEVELOPMENT SPECIAL TAXING DISTRICT 1988 (Payable 1989) Taxable Assessed Value: $435,047,732 The boundaries of the Redevelopment Special Taxing District are coterminous with the City of South Bend and, therefore, the taxable assessed value is the same for both (see City of South Bend data). Legal Debt Limit of the District Legal Debt Limit (2% of Taxable Assessed Value) Less: Outstanding Debt Subject to Limit Net Debt Margin Direct General Obligation Debt of the District Year Original of Issue Amount Tvpe of Issue 1972 $3,800,000 Urban Redevelopment Bonds (Principal payable each January 1 Interest payable January. l and July 1) Revenue Debt of the District (Not Supported By Taxes) Year Original of Issue Amount 1985 $4,200,000 1986 1,750,000 1988 1,800,000 Type of Issue Tax Increment Revenue Bonds Tax Increment Revenue Bonds Tax Increment Revenue Bonds $8,700,955 200,000 $8,500,955 Principal Final Outstanding Maturi As of 2-2-90 1-1-91 $200,000 Final Maturi 2-1-03 2-1-04 2-1-05 Principal Outstanding As of 2-2-90 Total Lease Rental Revenue Debt (Supported by Taxes and Other Revenues) $4,150,000 1,750,000 1.800.000 $7,700,000 Principal Date Original Final Outstanding of Issue Amount Purpose of Issue Maturi As of 2-2-90 8-1-88 $4,575,000 Parking Facility Construction 2009 $4,500,000 9-1-88 5,685,000 Stadium Facility Acquisition 1997 5,220,000 -13- r • Ten of the Largest Taxpayers in the City Taxpayer Allied/Bendix Corporation Indiana Bell Telephone Indiana Michigan Power Company New Energy Company Ameritech AM General & Amland Company Northern Indiana Public Service Co Scottsdale Mall. Marriott AT&T Total Tvpe of Business Airplane & Auto Parts Communications Electric Utility Ethanol Plant Communications Military Trucks Gas Utility Retail Hotel Communications * Represents 15.4% of the Ciry's total taxable assessed value. Direct General Obligation Debt of the City Year Original of Issue Amount 1972 $3,800,000 1982 $3,500,000 Purpose Urban Redevelopment Bonds Park District Bonds 1988/1989 Assessed Value $18,800,280 11,600,510 6,899,880 5,530,020 4,892,560 4,815,440 4,671,300 3,780,520 3,534,870 2.486.030 $67,011,410* Principal Final Outstanding Maturi As of 2-2-90 1-1-91 $ 200,000 1-1-93 1.050.000 $1,250,000 Revenue Debt of the City Year Original of Issue Amount Purpose 1971 $3,190,000 Sewage Revenue Bonds 1985 4,200,000 Tax Increment Revenue Bonds 1986 1,750,000 Tax Increment Revenue Bonds 1988 1,800,000 Tax Increment Revenue Bonds 1989 9,500,000 Sewage Revenue Bonds Principal Final Outstanding Maturi As of 2-2-90 10-1-90 $ 625,000 2-1-03 4,150,000 2-1-04 1,750,000 2-1-05 1,800,000 2-1-09 9.500.000 $17,825,000 • -15- C7 ~~ ~J • Debt Ratios To 1988/1989 Net Assessed Value Per Capita (106,190 - 1988 Census Bureau Estimate) 1989 Budget $25,566,967 4,308,099 2,288,340 * Includes outstanding general obligation debt and the South Bend Redevelopment Authority Lease Rental Revenue Debt for Cove/eski Stadium Project which is tax-supported. Does not include Lease Rental Revenue Debt for the Parking Faciliiy Project which is being paid from revenues other than a property tax levy. Tax Rates in South Bend -Portage (Per $100 of Assessed Value) 1988/89 Debt 1984 85 1985 86 1986 87 1987 88 Total Only State of Indiana .0100 .0100 .0100 .0100 .0100 -0- St. Joseph County 2.4312 2.4156 2.3639 2.3304. 2.4917 .1793 Portage Township .1645 .1550 .5627 .7180 .0768 -0- South Bend School Corp. 4.7036 5.0269 5.2825 5.8177 5.6317 .3377 Library District .4295 .4644 .4952 .5169 .6571 .1670 City of South Bend 5.9464 5.9002 5.9662 6.2989 6.8209 .5676 Transportation/Airport .3687 .4271 .3976 .4223 .3999 .0686 Total 13.7079 14.3992 15.0781 16.1142 16.0881 1.3202 Budget And Tax Levy By Fund: 1989 And 1990 General Fund Park Department Street Department/Motor Vehicle Highway Liability Insurance Premium and Reserve Police and Fire Pension Cumulative Capital Dev't Cumulative Capital Imp. Other Park Bond Urban Redevelopment Bond TIF Bonds Stadium Bond Parking Garage Project Parking Garage Bond Enterprise Fund Century Center Utilities Total 1988/1989 Tax Lew $21,164,714 2, 949, 042 -0- 1.49°~ $61 1990 Budget $27,160,189 5,041,885 2,519,614 G.O. Indirect & Net Direct Debt* 5.69% $233 1989/1990 Tax Lew $21,590,061 3,059,964 -0- 1,293,980 -0- 1,327,788 -0- 5,504,776 2,094,418 5,303,166 3,055,160 473,685 524,041 575,000 524,041 518,577 -0- 704,442 -0- 586,582 576,882 665,395 418,360 541,026 891,307 479,588 276,868 225,000 204,376 215,500 362,462 644,189 -0- 642,565 -0- 1,000,000 1,383,032 1,000,000 879,516 629,131 -0- 668, 341 -0- 463,000 -0- 463,000 -0- 1,578,122 16,644,487 $62,265,961 -0- -0- $29,787,812 G.O. Net Direct Debt* 1,855,418 18,634,190 $67,256,081 -0- -0- $30,166,432 -17- The expansion of the economic base during the last five years can be attributed, in part, to public/private cooperation in the attraction of new business and the development of four • industrial parks. Total employment in the industrial parks is 4,741 with an annual payroll of $114.2 million. In addition to the industrial developments, the South Bend area has added a variety of other new developments such as health care facilities, shopping centers, hotels and condominiums, and office buildings. The following provides a sampling from a recent listing of new developments provided by the South Bend/Mishawaka Chamber of Commerce. I N Tek, a $400 million cold-rolling steel mill, is a joint venture between .Inland Steel and Nippon Steel Co. of Japan, the world's largest steel manufacturing company. This plant is scheduled to go into production in 1990 with 230 permanent employees. I N Kote was formally announced by Inland Steel and Nippon Steel to be built adjacent to the I/N Tek plant. The $450 million addition will add two zinc coating lines for producing the coated steel needed by automobile and appliance manufacturers. Construction started in September 1989, with completion planned for the end of 1991. Estimates put employment at 170 people bringing the total number of workers to 400 at the two plants. These plants represent a total investment of $900 million, the largest single-building project in the history of St. Joseph County. McGladrey & Pullen office building construction began along the East Race Waterway in South Bend. Designed by Troyer Group, the $2.5 million, two-story, 25,000 square foot building will be owned by a partnership of principals from Holladay Corporation. The accounting firm will lease about 55% of the space to accommodate recent growth and to house computer and telecommunications equipment. Completion of the structure is expected by November of 1990.. • Pointe at St. Joseph, a luxury apartment complex, is being constructed on the 7.5 acre triangular area where the St. Joseph River and the East Race Waterway join in downtown South Bend. The $11.5 million project will contain 202 one- and two-bedroom apartments. Also featured will be exercise and party rooms, tennis courts, outdoor pool and heated underground parking. Can-American Corporation of Minneapolis, the developer, estimates the entire project will be completed in 1990. National Center for Senior Living is being developed by the North Central Indiana Medical Foundation on a 146-acre site. The $100 million center designed for senior citizens will include housing, medical research centers, offices, recreational facilities, and light assembly factories. The first project to be completed was the Magnetic Resonance Imaging Center. A $1 million, three-year federal grant was recently awarded for the construction of a research branch for the Center. Universal Health Services, Inc., of King of Prussia, PA, held groundbreaking ceremonies on a 10-acre site for Knollcrest Hospital, an 80-bed psychiatric hospital estimated to cost $5 million to be constructed in the National Center for Senior Living. University of Notre Dame has announced five major construction projects that will form two new landscaped quadrangles to the campus ground, plus two other projects. The total cost will be approximately $50 million. AM General (LTV Corporation) occupies the new $3.3 million, three-story, 36,750 square foot office building built by Holladay Corporation on the East Race Waterway. Having signed a 10- year lease-agreement, the building will serve as headquarters for all AM General operations which include production of HUMMERS (military vehicles) and a service parts operation in Mishawaka, and a vital parts fabrication operation in Indianapolis. The firm will bring about 150 • jobs to the downtown South Bend area. -19- Labor Force Data • Labor Force and Non Agricultural Establishment Employment* Manufacturing: Durables Nondurables Non-manufacturing: Contract Construction. Transportation, Communication & Utilities Trade-Wholesale Trade-Retail Finance, Insurance & Real Estate Services Government Total Annual Average Payroll Employment (in thousands) 1984 1985 1986 1987 1988 1989 17.0 16.6 16.5 16.2 16.0 15.5 8.0 7.9 7.2 7.7 7.7 7.7 4.2 4.3 4.6 4.9 5.5 6.9 4.3 4.4 4.7 5.0 5.3 5.4 6.4 6.7 6.7 7.0 7.2 7.6 20.1 20.4 21.1 22.1 22.9 23.5 4.9 5.1 5.6 6.2 6:0 6.3 26.3 27.6 29.0 30.7 32.7 34.7 10.3 10.7 11.0 11.1 11.4 11.5 101.5 103.9 106.4 110.9 114.7 119.1 Total Labor Force (in thousands) 1984 1985 1986 1987 1988 1989 Total in Labor Force 118.7 125.2 126.0 127.2 130.8 135.8 • Employed 110.1 116.6 118.6 120.2 124.4 129.9 Unemployed 8.6 8.6 7.4 7.0 6.4 5.9 Unemployment Rate (%) 7.3% 6.9% 5.9% 5.5% 4.9% 4.4% * South Bend/Mishawaka MSA (St. Joseph County only). Source: Indiana Department of Employment and Training Services in cooperation with the Bureau of Labor Statistics, U.S. Department of Labor. Retail Sales and Effective Buying Income (South Bend -Mishawaka Metro Area) Total Effective Buying Median Income Median Retail Sales Income (EBI) Household (EBI) Year Age ($000) ($000) Area 1988 32.8 $1,748,668 $2,737,555 $23,641 1987 32.5 1,708,170 2,952,065 25,562 1986 32.3 1,599,033 2,786,646 24,330 1985 32.0 1,550,048 2,656,676 23,735 1984 31.7 1,450,515 2,440,053 25,051 1983 31.4 1,213,097 2,281,787 23,698 1982 31.2 1,177,913 2,131,557 21,684 1981 30.9 1,279,374 2,413,641 21,545 1980 30.5 1,128,048 2,166,716 19,566 • .Source: "Survey of Buying Power," Sales & Marketing Management, Annual Editions, 1981- 1989. -21 - The. following institutions of higher education and technical training are located within • South Bend or in the surrounding area: Enrollment University of Notre Dame 10,035 Indiana University at South Bend (IUSB) ° 6,891 St. Mary's College 1,864 Bethel College 520 Holy Cross Junior College 447 Purdue Program (IUSB) 179 Indiana Vocational Technical College 2,693 Michigan College 400 Davenport College 285 City Government The City has aMayor-Council form of government, with the Mayor and nine Common Council members elected to concurrent four-year terms of office. The following members make up the City's governing body; terms of office expire December 31, 1991. Joseph E. Kernan, Mayor Sean Colemen Donald E. Niezgodski Linus K. Slavinskas Loretta Duda Ann B. Puzzello John Voorde Stephen Luecke William Soderberg Thomas Zakrzewski • The Mayor is the City's chief executive officer. Other key administrative positions include: Ms. Katherine Humphreys, City Controller; Mr. Richard Nussbaum II, City Attorney; Ms. Irene Gammon, City Clerk. Municipal services include police and fire protection, code enforcement, garbage collection, storm sewer, sanitary sewer and water utilities, street maintenance, and economic development. Annual Audited Financial Statements The City is audited annually by the Indiana State Board of Accounts. Financial Statements presented in Appendix VII are extracted from the annual .audit reports for fiscal years ended December 31, 1988, 1987, 1986, 1985, and 1984. All Governmental Funds, Expendable Trust Funds and Agency Funds are accounted for using the modified accrual basis of accounting; and all Proprietary Funds and Pension Trust Funds are accounted for using the accrual basis of accounting. • -23- APPENDIX I PROPOSED FORM OF LEGAL OPINION. 1990 Re: South Bend Redevelopment Authority-Lease Rental Revenue-Bonds (South Bend-Central Development Area Public Improvement Project) Gentlemen: We have acted as bond counsel in connection with the issuance by the South Bend Redevelopment Authority {the "Issuer"), of Four Million Eight Hundred Ninety-Five Thousand Dollars ($4,895,000) aggregate principal amount of South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) originally • dated- 1, 1990 (the "Bonds"), pursuant to a Trust Agreement (the "Trust Agreement") between the Issuer and First Interstate Bank of Northern Indiana, N.A., as-Trustee (the "Trustee"), dated as of November 1, 1989. We have examined a certified transcript of proceedings and such other certificates and documents and have reviewed such other proceedings and such- questions of law as we have deemed necessary as a basis for this opinion. It is understood-that the rights of the holders of the Bonds, the Issuer and the Trustee and the enforceability of the Bonds, the Trust Agreement and the Lease (as defined below), are subject to bankruptcy, insolvency, reorganization, rearrangement, receivership, moratorium and other laws and matters ofpublic policy affecting creditors' rights heretofore or hereafter enacted to the extent constitutionally applicable, to the exercise of judicial discretion and general principles of equity: in appropriate cases, and to the qualification that the: enforcement of certain rights and remedies maybe limited by the laws of the State of Indiana. As to questions of fact material to our opinion, we have relied, without undertaking to verify the same by independent investigation, upon representations, covenants and certifications of the Issuer and public officials contained in the Trust Agreement and in the certified transcript of proceedings and • other certificates furnished to us, including the Issuer's tax covenants and representations. We have not been engaged or I-1 THE BOND RESOLUTION APPENDIX II RESOLUTION NO. 17 • RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY AUTHORIZING THE ISSUANCE OF THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS (SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT 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 intends to issue bonds in the ..aggregate amount of Four Million Eight Hundred Ninety-Five Thousand Dollars ($4,895,000) pursuant to I.C. 36-7-14..5-19 to be known as the "South • Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project)" (the "Bonds"), the proceeds of which are to be used to finance certain land. and public improvements (the "Project") and to pay the costs of issuance of the Bonds; and WHEREAS, the Authority .intends to lease .the Project to the Commission pursuant to a lease dated as of November 1, 1989 (the "Lease"), which Lease was heretofore approved and executed by this Authority; and WHEREAS, there has been prepared and submitted to the Authority a form of Trust Agreement to be dated as of November 1, 1989 between the Authority and First Interstate Bank of Northern Indiana, N.A., as • II-1 February 1, - 2002, from any moneys made available for that purpose, at • face value and without premium, plus accrued interest to the date fixed for redemption. Section 4. Said Bonds shall be issued in accordance with and shall be secured by a trust agreement substantially in the form of a Trust Agreement as submitted to this meeting, with such changes as the President and the Secretary of the Authority deem necessary or appropriate to effectuate these resolutions and to consummate the sale of the Bonds, said officers' execution and attestation thereof to be conclusive evidence of their approval of such changes. Section 5. The Secretary is authorized and directed to place a copy of the Trust Agreement in the minute book immediately following the minutes of this meeting and .said Trust Agreement is made a part of this Resolution as if the same. were fully set forth • herein. Section 6. Prior to the sale of the Bonds, the Secretary of the Authority shall cause to be published a notice of intent to sell once each week for two weeks in the Tri-County News, the South Bend Tribune and The Indianapolis Star. The notice of such sale or a summary thereof may be published in Credit Markets, a financial journal published in the -City and State of New York and/or in other newspapers, in the discretion of the .Secretary. The notice must state that any person interested in submitting a bid for the Bonds may furnish in writing at the address set forth in the notice, the person's name, address, and telephone number, and that any such • I I-3 ' Authority, to be determined by computing the total interest on all of • the Bonds from the date thereof to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount, if any. No bid for less than $4,809,337, including accrued interest at the rate or rates named to the date of delivery, will be considered. The Secretary shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed for the sale of said Bonds, the Secretary .shall be authorized to continue to receive bids from day to day thereafter for a period not to exceed thirty (30) days,. without readvertising; provided, however, that if said sale be continued, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale of the Bonds. Prior to the delivery of the Bonds the Secretary shall be • authorized to obtain a legal opinion as to the validity of the Bonds from Baker & Daniels, bond counsel for the Authority, and to furnish such opinion to the purchaser or purchasers of the Bonds. The cost of such opinion shall be considered as part of the costs incidental to the issuance of the Bonds and shall be paid out of proceeds of said Bonds. Section 7. If the President and the Treasurer, with the advice of the financial advisor to the Authority, determine that market conditions at the time of the sale of the Bonds are such that the Authority is able to finance the Project by issuing Bonds in an aggregate principal amount which is less than $4,895,000, then the • I I-5 APPENDIX III r ~ ~J THE LEASE (Not Including Certain Exhibits) LEASE Between SOUTH BEND REDEVELOPMENT AUTHORITY and • SOUTH BEND REDEVELOPMENT COMMISSION DATED AS OF NOVEMBER 1, 1989 ~~ (SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT) III-1 access and other easements and rights-of-way, restrictions and exceptions that Lessee certifies will not interfere with or impair • the Project, (d) any mechanics', laborers', materialmen's, suppliers' or vendors' lien or right in respect thereof if payment is not yet due and payable and (e) such minor defects, irregularities, encumbrances, easements, rights-of-way and clouds on title as do not, in the opinion of the Trustee, materially impair the Authority's title or Lessee's use of the Project. "Project" means the real estate (including all right-of-way easements contained therein) in South Bend, Indiana, and improvements to be made thereon by the Authority or its agent according to plans and specifications prepared by the project engineers (a list of which is described in Exhibit B hereto) , all as described in Exhibit C hereto. The above mentioned plans and specifications may be changed and additional construction work may be performed and improvements may be purchased by the Authority, but only with the approval of the Lessee, and only if such changes or modifications or additional construction work or improvements do not alter the character of the Project or reduce the value thereof. Any such additional construction work or additional improvements shall be part of the property covered by this Lease. The above-mentioned plans and specifications have been filed with and approved by the Lessee. "Redevelopment District Bond Fund" means the Redevelopment District Bond Fund of Lessee authorized by Indiana Code 36-7-14-27 and the Lease Resolution. • "South Bend Central Development Area Public Improvement Project Principal and Interest Account" means the account by that name created in the Redevelopment District Bond Fund by the Lease Resolution. "Trust Agreement" means the Trust Agreement dated as of November 1, 1989, between- the Authority and the Trustee, securing the Bonds. "Trustee" means First Interstate Bank of Northern Indiana, N. A., 112 West Jefferson Boulevard, South Bend, Indiana, as Trustee pursuant to the Trust Agreement, and any successor trustee. Any term not defined herein, which is defined in the Lease Resolution or in the Trust Agreement, shall have the meaning as defined in such resolution or agreement. Section 2. Lease of Project. In consideration of the rentals and other terms and conditions herein specified the Authority does hereby lease, demise and let to the Lessee the Project: TO HAVE AND TO HOLD the same with all rights, privileges, easements and appurtenances thereunto belonging,. unto the Lessee for a term of III-3 of this Lease shall be adjusted to provide for rental at the rate specified. in Exhibit D for the applicable semiannual period prorated • from the date such installment is due to the date of the expiration of this Lease (without taking into account any subsequent early termination of this Lease pursuant to Section 2 hereof). After the sale of the Bonds issued by the Authority to pay the cost of the Project, including expenses incidental thereto, the .sum of the first and second semiannual rental installments and the sum of the third and fourth semiannual rental installments, and so on, shall be reduced to an amount equal to the multiple of One Thousand Dollars ($1,000) next highest to the sum of principal and interest due on the Bonds in the year ending on the bond maturity date (bond year) immediately following such two semiannual rental installments plus Five Thousand Dollars ($5,000) payable in two equal semiannual installments, assuming for such purposes that the first semiannual rental installment is due on July 31, 1991. Such amount of reduced annual rental shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after the sale of said Bonds, and such endorsement shall be recorded as an addendum to this Lease. The Lessee will not take any action or fail to take any action that would result in the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"), as in effect on the date of delivery of the Bonds, nor will the Lessee act in any manner which would adversely affect such exclusion. The Lessee further covenants that it will not make any • investment or do any other act or thing during the period that any -" Bond is outstanding hereunder which would cause any Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code and the regulations thereunder as in effect on the date of delivery of the Bonds. All officers,. members, employees and agents of the Lessee are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the Lessee as of the date the Bonds are issued and to enter into covenants on behalf of the Lessee evidencing the Lessee's commitments made herein. Section -5. Abatement of Rent. In the event that all or a portion of the Project shall be damaged or destroyed so as to render the damaged or destroyed .portion of the Project unfit for its intended use, it shall then be the obligation of the Authority to restore and reconstruct the damaged or destroyed portion of the Project as promptly as may be done, unavoidable strikes and other causes beyond the control of the Authority excepted, if, in the opinion of an-independent registered architect, registered engineer, construction manager or contractor selected by the Lessee and III-5 Project in accordance with the preceding paragraph. If the Lessee exercises its option to purchase, the. Lessee • shall pay to the Trustee that portion of the purchase price which is required to provide for the payment of all the Bonds, including all premiums payable on the redemption thereof, accrued and unpaid interest thereon and the costs of redemption thereof. Such payment shall not be made until the Trustee gives to the Lessee a written statement that such amount will be sufficient to retire all Bonds including all premiums payable on the redemption thereof and accrued and unpaid interest. The remainder of such purchase price, if any, shall be paid by the Lessee to the Authority. Nothing herein contained shall be construed to provide that the Lessee shall be under any obligation to purchase the Project, or under any obligation in respect to any creditors or bondholders of the Authority. If the Lessee has not exercised its Project at the expiration of the term of the discharge and performance by the Lessee of ii Lease, the Authority shall execute a deed Lessee conveying good and merchantable title Permitted Encumbrances. option to purchase the Lease and upon the full ~s obligations under this of the Project to the thereto, subject. only to Section 15. Defaults. If the Lessee shall (a) default in the payment of any rentals or other sums payable to the Authority hereunder, or in the payment of any other sum herein required to be paid for the Authority, (b) fail to comply with the terms set forth • in the Lease Resolution, or (c) default in the observance of any other covenant, agreement or condition hereof, and such default under (c) shall continue for ninety (90) days after written notice to correct the same, then, in any of such events, the Authority may proceed to protect and .enforce its rights, either at law or in equity, by suit, action, mandamus or other proceedings, whether for specific performance of any covenant or agreement contained herein. or for the enforcement of any other appropriate legal or equitable remedy. Section 16. Notices. Whenever either party shall be required to give notice ~ to the other under this Lease, it shall be sufficient service of such notice to deposit the same in the United States mail, in an envelope duly stamped, registered and addressed. to the other party at its last known place of business. A copy of any notice shall be mailed by first-class mail to the Trustee at its last known place of business. Section 37. Construction of Covenants. All provisions contained herein shall be construed in accordance with the provisions of the Act and to the extent of inconsistencies, if any, between the • III-9 • STATE OF INDIANA ) SS: COUNTY OF ST. JOSEPH ) Before me, the undersigned, a Notary Public in and for said State, personally appeared Joseph Wroblewski and George McCullough, personally known by me to be the President and Secretary-Treasurer, respectively, of the South Bend Redevelopment Authority, -and acknowledged the execution of the foregoing Lease for and on .behalf of said Authority. ~~ ~ WITNESS my hand and Notaria l Seal this i ~ . } ~ day of) L~~~l~x.~j 1990. ,.--, // / (Written Sign t re) / / (Printed Signature) • _ -- (Written Signature) (Printed Signature (SEAL) My commission expires: ~ . '~ / / I am a resident of -~-~" / County, Indiana. L./ ~?. L .'1~. III-11 ~J EXHIBIT D LEASE PAYMENT SCHEDULE C~ • South Bend Redevelopment Authority E4,895,000 T1F Lease Rental [fonds of 1990 Semi-Annual Lease Payments 7/31/91 1/31/92 7/31/92 1/31/93 7/31/93 1/31/94 7/31/94 1/31/95 1/31/95 1/31/96 7/31/96 1/31/97 1/31/97 1/31/98. 1/31/98 1/31/99 7/31/99 1/31/00 7/31/00 1/31/01 1/31/01 1/31/02 .7/31/02 1/31/03 1/31/03 1/31/04 7/31/04 1/31/05 7/31/05 1/31/06 1/31/06 1/31/07 1/31/07 1/31/08 7/31/08 1/31/09 7/31/09 1/31/10 7/31/10 1/31/11 1/31/11 1/31/12 (and each 7-31 and 1-31 there- after during the term of this lease) Amounts 295,500 295,500 295,500 295,500 295,500 295,500 295,500 295,500 315,500 315,500 343,000 343,000 344,500 344,500 355,000 355,000 358,500 358,500 358,500 358,500 358,500 358,500 358, 500 358,500 358,500 358,500 358,500 358,500 314,500 314,500 314,500 374,500 374,500 374,500 374,500 374,500 374,500 374,500 374,500 314,500 374,500 374,500 III-13 APPENDIX IV EXCERPTS FROM THE TRUST AGREEMENT • TRUST AGREEMENT Between SOUTH BEND REDEVELOPMENT AUTHORITY AND FIRST INTERSTATE BANK OF NORTHERN INDIANA, N.A. South Bend, Indiana, Trustee Dated as of November 1, 1989 (South Bend Central Development Area Public Improvement Project) • i• IV 1 TRUST AGREEMENT • THIS AGREEMENT (the "A reement" exec g ), uted and dated as of the lst day of November, 1989,_ made and entered into between SOUTH BEND REDEVELOPMENT AUTHORITY, a public body corporate and politic, organized and existing under Indiana Code 36-7-14.5, as amended (hereinafter called the "Authority"), and FIRST INTERSTATE BANK OF NORTHERN INDIANA, N.A., a national banking association having its principal office in the City of South Bend, Indiana (hereinafter called the "Trustee"), W I T N E S S E T H: WHEREAS, the Authority was created under and pursuant to provisions of Indi C the ana ode 36-7-14.5 (hereinafter referred to as "Act") for th the , e purpose of financing local public improvements for lease to the South Bend Redevelopment Commission (hereinafter referred to as the "Commission"); and WHEREAS, the Authority has determined to borrow the sum of Million Ei ht Hu d d i Four g n re N nety-Five Thousand Dollars ($4,895,000) the - for purpose of procuring funds to pay the cost of the Project hereinafter defined) a d t (as n o execute and issue its Lease Rental Revenue Bonds in the form and terms as hereinafter provided; and WHEREAS, .the Authority intends to lease.. said Project to Commissi the on pursuant to a lease dated as of November 1, 1989; and • WHEREAS in order to secure the principal of and premium, if and inter t any, es on all of .said Bonds and the performance of the covenants herein contained, the Authority has in lik e ma determined to execute and deliver this Agreement; and nner WHEREAS, all acts, proceedings and things necessary and required by law to make said Bonds, when executed by the Authority and authenticated by the Trustee, the valid, binding and legal obligations of the Authority and to constitute and make this Agreement a valid agreement to secure the payment of the principal of and premium, if any, and interest on the Bonds, have been done, taken and performed, and the issuance, execution and delivery of said Bonds, and the. execution, acknowledgment and delivery of this Agreement have, in all respects, been .duly authorized by the Authority in the manner provided and required by law; now therefore, SOUTH BEND premises and th REDEVELOPMENT AUTHORITY, in consideration of the the sum e of One acceptance of such Bonds by the holders thereof, Dollar ($1) in hand paid b th T and which is hereby y e rustee, receipt acknowledged, and especially in order to secure of the punctual on the B payment onds to of the principal of, premium, if any, and interest b i e ssued and at any time outstanding hereunder as IV-3 requires: • (a) "Agreement" of "this A reement" g means this instrument, either as originally executed or as it may from time to time ~ be supplemented, modified or amended by any supplemental agreement entered into pursuant to the provisions of this Agreement. (b) 01Arbitrage Regulations" means the Treasury Regulations under Section 148 of the Code, as the same may be amended or supplemented or proposed to be amended or supplemented from time to time. (c) "Authority" means the South Bend .Redevelopment Authority, a body corporate and politic, or any successor entity. (d) "Board" means the Board of Directors of the Authority. (e) "Bond" or "Bonds" (unless the context shall otherwise require) means any Bond or Bonds, or all the Bonds, as the case may be, authenticated and delivered under this Agreement. (f) "Bondholder," "holder," "owner" and "registered owner" means the registered owner of a Bond. (g) "Code" means the Internal Revenue Code of 1986, as amended. (h) "Commission" means the South Bend Redevelopment Commission, or if said commission shall be abolished, the commission, board, body or agency succeeding to the principal functions thereof. (i) "Construction Fund" means the Construction Fund created and established by Section 3.01. (j) "Government Obligations" means bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of, or obligations the timely payment of the principal of and the interest on which are fully- and unconditionally guaranteed by, the United States of America or any agency or instrumentally thereof when such obligations are backed by the full faith and credit of the United States of America. (k) "Lease" means the lease by the Authority to the Commission, dated as of November 1, 1989, as the same may be amended or supplemented. (1) "Operation .and Reserve Fund" means the Operation and Reserve Fund created and established by Section 3.03. (m) "Pledged Funds" means (i) the proceeds from the sale of IV-5 i • (ARTICLE II WAS INTENTIONALLY OMITTED.) i• ARTICLE III. Funds Sec. 3.01. There is hereby established and created a fund • IV-7 Upon the filing with the Trustee of such Affidavit of Project Completion, the Trustee shall: (a) Transfer.. from the Bond Interest Account of the Construction Fund to the Sinking Fund created by Section 3.02 an amount sufficient to pay principal and interest on the Bonds which the lease rental received pursuant to the Lease hereof will not be sufficient to pay when due; and (b) Transfer the balance, if .any, in the Bond Interest Account to the Construction Account. After the filing of said Affid-suit of Project Completion, the Trustee shall hold in the Construction. Account an amount equal to one hundred fifty percent (150$) of the amount of any disputed claims of contractors and work to be repaired and transfer the unobligated balance of the Construction Account, if any, to the Sinking. Fund referred to in Section 3.02 hereof. Any balance remaining in the Construction Account after payment of all disputed claims, claims for repair ;work,. and obligations authorized by Subsection (Third) of Section 5.12' shall be transferred to the Sinking Fund within ten (10) days after the last payment of such obligations. The Trustee shall have ,no responsibility to see that the Construction Fund is properly applied, except as herein. specifically provided. Sec. 3.02. There is hereby established and created a fund .designated as the "South Bend Redevelopment Authority South Bend Central Development Area Public Improvement Sinking Fund." The Trustee shall deposit in such Sinking Fund from each rental payment received by the Trustee pursuant. to the Lease, an amount equal to the following whichever is less: (a) All of such rental payment; or (b) An amount which, when. added to the amount in the Sinking Fund on the deposit date equals the sum of the following amounts: (i) Unpaid interest on the Bonds due on, before or within forty-five (45) days after the date such rental payment becomes due; and' (ii) Unpaid principal on the Bonds due on, before or within eight (8) months from the date such rental payment becomes due. Any portion of a rental payment remaining after such deposit shall be deposited by the Trustee in the Operation and Reserve Fund provided for in Section 3.03. The Trustee. shall from time to time withdraw from such Sinking Fund, or if the Sinking .Fund is not sufficient, then from the Construction Account of the Construction IV-9 Sec. 3.06. Whenever the amounts contained in the Sinking Fund and the Operation and Reserve Fund are sufficient,. together with any other funds deposited with the Trustee by the Authority, to redeem, upon the next redemption date, all Bonds secured hereby then outstanding, the Trustee shall apply the amounts in such Funds to the redemption of such Bonds pursuant to Article IV hereof. Sec. 3.07. At the request of the Authority, expressed by a resolution of the Board of Directors, or a copy thereof certified by the Secretary-Treasurer and delivered to the Trustee, the Trustee may remove funds from the Operation and Reserve Fund to be used for the redemption of Bonds, or for the purchase of Bonds if the Authority and Trustee agree that redemption or purchase of Bonds would be advantageous to the Authority. Sec. 3.08. A pledge of all moneys paid or deposited into the Sinking Fund, and of all rentals paid pursuant to the Lease other than pursuant to Section 3(b) thereof, is hereby made, and the same are hereby pledged to the Trustee to secure the payment of the principal and redemption price of and interest on the Bonds, all to the 'extent herein provided. The rentals so' pledged and hereafter received by the Trustee or Authority, shall immediately be subject to the lien of such pledge without any physical delivery thereof or further: act; and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or • otherwise against the Authority, irrespective of whether such parties have notice thereof. (ARTICLES IV THROUGH XI WERE INTENTIONALLY OMITTED.) y IV-11 APPENDIX V RESOLUTION NO. 915 • RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION> ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF NOVEMBER 1, 1989 BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT 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 01Commission"); and WHEREAS, the Authority intends to issue bonds in the aggregate • amount of .Four Million Eight Hundred Ninety-Five .Thousand Dollars ($4,895,000) pursuant to IC 36-7-14.5-19 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) (the "Bonds"), the proceeds of which are to be used to fi nance certain land and public improvements to be known as the "South. Bend Central Development Area Public Improvement Project" .(the "Project" ), and to pay the costs of issuance of the Bonds; and WHEREAS, the Authority intends to lease the Project to the Commission pursuant to a lease dated as of November 1, 1989 (the "Lease"), which Lease was heretofore approved by this .Commission; .and i• V-1 Account shall be irrevocably pledged for the purposes set forth in this Resolution. • Sect~.on 3. This .Resolution shall be in full force and effect after its. adoption by the Commission. ADOPTED at a meeting of the South Bend Redevelopment Commission held on February 16, 1990 at the office of the Commission, 1200 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. SOUTH BEND REDEVELOPMENT .COMMISSION i /~~. ~ , By• , .Paula N. Auburn, Vice President • ATTEST: ~.a~~. Roman Piasecki, Secretary 2-13-90 I• V-3 APPENDIX VI y y b C J O m • ~ N L > c7 O o! 01 ti ~ vi y L }+ ++ ~ n. c c .-. E v L L E Y > ro O d U +~ •!•~ N y y L ro ro E J J C7 N Q ~-. N 07 r10D NLA t" COQ Imp.-BOO OVA cD aO N•~ ~ N t~1~ I~ ~ 1-- T 01 LA .--I O LA .-+ sY N <t V' LA Lf1 1~ L/') LA ~ .-I .--1 ~ .-I N N ~ N ro ~ O N N .--I N N N N N N N N N N M M M N M •--I ti .--I ++'p r L O.-+ y C ro +~ N •~ .r .--I ri .-~ .-~ .~ .-~ ti ti ti .-• .--I .-1 .-I .-I N N N N V' st sl• N ro +>~ >++v L F-pUK Y O1 C ro •~ L N L.0 ••N- C d y O 000.-1 ~1~ Q)pnM Q) O ~t l!'! 000 ~N BOO M r•~ O > >^ ~ ~~nn~O MCO MLA N O) ~.-1 Nip 00 t0Y LA .-r N CD .-~ tD r•1 f~ tD 00 tO tO tD 00 CO LD ~ .-• +~ L R a O Cp ~ M O n M O N d' O N< I~ M A O ~A M •Ci CL ~ r- ~•. ~rrn.-+oocoNrnaoco~coNaovor.MO ro 7 N .--I Mt~O~OM ODM aOM~COCO •--I ISM U ~ .r .--I .-I N N M M~ V LA (O O n n O 1F- ~-+ Q,^ U OFEE- r Li y O O O O •--i M N .-r O a0 (O tD O cr N M O O M M M~ 0) Z7 ZZ ro~-+ 7 vOOMO(O LnM~LA NI~I~LI')LO .--I LAO C L 7 H r .-. L!') (O .--I (O M ~ Q ~D O •--I CO O) O .--I ~ OD 00 t~ H•• W O C av CO a v L~ CO tD tD CV .--~ LD .-, .•-~ M tD .-. v ~ I~ U y ~' Q N ti N M M '~ ~ a ~ LA V' V LA LA lA LA LA IA LA > > L C O^W N> .../ N 'O +~ LO oD a LA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 M - ~ L Z N N v LO to ~ ~ O C W W J lo++-- rnvoN r~ a~ Q ~ +~ C N M N CO +~ N y ..- y 7 • ~ J ~ y LL ~` ~ r ++ d tD t0 O W CO W 00 O CO W W aD aD o0 M W O O CO W DD Ln .-+ .--I M et F- ••- Q~ rt~ U^ 000 aD 00000000 cO CD LAN OaO LA CG aO LO ~e~N O OcD CO .L ~y +~ N •~ V tD [D cD tD tO ~ tO 0 01 0 0 0 M CO ••~ O C1 r+ M N a O O cO tO ~ ~" ++ ZZ U F-O Lv .-.Q)OD)CT1m^Ln Mfg.-~1~~OO LA(O LA •--I (OMMO N 1~LAN O+~ Q W Ol 01 ~a~~OO~LA W Q10 O1 O.--IN Q)M OQ)O)Q1 D) CO OO 00n ~ O d N N M M M M M V' V' V' V LA R LA N LA LA LA LO LA LA to LA tD I~ Cp Y- y 0 O to to N T N W r.l la l] J ->3 ~, Z Y LO OD CO OD 00 CO CO CO CO CO CO CO CO CO M CO O O CO CO CO LA .-a O) OI ~/~ y O CD CO ao CO CO O O .-I tD tD LA IA O ao LA LO W tD .-~ n N O - "O ro N~ aLD LO CD CD tD•--1 tDO Q~Om0MCO •--10 O~•--IMNa O ~•~ L O W N ~ .-~ O) O) a) O) O) ~ O M N .-I l~ st CO O .--i LA (O tD M 00 0 n. ++ ~ CD ZJ a..~ D)vvvvv~vMN.-I LO 00 (OLAMOI~v-.I~v CO Y ro~ C N M M M M M M M M M M N N N N N N .-•~ •-•~ .•-I 1~ y L 01 WM "' Ln L C y 1 ~ W - 0) 7 y Q O ,C ++ O Ol C L = M U L - N ro • N~ t!•100000 LA OI!'1O LAOtA00Ll7 LA y 0) C >CL L ++ ++ LA •7 LA LO I~ 00 D1 ~ O O •--I •--I N N M M M M ••- +~ rtf 0) .•. a' ~D LD LD ~D CO CD LOn 1~n I~~ ^~ ~~ ~ ? y O E-O Q c» w a1c N ¢az y Hm 00000000000000000 0 +~+~nd ro 00000000000000000 o ro ~ a 00000000000000000 o Lu.c d c~v ooLnolriooLnoLriLnoLnooLno Lri ++~> C ~ C O .--I LA 1~ p O N LA n t0 Q1 N LA 40 .-a LI.1 O) C d ~.~~•-1.--1NNNNMM ~ V ¢T LA LA 00 y O'O~ L L L Ol y 7 U ~••+ T 2•E 3.2 U N 1- .~ -O L1 y MNQ).--IO Q)O Ln `V V O.--I V 0000000 .-+ Q)N O.-+ 01 O4- N ~+ 3 ~ V N p.•-1 M •--1 M N Q) D) cD O M M M M M M M O c0 V N M C L O }+ f- r •--I LA N N N N M ~ LA LA D7 ~ LA .-~ .•+ .-+ .-1 ri '-I N if M ~ CL N O.v MM000.-a MCna1~00 ~I~CO GO OO OO OO OD 00 •-+ O.p-I^^ 7 y N •n 7 cr N O) ~ (DN a0 M LD Q) .--I O .-+ LA LA LA LA LA Li•/ LA .•-I M y •~ y O N •--I M d' tO 1~ CD O D) D) a1 O O O .•-1 .--I .•-1 .•-1 .-1 .-•~ .-1 r•1 y L N O .L CL .•r .-I .-a .-~ .-I .-1 ti .--I •ti .--I CO 4 •-+ •D ++ E d ro O +~ CY U 10 O r .--•NM~LA fD I~COM O.--INM ALA LO 1~ OD D)O r+N E N y ~ Rf T L M D) 00)41 D7 Q1 D) M 0000 00 00 00.-1 .-+.~ 1 C i~ ro 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ++ m L .O ~ y ~ .-a .--I .•-• .--I .-~ .-+ .ti .~ N N N N N N N N N N N N N f/1 L Cl O) U L T .-. 0) .. Q l.~ C 7 \N LL - N Ol > y 1 I .- {.1 C ~.. ~ Q1 O }/ .-, .-, L m o T~ a V T • 00 CL f E .. ~r y rN N y ro N N L.-~ O .-+ N M f Lf7 LO 1~ O H O .--I N M I lA LO I~ CO 0 O •--I L 7 7 O Y C ~•••~ d 7 U ro•-+ 0101 O1~~00~p~0000000000.•-I .~•~ IpY C O Z 16 CI-- -O L C N 0)~ 0~ 0~~ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 d ro C +~ CC Q C 0) O Nr> ~ N••-1 .-+.-+.•+.-~.ti •--1 .-1N NN NN NN NN NN N y ! ~ Q 16 C ~ i> >r r n of ~r° .~ E +ro+ 0 0 0 U 7 LA .~-~ O O > > «.n O ~.•... F- [OQQZ U VI-1 APPENDIX VII • ANNUAL AUDITED FINANCIAL STATEMENTS • • VII-1 F~ • V V <G 2 S2 ~ 2~~0 =Z^ ~~~.~ .v~f~~V a c Cy ~y T,.. p 7. 0 • r f~ N N O f V~= I r 1 ~ I »1/tl fh~l~OPQ1Ng !Q1 yN NPm pQ OWN ^8NP 88 Al ! A ' ~f-V Fs O~`~fa.~~n 3, ~jP ~~ !p`I~N 7P1~ C 0~0 ~C~G, ~=o $M fV AM n Z ~ ~ ~+FieTipv~ rn~er it ~"~,onQao,C;ean_r tv~ I r.r~o~~o a oa~S w n ~.o it NV71 f`1 lYfM~ f O O~ ~ N N r ry- O~ ' h - .O . N . ~CQQ F f 1 L ~ . ~ , . . ~ ~ n ~ O O ~ aD I a 0~ i h p Q, N ; n ~ I . .pp . .~~+n O.~ P 1 p~ 1 I • M ~ - ~ ~ ~ I ~ I . . O I . . 1 . I . M t I , i Q O . q . i O . . O~ !q y~ ; ~ i ~ . . . . , ; p : N r r . . , i f yOY~ 1CQ~ ~ I N A ~ Q~ O A n -_ i I~ f - ~ N 1 b9 I I I O A ~ ~ . a . , . . ~ 8 . 1 t r ~ a I M N ~ I N 1' ~ ~ a- ~' ~' F ! 2 .. '~~ i E„< I w ', 3 ~ ', F S b L . M , .. i ~ ~~pp Y~11i1 ~. T ~ Q8 e 1 IM1- I f-~~ eR f- v1 ~ ' m 1~ QQ oo ONOm81P~1N O ~ e'{ ~ P 1~ ~ O ~ N ' 1 O 1 . , 1 ~ fN.. P1 IV O~O~v~ h ~ ~ ~ N• p~ M e= r n ~=N~~o ~ V p ~ , I ~ i i O f i Q ~ i i I M ~~ I °.Fi~O 1~ ~ s t . ~~ 1 1 ~ I ` p . ~~ 'g yy Y 7 = r . Y G.; ~ I 1 - I ~ » I v~wi ~i :~ 1 ~ i ~ ~~ .npr- ~v1~ e ~~ ~ ~~h ~OhN m V>4 n ~ N 5 i 1 :z N 1 O~r t t t 1,~~ I I I~ ~n w O e.~ ~~ n ~ M , ~ n ~a A O ~ _~ ~ ~~ ~ ~ ~ 9S ~ ~~ '' .$ .~ ~ u ~ ~~ ~ 3~ ~ ~' ~ 7 ~~~~g ~. 3~9~C w d~ C.~ C3'<~ tl w A .3 C. N Y ~ a. ~ ~ v = G 3 w 'b r-_a~ Y~~a ~,.~.s ~ a~~ aril w ~'~ ~ g V ~ I P1 I .3 Pp NrN i~Gf ~ x n • ~ + ~ ~ N ~ • I A ~ ~ • C ~ N~ ~~ ~ ~ ., ' ~ ~~ ~ M GG 1~+e~ HNa ~p ~~~ ~ = ~ O O n ~~ n q~ a:N ~ N f a~^ .O ~ ~ _ ~, r'! - n O ~ ,p O~ b n N = ~ ~ C O , M '~ . , , . ^ n a s ' I ~O i u M iI t ~ , ~ ~ ~ wt i n e~ ~, i ~ , M ~ i ' . M ~ s '~ ~ n s s ' i r x ~~ » n. • O~ r r n i ~ r _'~ CC it I 7~ n ~~ pi N r r: '~ ~i n N = O n ~ s +~ ii ; ry . ry v ,n , ,,, .~ x eo a ~ ~ x N ° ~' , , ; n f s ,~ x s e t v s '• = = N C - f , ~ .~ N ~p rt ~~ : I . , , . h , - n ; N n m ; o a, C ~ ~ ~I O~ N r n .C ~~ ~~ N T ~~ - n M I i 1 1 N h ° d ~ '• P r • ~ O n x. ~ G~ - n ~~ ~ N r P1 f N f } ~ M pE C Z °G .E L ~~g ~~~ ~ -~~s ~ -0 ~ z ~ ass sss; ~ ~ .~ ~~ t ~~ u C ~ b u ~ - e z ~ 6 5 ot VII-3 • ,•1 Z C r G C Z Z y Llnz Z ~; = ~<< oo Z °<a _<V^ C-- CC<a... Z Z C U ~ v C Z~ E Wiz?<~ ~ ~ ~ ~ ~ v`~)~Cc~ } ~ G n ~ i; ~ Z ~ a'~> ~ ~ ~ U - - y Z Z V v • ~ u ~ I a Nr e , c O a I I I 1 >~ I ~ 1 I H 1 ' i v r n r N' P I ' ~ I I v 0, ~ I~ I ao y l ~ I vi r v~ N 1 I I B ; - `~ ~ ~ ; N I ~ I i u V H eG I ~„~ op r ~ i . ~ ~ , i O ~ O i ' ~ 0 00 a I ~ ~ O0 i 1 .. 1 - Q a I n K I j ~ I 1 E~ I - - i j ~ N ' u u l v n v o~ O I- I v~ ~ v~ o~ ~~' I ' ~yj `~ ~ ~ I A f~ f~ OC O N i rC, ' I a > I ~, ~~N~ N P ~p ~ N O L I ~, R ~ u 7 ~ i I I i r i M > 1 u I N ~ p1 O I v~ i v~ ~ v ~ ~n OG ! I s O N a h I v~ I I G I '~ I v p1od Qpp~ ~ M(~ NOD I p ! ~ ~ I s p1- I a 1 N I I , r M j I oo ~ .0000 1 v ~ I C I h 7 O v~ I h I ~ ~ m l N ^ ~ e N I C I ~ ~ I O: p1h I N I E Ci j < pt r I h ~ I ~ ~ N vvoo O~nr I vi I QNV1 no0 Q ' ~ qq~~ p1 V'1 R N O V'1 I N I yl R I O O I I ~ Q 1 . o~ i pt ^ ~ N O _ O ... a I .e i ~ I L L ~ I N I I ~ 7 G ~ ~ 1 H L ~ 1 nN~ohOv~ I ~ I j ~DOv1 t~EC pj ~ H ~ h~ovN ~ I o, n ae N N w1 N Y1 I p~ ~ J C < ~ N N vi N N U I I I I 1 Vl I ~ oD-00 I N ~ ~- I I ~ e.~hh en s a l 0O I °° 1 ~e:° I oe - r ~ n j ~ CO 1 I N - I~ 1 I M I t l t l l l l I I I ~ I v~ I 1 C I I I 1 N , . , r r , r r 1 N h i Q N 00 - ° ~ i ^ i "' ...,. ( N I 1 , i i r r ~ i A ~ I h - O N n i i O N N 00 ON ~ ~ -~ O I .. I `., { I .N i ^ N I I -O , a MN- . N I r I n .p V1 ~O N v I r I a N N N I C I h o O i -~ 1 1 1 ~+ I r~ 1 o o0 i i I I h ~ r _ r v I p1 r0 fn P 00 ~p h I ^... O e P ~ O j O~ ~ h ~O ^ N I r= I :i ~'+ v+ I P f 1 I { ~ v ~ O O O ( eo ( v Q~ ~ h _ r oho ~o I I cJ h Nt~ ao r 00^ , v P h v j 0^ 1 o0 ^ v t~ N I !~ ~ h v v~ i ~ I ~ . r OD h v~ n s v`^i v N n ~ N t~ v'f ~ v o o c I s I a I c l ~~ n ~ ~ I C I ~ ~ v P ~ 1 fV ~p O ~ Q ~ p. ~ e ^ N N ~ p N ~ Q ~ OD I I I I I N 1 I C C ~D voiv ' p. s i~ ' ! p1 I p 1 OM h r e^ v~ v1 88 en 18 I ~pp ~ O . v i v~ p1 1 .- ~n ev O ~O r~vvve~ ^ O vv~ I n j vi t- ~ 1 ~ PNt~ e'1 ... ; h ~ v , - 1 i ~ 1 g8 g8 I I ap e 1 1 I m ~ I a ..pp ~PV00 ' 0 I v i r~ C ~C a C ~ h o ~o v pi v .n 1 r I ~ oo ~ I Nvn p1- I a 1 s "' I P° I N I .r ~, I I 1 ~ ~ it h Y1 II O I C f~ N ~ N II 11 ~I ' M it II h N t+1 O ~ ~ it h h ~ ~ I .. ,~ I - ~I ~- II I II u ' M II ^ - p~p~~ I Q II pN~ O O~ ° II P op h ~ C II ... I `~ II II II N_ II I N II II p1 r ~ II p1 I ~ II ~ ~ ~ II ~ I ~ II ~ II N I phi ra~D I P'I p1 O n I h ~~ II ~ I r! II - I - ii ' H II O. p1 n I psi ~~. o t, I h II N t': f~ I h ~ ~ ~: ~ II v ^ I N II I ~ v II H O. I A II `~' °= ii I ~ it II N ~ (V II i n M II ~ 1 ~., II ~,. II O ~= ~ n II I ~ 11 r= v I Or II ^ j II I ~ N II .~. s o~0 1 ~ ~ it O a I ~ ii ~ i ^ p, v o;~l :.. I - 11 v II M II e0 = ~ 7 ~ } ~ ~ x V N ~ ~ O C } qy 7 {q ~ 7 ~ O C ~ •',j N N o ~ t C ~ ~ ~ V • ~ ~ ~ 1~ ! ^L~i ~ Y . ~ .:S ~ !'` ,.". y~ C ., N ~C ~ t~ ' FF y ~ ~ u E ~ N E ~ .~ ~MMM ~ ~ ~ ~ O V~ y U ~ V~ ~ V v. O ~~` J RC J / C u „ L O~ G 7 > N > S 'p ^~ q {~ R O' S J ~r A l ~ '' u~ O y y0~0 r ~ T,~ y u L c{ a ~ ~ U c ~ ., j N a O'. ~ , K , ~ r' F J y . y_ ~ ~ ~ `~ c t' '~ ~- ~ ~ 5 ~ L _ ~ yy ~ O c~ c" ,~ b ,_'s ~ ~ VII-5 v~ N e~f 'n e+1 ~- v1 P P ' v'1 w ' P O P1 h •• •p• •-• ~• II i , N Ne"+v1 OD V,P V1 e4i 00 ~iwO r f vtRia , P ' OP , lhV ~f~pp I ~ II I i OOD ~p ~O 'DOO:<O~ I N i fenwa0 v~ i O ; 00 H 00'O i~ i eta ; n O~ N n l oo w ri sn r v r ! e'i I oo ~ e~i e~i O 1 O I ..pp I~ C OA vi I ~"I I e'~i eh I O~ e^ ; ~ tl P N P ~ v ~O ' C t~ P N' O ^ R h v' O P C v h i I Z i, i a t ~o'Q+eov~gwN.-. I ocS 1 .-^vvin I S I N vhev I I N 1 .- s en i .. I ^ ~: ~+ ^ I N i ~ o:.. s PI i N I :, I I O, ;~ t `~ II n 1 I I I 1 I I I I^ ^ it m .~ ~ 1 I ~,,,~ t I 1 1 - I I ~ I ~„~ u p F? ~ i ' N P N V1 'O P ~O ' v1 w • n ~ ' h ' v f N o'0 ' O ' v ~ e ~. ~ I~ N O N N f~ a v w s w~ n N r N Z ~° I i i 1 I i I I h I M1 1 E4 ~ .q ~o S : S n oo . o '.; r; +n o eo ~ ~ R'~ ii, a; o; o; cJ , i „ I v1PON V1wPO,n I 1 rPYPOpO 1 w t N 1~0PP1~ I P I .~ 1- <;~ Y P N P B O O? w w P ^ N v 1 C p v 1 N N t' ~ N P' 1 l"+ f ? P 1 ~ M1 y I pw, I n~+oD$v~rive+lO I h I enOeZev {'o !~ h~vh I N 1 N I N t1 h Z € 1 •- i ^ .. r tf i N i v d ._ v e3 I N 1 ~. ~. 1 i .. I -~ '~ I II Z 1 1 I 1 I I 1 II a' y H ~ y II `jp I ~ o ~v,~o ~w~ Iv, 1 ,gyp .r ~ 1~ I~ I ~ ~ ~ I ~ 1x ~ loo v ~p u G~ r C 1 $ e o x 1 rQi ~ a~ vwi 1 r! e~ ~ ~ I r 1 r n! vrryi Ii ,.. ~` i c~ I viw ooQ IN W IQ I~ I Igo Ind ~ to II ~F -~~ i-~ 2 I v'Oi,NGi, ~"+ IN i v Iq jv I I~ I~ w i$ ii <~ -; ill"' i ^N if i f if t i i ; i F"2~ ~'i I t t I I I I I I v I l-~ ~ ~ H ~ ~ ~ I ~ ~ M ~~ <Zmop i I 0~~~~leoOO~I~I ~P~I~lNI~ ~~~~~IIe~i11~ v1~~ Z c a i a i o 0 0 i i ~~ CO i t: i v~ j i t I n M i a~'e 5 tyt. ~ ~ I G~ •`~- I e r~i v i N i ~ ~i i a i~ I I~ I d ~ i e II p~y~ F- 1 I; i v t; I N ! r l r ~ ~ I 1 .~. .~^.. ": I n I Z ey -~ I N I N i N I I I I I II 'S 2~ ~ i^ I I i 1 I I 1 I I H it "G~ y ~ i I •~ NP fy , , ' f~1 , I ^ I V'1 P"1R I ~ t N 1 v1 •Q N0~9 a^O I O t N ~ 1 v1 p~ 1 Q II CZ L' O yC~ I c:, 'a°`a ~ ~? I oOO. I OPV°1 i vN1 i ~ a8FON i t'~1 i n I n OOH ONC II <~~ ~ I •p. I rHa$ C 1 _O i ~~r I ~ i ,np Nns~iM I n I ~o I 'G n i ems. OyC,c ~ 1 IS 1 n~M ~ i ~e i eoo..: 1 e 1 v~ v~~o°~ I N I a? I °o M I P Ii y Z Z~ 1 t4 I I I I '- I^ I 1^ I= 1 OYe2~' i i H I i i i I I I I II ' H r~-~:~ ~~F<„.~ v ~ ~~~ ~ .. ~ y o ~~ 2 ~ ~ O ~ ~ e `o m ~ < ~, n a a w F~ Y u ^ ~ ~ ~ ~ > c e ~ ~ ~ ^• C $ 3 m '2 ~ w ~ ~ e ., ~-o Evf ~ o c < O'A E ~ £F i? ~ ~ N m m u ~ ~ e ~- ~ g~ ~~ o c c C ~.~r~H ~ ~ $ ~ ~ L o~•~mV 000 $ .5 ~~ ~ K ~ ~ @ C ,'~ ~E c~~~C?~ s~E ~ c gg F -D ~~~~~.~ F u' a ii e- ~u~a ~'3'~a ~ g=_CS ~a c c '~ -~ Z ~~ Z cc z • VII-7 • • ~J a U <~ ~~ 'c~ b ~~ ~~ N $~ H UW n z r. .p i S M I _ I; ~ I a ~~ ...1 F ~~ r~ e h C O~ ~G H ~$ 1- t` ~ C 00 ... H O i . N ~l~. ~~ I N 3~~~ . c~~ ~ .. uu i N .Y j ~~ ! K ~ H i f O, h ~ I ff ~_ ' N h O i ~~ ir. ' H ~F ; ~ ~ ~ ~F j ~ ~ en ~~ ~<; -- 1 i N ; i O i ;~ I ~ i n ~ ~ i ~ F ._ v1 N 00 ^ O ~ .D M .O O O n oonN~n ran ewe aa~oav;ee~;oNen . ~ 00 - ~ N 00 .p $ ~O : O ~~ O. II r; ~ °~ ^gN<~^ C'~~N p ~ Nas O~ ~..~ , ~ f ~ 11 ;NII OD ~O o0 ~ I O a0 ovQi ~e°Dn~ n$$~ ~ ~G O I< ns r N V ~ n N I en II q ~ ° I e e i a o, s, P1 N ~• en N O~ 00 K P1 ~ < II y I I i . . i . i ` N i ~O II . .. ~ a;~ll e ~ oo ~ en ~ III ^ p 1 = II V Iy l . . . . . . . . . . a„ i . t .~„ it a0 . a0 I 1 '^II . ~ ~ it a ~ 11 i V! II „~_i i~. i~i .. .. IQI~ N ^ aND ! ~ 1 ~ 'I ,,,, II ~ i ~ {I ~~ i N II . i ~ : ~~m~ ~,~ '°~:N ~ ; a ill ~ ; o ~~' o ~ ~ = ~ i ~ 11 ^ ~ ~ - ~~ i N . . i p ~ m i C I. .. i . _ . . ;~ 1 ~~ ~ N ~ II I ~^ II . .. ~_ II !Hit i~ , i a i 3 ~~ ~~ m ° {I '^ ~ a o ~~ ;NII ene~pp~ .~ ~ ~o i I °D a... e'i lN+ ~ ~ ' . i 1 . ~ ~Nbp ~' ~ D O N+~r.orir+ ~o NN ON ' i P ~ ^ tf 1 a i l y ~ I~ 11 i. i t l^ 1 1 1 1 1 1 1 1 I~ a II °° ~^ s ! N II ~ 11 i ;, I N it IyN ~.. ~o w ~ < ~~~_~ ~ ~ ~ ~ ~iqi ~~8» Sggt - g~,~ ~3 ~ .~<s VII-9 O~?_Ov'f Ne+100 00N~O~?Q Q RN 00 C~~ Q~O~Q~tt l~ r N v1 I, enca~N l o i pan c~a~o ooe l 1 ooOOC~c~c~ I ~o v~ I oo II i I O ~O en 00 ~O en ~Q i h i S ~D ~ N 00 00 ppR 00 .Ip~ O V~ Q Q N t" ~ ~O !~ N Q i OONVIQ~ N h~«V~10N ODD OO I N i ~ ~~QQN i a N i N I! Z I ~ I ~ ~~" N N N 00 ~ M! N R O~ Q ('~ n~ h Q ~ T ~ ~ `O v o0 O. ^ ~ vi ? ~ 00 O i I ~ a ~i ri oo vi v < ~e < r .- I e o i v oo i ~c ~ ~ i ~~ I .. I 1 i ~ l y l ~ N (.~ i ' cn 00~C Na0 ~O ao oo t~Oen aoh Oen N ~ eMC~N i Q v'+ II i en fV ? N l70 I en I l~ Q 00 l" N to 00 u'f Q 1 O~ I v1 O N N O I p o0 1 7 E I I 0: V1 en ~ N Q eo i O t N I A ~O ~O M N O~ < v1 I O~ i O~ oO V'f Q i ... v I e~1 y ~ QNO~~ppP~" t'~ p~pp e+1~p < en pN t70 hO~ y'~ N N P1 I enNl~Nen QIi~O~ N ~O er1Nt~lQOD tV 8C~ O o0 N QO ~ II i ~ I' ~ N O C N I lb I e+; oo ~O '^ N O; ? c,-; eZ i e+~ I v ~ oo N i t~ a0 I I I ~ i ~O P N v'f I I O~ h< to t+1 O. N .• I N f O M y `G i .M.i `O i t'1 eY < en i 1 i I :. 1 _ 1~II z i i i i i i i i e i y i oo i oe i ~ ~ ~ I i t i I i o i Q p ' ~ ~ ~ i ~ i pp ~~ I I M I M e l m Z' D •F; E- I ~ 1 to i r~ i I 1 ~ N~~ 3 I ~~ I I I Z ~wi~Fj i i i i 1 i Z~ I I H i I I I I I ~,,,~ II vy~ _ ~ i t+ l~ i t ~~ i N~ ~ ~ ~ i ~ w ~ ~ ~ O~ ~^p t` ~ Q N N v~ L, I i vvo vNi ~ e4i~, dNN~ ~ eon, I vpp~~ I o: v_ epp~ I ~O I ~ ~ v v I o o I Z~ i ~ ~ I OON aN ~ i O~ I N ~O ~ ~~~pp i ~ a~O Q~~Npp i ~.. ~~Qp ' O S~ ,_, I M ~ N ih C~ N t•1 O~ e < F• O~ i n o ... ~ I Q' ~ I r~ 1 r c; I v~ I ~ ~' h I en ! ZVQa I V I 1 1 I I I `~ 1 I ~`nG- I 1 I I I I i H ~~ CZZ er'! _ _ ~~ i I h~~ I N i~ f ~~~~ ~a i~ i t°~.+° I ? 1 r C~LU E i ri I r i t I ~Q f r I ~ ae I o r i r°i Z F~I~~ i ~ ~ I~ I ~'~ 1~ I ~ ooo: i $- eo ~~ dQ<(~ ~ i i ~ 1 i I 1 v I v i II Z LL. ~ 1 H I I ! i I H O~~ ~ a I I a< en I n~ v I o0 0 0e+~ 00 ~o ~o ~ e+i a o~ N~ o en en to ~ I N ~D .• h ~D i N I M~ t~7 t~ N h ~ to I •+ 1 O~ 7 N ' O' i !~ <+7 I ~O I 'O 00 O C~ 00 t+Z ~ e .O en N h e•f O~ ut t ~ O N ~p rs. . 0 r E '~ ~ I ~ O .•• lV ~ C~ ~_ N a~ oo e g 1 v; I v, lV O a f ~+ ~ O O ~ i ~~ I ~ hr M So ~ Qr oao °` ~ ~ I ~ ~^~^ ~ I ono a 1 ~~~"' ~ VP 1 H a j v ~o r. `3 i e^ j v ,n en i i " ^ " i .. .. i H I~ ~C i H I I t ~' ~ i I h i O~ .+ N I ~p N 1v"~~ g O ~p ' h O~ t~ ~ O i ~ N Q d II f`1 ~ CS ,v ~' I ~ I ~ ' 00 00 li„ ~ I 1 to ~ 7 ~ ~ v ~ I O i o~'~, o°o e+1 ~ o; i ~ $ ~ a r N t~ C I I ~O ~ oo ~o e•i o~ I I N e I v~f 1 ~G OZ i ~ ~ ~ e~voe i I ~ f a~~'°`n N- i ~ i f3 ~ i v I ~'1> I f N I N I ~^ I N I v 1 I w0 i ~ N ~ _ I I H E- CV7 ~ H C N c o 3 8 oc ~ ~° ~ ~ _ ~ ~ ~ o ~ w a u ~ o f u~ u 5~ n ~~ 2 ~ u - ~~ 23~ ~ E ~ ~u ~~ ~ b ~~~~ ~8. •m g N ~F ~~ ~~~ ~ ~~ a~ ~~ ~~~~m ~ba ~ ~ • VII-11 i ~ I ~O < `Q N N 00 I 7 ; a O Pf i P v1 0~0 ~O t~ I v1 ( O~ oD .~.~ O I ~C , I ~p I~ Y O~ w. W P N ~O ~O eT v1 ' N ~p s o0 00 n o0 1`~ 00 cif cn y I o0 a O; O s .. I ao v~ ~n oo r ~O cv n v_ i O I x oo p~ o; I oo i o0 • t 3~ i viode~~orv i cn i ~vi.,: noo.. Ni_ t o j ~ thN$ 1 ~ 1~ 1 bL~ 3333 OO t~ V1 N Q N ~O M K ~ .~i v v~ ... >~yo j IM I I'" i v I Y' i~ • t ~ I I 1 I I 1 I I H N I I O~ 00 00 N O~ f~ ~O ~O o0 00 ^- ..• t~ ~ O t^ a0 .^. O ~O O v ~I t i s0 Nv~ i s i nO a8 n M Tn n l r c~ oo I N I n . ' ~OP1 `GVV1 i 00 ~ Ol"~ v000 a v1N ~ .. i N 00 O:A i M o0 I v II ' i vit+.:virr e j Nxa~~~+o ~^ ~ o~ { v ^~^~ I r of i'r+ I i ~ a ~O t~ N Q v v~ t~ v vt 'O a v r c~ N n c~ v N to O I 1 P1 N N o0 00 i ~O { O: O~ '"1 K O '~ I O: { N ~ ~ `Q ; v l"~ I i Q i N ° Ni i M 1 n c '••'~ v~ - N 1~ I ~ I N I i i i. i i I II 1 N N V1N Np M 1"~ ~O v1 M l"~p V1 N I I I N p N i I e~ MN~ I O~ I oo i v avi~O~l 00 c~~ ~ v l ~O i ~O O i ~O 1 i ~O O N1 ~0 t~'1 i 0 1 ~ N ri m c~ ~ ri n i N i I o0 1 M ~~ 1 $~ h ooNiN+a •ra -` t5 do r I a I ~o~~oNr,~- <~,:~, ~ o I o ~ I ~ u I t :.. ~n ao ..~ I en 1 ~n ..~ N r; -- 'O i -- i ao I oo n I o I ,'~~ I ~ m I N Nf N i p b^ v~ vi N t M I "/ I ~ N I Z ~ j I ~ ~ i i I j ' H ' ' N Q ~ ~ I ~ 1 I I Q I~ I i l l l ~ l y x0 i ev~f I P I I I I ~ I l a II ~ Q aau a i O: 00 0o j ~o i c~ v v~ 1 cr i cn i c~ i~ I z~ i.oo i °~ Q c iv i ~ v~i~ I c ~ ~ ~~_ ~ ~~ a ~ i ... .' i i i i ,,, I z ~ I~ i ~~Z i H i~~ i i i i N II `~~ ~ ~, olg IQi~i I I I~,, o~,i g i a I I I j Q ^ i N n C7 y ~ ~ e c+1 00 1 h i o: ~ ~ i v~ i v~ c~ I ~= .~ '. ZUmCoro V I a l I I I N I I v I v Data i i i i i i i GZ~V ~ ~ i N iA Z~~pe^ m l eMn I ~' I I I ''~~ I I I I I~ boo ~ n v I I I I a ~~ c~ r~ Z 1} ~ i I s v ~ a ~ ~o a cr ~ m ~ a ! a e~ I c'1 ~ Z< m m I ~ ~ 1~ I ~ aiT I~ 1 r vNi v I ;Z~zrsS~~ i Eg i ~., v i i i ~ NN i i ..: i i • xo~v m I t i i I" I .. i .^. _ c I Z<~~ ~ I I rA t I I I I I H O~~J~rs7V <~~ <~~ ~~~~.~ L~~ 0 ~~ ~~ F .1 N L•d z ca f 0 U ~ .~ a 'g3 0 ~ o~ u ~ :: rpi~ C w h g ~ :~ ~. D ~ -" O 7 Y J A ~ ~ ~ T. ~' ~ ~ C 00 ~ ~ V ~ ~ ors. ~' ~ v 3 ~ s~'~~" cry ' ~ °FF-~ >~ ~ muCO~~ F ~ c~~ m-3, ~3'I~cG~ y ~ `o~ ~ ~~ N >i-.75.1 u: '~U U~ °~t~ ~ ~'t3 gb0 VII-13 • Z~ tpC~~ Z 6. ~~ :J < Z ~ P ss~~; ? Z_ Vf C Z ~ :J o [~. o ~ (~,~ Z~ C} ~ u `ui:°~~ <~ c~ ~~ z ~~ 0 U • R_cr i `~ V ~ - 1 ~ ! a ~~I SF t% ~ ~ o. O~ v M n a ~. N n N N .. ao 0. ~ O ~~i ~ ' KQK i ~ N en ! !`~ ?N h h O NM 00 ~ , •~ , I I K I ~ Oo 00 ~"~ i O. rn ~ t I o~ 8 ~ 00 e , p y N ~ ~ p Y 1~ s ~ O i o i M h ~ ~ 8~ O O f~ r i ~+ T GO i i , ~ e i~ , F , ~ , I N i I N I i i , ! ~ 1 ~ I I ~ I i $ I m i $ ! ~ ~ O' I M ~' i .i~ I ~ ~ ~ I ~ 1 "' M a~o_gry a `iQ~Qe Mo ~^ w n ^ 1 cv ~~3 ~ ~ 3 ~~~ ~' ~ 3 < ~ b 3a~ -~ 5 ~ 3 ~• '~ g~ a~ g 3 z~~6~ ~ .s~.5t~~ ~ ~~ 3 ~~~~~' ~ r ~+ oo N O~ `r0 en `~ ~O ~ i ~ 11 t~1 n ? -- ~ ~ II , ~~N N II N ,I ~ it Oa ' .. 11 ' I ~ O v ~ N J I ^ I NN P s !I ~ Kn I I I ~ <.I _ `^ -- I i iN , II I M +II ~ II 1 N II it i I 1 i ! n ' it H Ii~ll , ~ tl I I ~ $ I MII vm oo ~ ='' ~ °' i ~ II N O ~ 1"! 18, n II rNN N I Q 14'1 II N ~ ~ ~ ~ II I M 11 ao ~`! a v~ v~ h K- oo ao so vi vl I ~ ; iI QO~vvN1 ..N Q~p~vv ~ I C II ~ v~ o a ~ i ~o II I ^ II v ~ "' II 1 M ~ N II NCO en NO~O qOq 00 a~ppe O~ pNp~~t~1 C'Vnnh~S ,^~ II e~.~eNn?r oNO VN'~O eNr1 V~1 V~1 Vp1O~r'~Y1 i O jl sQ`~` ° N ~p ....+ V~ v v ...Op v ~ v ° ii .N..'~ I M I I ' 1 ... I i v u H II N _ N • ~ N , , h ~ ~ , ' N , w II nr~,Q , ~ ,~ I ~ en ~o r ~ i n (~ N v I N II N _ ' M r8o~; Im ;mom is ;g I~ II. sO v ~+ ~N1~ ~G , vCO1 tp 11 011 O~ v N I O~ II ~s ~ -- ,all ii i n y ^ ~ it ~ ~ v1 NOg NN~rp"O r JQO II N v oo a d, r; O K~ O~ 0? I ~ iI N N00~ Qvv~v ~ i N II it ; N II H 3 ~ ~' ~ 3 ~ 9 s ~ ~ ~ ~ ,, y $~,~~ X33 ~ ~c~~' ~=~~ ~~s ~~ s ~ ~ ~ ~ 5 y5x~ t3 ~ ~ 03gi ~~~~ ? `~~~~8~~ II o $ S ~ ~ 5 ° ~ y ~ ~ g ~ ~ ~ ~ 9.15 ~ ~ ~ c ~<$~ ~~ ~ ~ US~t-<LS~cC<aE-c7 ~ ~ Z r~ L VII-15 • OG V Z O U Z Z~ ~~~ . ^ ~ -Zo' u rte-' ~ e %<~`~. L 'v -1 J Z < c~ G U • ~~ >+ ~~ t { .P. t r~ ;~ v i i 3 1 1 a~ 8i ml ~ e I v t ~ i 3 t ~ I ai~~i i < i { ~ u i ! L ! i T ~ ~ I ~, ~ i [•~- < r.. l a .~ F ag "= 7 c C u EE V .~ U ~Op$~BON~. ~. Ne~+1~81+e~~1 r 00 f' : V1 Opp pNp O~ v~ a v~ N ^' 1 ° ~ ~ ~ ~ ~ ~ i ~ 1 ! H en ~ Q `O `O ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ i r$ H h O_ ~ O~ a elo en en eo i ~p ^ I Q ~D ' CV .N- ~O r h O~ N Q Q Q e V 0~ N N~ D O Q ~ moo ^en`h :oe00v~ I H I O i i $ N ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ i ~ u i ^ ~~ ~ ~ < i H 1 ~ M e a n n ~ e e-; P elo `~ i ~pv,oo e ^ ~ H O i~ t . ~ ~ ~ ~ ~ ~ ~ r ~ ~ 2S .= I N I fn ; H ' i vii M I Q I g t i i l t v i no P e O e~ ~n O ~C I N V'1 eo N ~O N N y0G- H `~ 1 IpFp~~ IN.I t O~ O Q N a F ~o h rooaQ <rQ ~. ' ~$o42p$p5~iRoroaS I ~ t r i h 1 °~~6.~Fe~i~ 1 eo t ... .,. p, N ~0 1 tp 1 ^ ,~ 1 ;~ 1 ~ 03 I t ~~ ^~ POD N^ i M 1 ^ 1 ^ i i i 1 I ~ 1 ~ ' i i 1 i i I 1 I , ~ ~ i 1 O 1 N { No 1 ie i t~ a0 QQ i$ i NO i i N i I I C ~ vinh N N i 0 i sno^ F N r -' e . ~ a I ~ ~ ~ ~ i i ~ i i i 00 I e I er 1 ~ I 1 I t n 1 ! h i p I 1 ^_: 1 i I t I I N I l l l l l l i i N i I ^ I i i I I t l l l l l °~ I 1 ~ t i N i { .,; I FN ~ 11 i h I 0 n l vI o iZi p p ^l '1O ~ o; q ems, l a II , O~ r ~ a n v'. 00 ~ l p~ t R II ore ono dd 1 N a? II NQ~ ^ ~ 1 a ~ Q 1 I N I ~ N II i ; ~ ~ s ii h 1 ii i i 1 F 1~ t i= , i i ,~ II is 1 1 i ~a ial) I F N i N I r i r II F 'r t r I! a I v t o I i i II 1 1N it O $ I eT 1 p~ II a 1 ~ I P o~ it °° ^ ' '^ II o°o I ~ $ u eo n u t i N II eat ' N i II ' ' i ~O i OND o ~vQQ~ Q 1 v: 1 n i~ i i ~~ I t n P ~ OO 1 e 1 v i ~~ u N „~,, , ~ ~^.~ i r it i a 1 ~I I l M 1 ~ ~ ~a ter ten I~ ~ ~ ~ ~ ~ 1 ao i eo i o e; II ~ O en i to 1 ~ II II 3 I 1 ~~ p ii i H G ~~o Igo IM II n n n r~i_ r eo 00 ~x ~ ~~ 00 eb a ii N i N i ~ II II i 5 I I , ~ N II i ~ ~ ~ ~ ~ ~ ' ~ 11 ~ tl e 0 u n - - S, i ii i ~ H II u 1 1 1 1 i~ i~ I~ II R ~ N l N . M ~~ II 1 ii ~ ~ y i i l 1 1~ l e i~ o i $ 1 ? II 1 r ^ ; ~ tl v i v ~ II l ^i I I p , N ~ ~ ~ ~ y y ~ C ~ M a " .~ J ~ ~ ~ ~ ao r ~ ep •q u w ~~ Et; C g ~ C6. Q• - u u s •~ i :: L 1 I L' 1 I Vii-~ 7 • .~ ~E a D Z ~q C' LL~~~ mo ~~ ~o 0 Z 2<~ Z °: ~C. D CZU~ <Z E ~~J~ CiQ` NZ> H O L Z ~ ~ ~~~~ ~~ Z (,..t .~ L~ k ,~ CS ~ ~ ZC L" ~c ~ h L Nf Z U C~ LC[ u 15 7 u u ~. a3} y V Y L ~~ i Y ; n, 00 , i i a 1~ '~ f~ i N ~ 1 ~~ ~ a.j ,.n i ^ I ~~~ i Zi i ' i i N I 1 I ~ i I IN 10o I ~ i $ I i ~ ~ I ~ I t 1 '- i I i 1 , H I I i ' i ~I llllii i ~ i~ i m l p~ t V 1 N i i ~= I ~ i m I 1 I I 1 N I I i ^ I i s l ~ _ ~~5~ a I n I ~a2 ~ 1 ~ ~~ ~~ I ~ 5 I ...O p i i env i ^ >~~~ i N I ~ IN.. le° n ! Q ~ i V~ V i P1 h O 00 1 00 ~ ! ~ ~ r N ! o 1 e~f n t e r r i I n ~ i 1 N i I i ~ 1 C ~ i N_ I 00 01lO ON i P m i I N ~o n$ e, e•~n !'^ 100 O i t~1 N = ~O i N i _ ~ 'erOe~1P0 i N ~7~ ~ I v~~o,a=~~i,~ I p ~ , e~1 Q Q !~1 Q i V1 RG9G ~ O i fNV v... ~ g I a~0 > a l v v I .` G i I t i N j of O app $ e n I ~O N r n ~ e +1. O: O~ e n. v '~ i N I p p~Y1N/~1N i OppO pON~0~ N ~O C i .Q. ^ i N i 1 t H I I Oa: , ~o I a ~ ~~'o, a . e~ I r mi m~ ~o . h n .. O ~ ~'+ ~ N i -' I I N , v v I 1 1 1 O I O , ~~ I O fV ~O 1 00 Q i O ^ tV i I 1111111 ~g~~ N 6^; 1~ :O v i O N , , , .. N I C , , O~ n v I I i v~ r i~ l'~ i i N l ~ i i 0 , , o ~ , a oo I ^ O ei h e +1 i l i i i i i N I I I 1 1 o I i i i , O ~ g~ .^. I I N I ~ '~ e N I Q I O ^ t 1 a r v~ N i ~O i v N N e I ri I I 1 i i ~ N ~ P1 , , , n 0 i N i O N ~ $~ ~ n , j i ., p c O~ p Q N i N 1 t~ oo N .-• I O i O N N v I~ 1 I i v ~~~ ^ I I ' O~ 00 V1 ~ O~ ... N v Q N I N I ~ ^ O . ~. . . v ~O r v1 i O~ Q t ~1 v ^ v I ~ ~ ^ Qp NF1~00 OQ08 I I i i ~M I P I ~ ppp4p Pp= O; 00 t, oo t~ vi O j ~o j a ~o O~ a0 ~G ~ ~O x~ o o fV P1 a0 1 I Q V1 p ', ~ a o Q cn ^ a ~O e Q~ e~ N ~O I en O eo r1 N ~~O a0 v ~ I v ^ I N I I i I ~I pp pp p^. O~QOOaP0 , I ~p I I a n°p O COec~ ao v~ t~0~ O ^ ^ `O N ~O N N t~7 1 i ~ ~~ Q... 00N00 P1 .•• ~O~O Q Qh 00 N j N I vN1 Hv n~ ~ I ! N ~ J 00 ~. 3 3 ~ ~ 5 ~ s ~ ~ o= ~ a _~ ~ $ ~~~ ~ ~~,~~ ~~ . oc~~~ y E b E~ BoG ~ ~ a+y ~ > •~L 3 Ginty $ QcZ r~.Y, ~'i' u ~ ° ~~ 3 ~ ~ ~~teou ~ ~yyF ~ ~ ° e ~ ~ VII-19 ~ 11 , II II II I I u ii II II i N II II c Q° ~ ~ u II ~ ~ I ~ ii u .. ~ ~~ ii II n n i N II 11 o' ~~II n ~ ~ II ~°n° P M II ~ N I `~; II N ' I I I ii u N II n a II ~ j ~ II 11 ~ j ~ n n ~~ i N u ~ u N Q I , N ~I 7 N v . o~ i e II R ~ I ~ ~ I ~ II o cii c I ~~ II Y i H II O a ~ 1 a 11 u o'o ~ o O°o ~ N ~ ' ~O jj c a u ~ II II - u H II I I O M I ~ jj z ~ ono j r II = II ~L I N I I N N II >. II = II u I N II vNi t~ ~ v ~~ e C n I! ~ ~ II e o0 v-~ II .N. ! I "~ II I I .I II H I I I I ,c n , x II n •• 'Q II ~O ~ ~ II O ~ II Q ~ II v i ry l l I I II II i M II ~ ~ ~ - z_y~ ~~ T~ ~_~_~~ a~ cn ~ ~J '~~ y ~~ .~ ~~ eo~= m 5 0 3 r.. ., ._ ~N a _.N ~ ~ ~ =x y .Liz I I f ~ ~ ~ h oo v ~O N ~ Q v ~ v l`00 Y1NI v I oo ~ P'I N i -- oo r v~ oo .. Pt O 00 t~1 v ~ I P1 I 8 ONOv~~pp a - O O N N ~ot~ . vi ~ c^i I e N ~p r o0 00 ~ N a O~ P I r ! en II r ~ y~ I I II Z '~ I I y y ~ I ~ pp en~~00p~y ~pN ~ I a0 1 ~ ~p , POv18 v9hv O~ I v1 I `O 1 N1 t~ v1 N N rh~N~N , Pi O ~O c OC ~ Vj II _ ~p ~ I I ~00 1 ~ hRNeO^h i r i h vi ~00~v ~ i n i .h.~ c'1 v~O vni ~ . vi N ~ II a ~ - - - - ~ m Z j r ~ iS I ~ I~ i~ I t t 1 t i t I 1 I ii ~j v I t I I 2 j M i I I I ~ II ' H H i i i i O ~ I 0Q0 R oe 1 !~ ' ~ V ~ i 8' i V1 i ~ ~ ~ ~ ~, v' r ~ en 1 t~ 1 .~ I Oro I ~ en 1 ~ II r II ~ 0~+ L. i l Q8 p $ !i1 i O~ I N ' .~ i h ~ I I I v t . v ~ OO ~~ Z a I F G t;e " i .. I - i n t~ n II c ~' ~ ~Z 7 I C ~' I ~ 6 F I N ~ I Q I i v i v i i I I C 0 ~ L ' i i ~ i I I II ~ ~y I I I I I I I I I I 1 n II M I H ? <~ F• ai " I I ' 1 I e ~h ~~ h ~p N N ~ ~ ~ 00 R ! 00 + I OD I e+1 { 1 - -oorN- I~ P'1 O 00 ~C N s ' ~ ~p ~ N ' ~oe~pvt hN i ~ N S ~p r 00 00 ~ v O e+~ II r % N II a ~= LL ~ ~, .p {p~, i i ~ ~ ~ ~ NOOv1 s e~1 f~ 00 O~ h i h 1 O~ O CV O v O e ~ N i e+1 I ~p .., t'~vv1r -. i n 1 O~ n P O v~ O O ~' O~ t+l P'1 f~ v1 N i 00 rO~Oh~p ' ~ v v ~'~; ~ ~ II v ~ 3 '~ Z ~ 00 i. ~ ~ ~ '~ I h R N V N 1 .. I ~ e v t~ e f h .- vi ~O O t~ Q I 00 I ~O ~. 1 1 N N N N i r e~1 v ~O v t+1 I v ~, .. iJ rT ~ II O I I p ..i ,ate ; i .. 1 i - - ~ - i ~ I i 1 I n~o~3 i t i i i I i i I ~ tt e 3 Z V ~ I ~ l M ~ ~ i ~ i I { y~ II y ~ ~ , O Gt7 ~ a z v ` o<~ ~ _ ~~Z~ _ UZ~ c ~ ~ , kY~i- :J ~ ~ , ~a T u ~ p V X O< ~ ~ ~ ~ ~ ~ ~ ', ~ y G Sa y ~ '~ C v - u E ~ - _ ~ -~ ~ o ° ~ ` ~ g~ ~ ~ ~ ~'= •~ q ~ ~ s ~ ~ ~ u ~ ~ c y r3 a~ ~ c u d' v Z' oG ~~- ~ c c z y :a m Z. C ; C p ~ 'b' OD ~~ t .C ~ X ~ ~ ~ y S ~ C e ~ 3 t: ~ Y F. ~ c S~ 3 4 ~ E= ~ ~ X .~ Y 3~ 3 3 .J .. .. Z Z Z - - • VII-21 • • • N N ee O~ A ~ ~ v~i8 V t3 f N 1+ h A C O ~ o ri'1 ~ ~ wt ~ r~ ~ ~ ~ ^ N N ,+ ~ N ~O aD ~ N P. e~ 8 1+ N If1 tD = n - ry ~ A p r h T C b 1~ b N C = N- N • h : N- b C f C'! N P e `o t;~ $i~o~ ~~~'i~7iv~ ig~o~ R'i:e ~or:,'^. $' ^ o °a O~ CC C1 • N O N b N N N• O O n ~" G 01 f~ . 4 - ^ . H v . Iff V ~ C 6 eV ! N - f~ v 8 M I r ~ li 1.11111111 Iillllllll I I N G .. ~g~'8 8 & € ` o -` - « ~ I1 Illilllll IIII'~11~1 1 1 I 8.e~ ~ • ~ ~ Y C x w Vf N rn ~ ~ ~ C M « `e8 ~ r^ ol~llllol Iiililllll I i I re, V N r u O~ ryNry h N ~Q O' ~ e O O/ ~ N ~ V. 1~ N r v. w « ~- T~ tp 1~ O m H N • E N O p~ N O Y r ~ b Y'1o 1 1 i 8no'~ ~n bn• $ N ~i o~ _ ~ 'N b 0O N 1~ N - - P . 4 f N . ~p O • Q7 1 C =r ~ 85t ~~_ ~~'1°e~ ~p°A-ooh=~" ep~ ~' ~ ~ - C O N ~ O f ~~ s _ _ _ Nlr~^_ d~ ~ ~ e~ _III~1111 Iilllilill I I I ~ e cc o - ~o m ouq ~p~ ~ rb. " vi .ri N r - r f N M _r e8 pll~lllll 1111111111 I I 1 r u i ~,~ ~ a r n ~b N c~ ~ n vi r w M S ~,~ ~Illlllol 8111111/11 I I I _ Y . ~ • p1 e D V M C1 tV M1 pc G fA - N E M M ~~ ~~>rolllnl Iillllllll I I 1 M1 v e ~ o ~• ~ a •>! ~ ~ - ~ ~ ti N ¢ - - ~ N ~ _ SI e~tl~illll 1111111111 I I I N ~ ~ ~ .. ~ w .- r ~ d r O R y: .. p $ r C r r sip ~ - ' ~pe C•• pp w ~ O r Z~ - C-- ~ ~ O~~ C e Z ~ G ~ C a bO ~ 0 0~ Q i ~ ~ r `V::~ ~u-0O ~ 1C GG~~OO0 _ ~~ ppew. p yyyy r r C~ ~ r ap C• < C L G< u ¢_ G`. ~ ! C 0= ew y '~ C y ~ ~ v a R~~ .-- rq e u a c~~ e 7: ~ r e • 1 ° ~ Y J ~ Ti ~ O " _`o ~ c7 J Y .GS. D ~ ~ e i E ~ e ~ ~ cQ .-e. w s u e w c u e v ~ u 14 ~~ I7 r g q~ 6 e a • L e 8 u e r VII-23 ~~ E~C N < ~ P ~O <I IC N r < CC: < O~ c N CD O v1 M O ~n < O.r M1 1f~ M1 N O• CO e NI r>, N+ C~ T •~ e C~ < - N O• n 1!~ < n O~ CD '~ Q C N~. ~O1 7 I~ 0`Cru~CR!~1 Y1 C10-~CCSre• nC c O •COtT•'+O• P •D ~~ Ip v . ... ~ 1 - Ca. c LL1N <CrC<If~ 1+1 NM~nNW10rv1 Or r1+1e a CT r- e rN C~1 ~ OeNNe 0 O~ A q W Om 4~ L- LA - N^O•rP0 O~ Ner fV S r 61 N~<MONO •~ O O ~ CCM 1~OInC N O• Nt C I .~ ~ C E O ~ v ^ ~ N O - < ~ O• M 111 e e ~' N ^ ~ - N ~' < v ~O M N C I . Z } ~_r M 1 ~~ 1 1 1 1 1- M i l l l l O~ I 1 1 N O~ e l I 1 I K1 tb 1 >. m m 1 I I I I r r O I 1 1 1 1 O• 1 I i ~ O ~O /~ 1 1 1 1 O Np I L O~ O~ ~D P ~D H 1l1 O• e ~ q ~ +• ~ - ice- 10 Vf r r N ^ e n e ~ - O~1 ~ C e ~ N ~ ~ 1 C L ~p ~ •p ! N ~ 9 C O H 7 6 N N' ~ N N ~' N 4. IL iJ I ~ l M M 1 1 1 1 1 O~ O~ 1 1 1 1 1 1< 1 e l CC) O~ 1 1!\ 1 1 1 e e O ~- 1 I 1 1 1 h M1 I t 1 1 I I r l M I O 10 i N l l 1 CT a u1 C CO CD N 111 CQ P /1 N O r I m A E < < ~ ~ m m O o O w vl < < W ~ ~ v v v r NI N Vf S < ~ ., m 1 1< O~ I ~- < r 0 O~ I I t O l N O O~ ~ U1 Y1 O l t- _ ~G r N 1 1 CO r I N CD r 6~ r 1 1 1 0 1 1~ 0 m P ~O N I 1 ~- u1 ^ ~JI 4 O O v'1 u1 O~ r v In O N r1 i+1 v~ u1 u1 u~ ^ r c01 Z A t ? la_ ~ ~ V N< ~0 N N CD N O~ O~ N e O P O ~O e b N 1i ~ m ! N r < r ~O O~ ^ In •D r ~O ^ c7 O~ O CO O~1 2 G r ~- N - ~O N rn a •D u1 u1 ~0 O COI - I- vl A O N m V L ~' N Nl M1 !~ a W C Y1 M ii1 ~~~ r G W ~- C N 1 1 1 t CA O I 1 1 I I I 1 I O r r M 1 V~ 1 1 c0 I D ~O O O P 1 <1 O . J C If1 1 I I 1 r I 1 1 1 I 1 1 i C~ ~ O i O i I M Wa u ~' r M rln l1 N O O O O T Q O~ ! O• NN P Z Z - L> n N O e t n u1 n c e m r N p Z< GW. m t m C '°. ^ ti ~ N N N E OW W E m ~ ~ M I ~C4 mm F~ <fl m ~0MOU1 Apr O~ If1Nt0 1O.OOe l e) O P MO^N 1 r N Q\~ ~` > <P-r'1N10 r -If~^ 1 ~DNN W I O CO O• IN CT<r 1 r r el N C CT ~ O O N O~ If1 N < O~ K1 ~ ~O O~ c CD P e 1 O~ /1 K O. O~ M h ! CD/ Z O A j 4. W dv C -M1M10~C+1+ IC1 a1~p1l1 NCeln tD r n OONN • O O e O C^ C d Y C ~ O c0 O~ CO c CD O N N O~ r^ O~ •O ~D T h r r N O. O r ~O " h e M1 u1 .1 C X 1~ W ~WZ LA > NC N NCO r < CD h < N N N C In O < !r1^ I M1 ^ N m ~ O~ V ~ M W W Y J m a O• - u1 O m n r ~O In h e O~ I I rr -- ++~ ~D 1!'+ e O 1 t tl1 H , LL' < L ~O N m M~ N O~ ~ O C M M ~O O 1 i C>` ~ tf1 If1 N h O I I ~O '. ~ > ~- H - r C^ O• a O~ N O 111 ~O ~D Ifs O CT M r~ a n- C N h O W L L r ~G N ~O Y1 O O~ h CO < N N ~i.^ CT n e I!1 tD c O V' Ir11 0 O K+C 10 U~<~C P ^rCD r1rM r r r1 h ONO O• O~ 1 4. ~Ia. C PN<r c CD O^Ne N e`.e N N O W v L O C r^^ N ~ ~ ~ ` J - ~ ~ N ~ ~ ~ 2 } p N m O Z = N C ~ T © ^ 7 t N ~ 0 p p >• A S Ql ~ .. O L L ~ O O C C C L v m L C O q O V C ~ _ C C } v v ~ t M~ m N q 1~. ~ VI C - = 7 •• O~ +• Q m O ^ O N ~ m VI m VI ~ +-Cm c C VI m O m m .- LEa V ~~ m L L m N N mvlm m vm } c U~> c m mO ~ ~ >> + ~mm ~ A~ t E- u/ V ti + - C o N Vf Z N- O m m} L ma' ~ O ~~ m A m my C c v c IJI m v O vl e c m.. my C o t= c m m N L VI c m > an. v> +• C C+ 9 Q m 7 ICI 10 N H C v Q O~ > ( j A ~ 2 C Q m O- A +~ O. C N m m OL L IC C v C h~ 1~ L A C C C m O. 1 1 C c L ti Ip L O ~ m ' N N . •• >• m O C ~ V - 6 VI X W > L - V O > X N N Q L LS A A >- m O 7 V C Of L S m W m m m v C N> C q VI L L V m •• L- >< t 1C ~ C L L V L C} C C C 7 C C C O O N 10- IO L+ m- t-•~•t T m C m 10 - A-a-"' ~ + 10 O _ _ L Q 10 •. Lf ~ C C Cl` OA--L~- N-+. ~. _ C . C O In N C O1 N m O t m C 7- O 6 C L m L C + 0 t" O m W L L N C m v A A C m m m L m V 1 1- - t C~6.d23~;7C d- r' N N C © m 0 C VI X V ~- L v L ° f x V L G G O O 10 I /I y m 1~J- tL~ U m U O m W u m OOJI+. N t m v v c C c > m ~ x W t x > > ~ W O W li 4. N C O 4 N A v C A C m L ~. C L 6 L ^ C A m A N i O c C T C A a i5 v V Q m L H VII-25 1 1 P^ I P ^ IC~^ I l l t l a~n M Q ~^ 1 1^ I ! m I I tD I P ^ O M Ifs 1 1 1 I I N P I!~ ~O ID 1 1^ d 1 <' m - If\ P e N ~C t0 Ifs •~ In P 1n 11'I O CI VGA P O~ O N M P M O n n P ~O 0 ~~ „' O O If'1 ~O O < n a C P ~ A ~ O ^ I .. .. I n ~ Y '1 ~O t ~C q A A M Q Q~ N - ` C > W S i v ~ ' ~ l W N +' 1 1< P I- V h O O~ 1 1 1 0 1 M u'~ S O~ m In P _ N 0 1 1 •- ~O N 1 1 v. ~O r/ D~ 1 r ~ - I I tD r I N O M In tD tT r tp r l r Q In l t 0 1 O N M M ~ Y1 1f~ 111 ~ r m/ <~ _ Q N C N N N P PN •C C PO ~O Q O N~ O pp O 7 f ~ O N r Q tD F ~O O+ _ In ~O r ~O ~ P O m P H Z L ~ r^ N ^ 10 N M c ~O M r ~O O ~O d : Z~ < ^ N •~ M ... M a~ p } I/1 M Z q < W 1 1 M'1 tp I N M P II'~ 0 1 1 1 0 1 If1 M N ^ 1 1 1 1 O ~O .O! 1•• C7 10 I l r /~ I N F 10 ^ M I I l O t N O •Q M 1 N 1 1 t ~ ` W < (,) ~O M In N N = R O ; ° P IO I • r C Y fill O m ~- R ~p N O N N P M N O O P CO O~ In N ~D < N M O ^ P m ~0 m ^ tD ~O tD < ~ ~° O •~ ~O •D N N t7, O O I F~ tD N ~' '~ to v v ~ ~ W (r Y~ ^ 1 t t l ~D r 1 I 1 1 1 I 1 1 0 0 O r 1 In 1 I O O 1 O~ < O m 1 1 I I M sf I 1 1 t 1 1 1 1 O m t9 N 1 aD 1 1 tIJ M 1 MI J W m ~p r M O C O N ~ e ~O ~ ~O L^ W D N N Ill M to ~ h h~ m C I O Q N M 9 ~ Q ~ p- to > c In In C ' ~ m L > A ~ » ~gn ~ a M Q QZZ L C _ W W N L ^ W N 1 t 1 I m O 1 I 1 1 1 I 1 I 1 1 1 1 1 O r r M O t In 1 I t>7 1 O t I ~O 0 d P <t O~ L ~~~ ^ m ~ tl t.1 ~ O I I I O P ~ C v 1 _ j C = <'7 m V ~ ' O b m c N~ 1 O > Q r .,1 n 1l 1 n N O O P C~ O•' O~ ~; G C > 7 r N O c I e m M ~ N Il C C~~^• y ~O r : In ^' M N c I N C ` y < N - I N ~ O 'C 0 y M M N H W ~ A C C L o t I I I N M 1 t 1 1 1 I 1 1 O n r v7 I 1 1 I 1 IO m c °~< A < I l l l t>7 N i l l l l i l l O a ~ c n t l l l l n P n U~ U m M M F O m O C m OI Y 'L W m + m ~ e n h0 ~ N uP•1 _ uC•~ vpi P ~ 1 (~ ~ ~ ~ ~ -1f1 M M M M ti. 1 ~C >= O N N N " u ~ ' ti 0 ~+- '^ •N W N = Z ~ _ D N j C 0 m 22 CW O~ m p Z C c~ _ z~ s ' m L-~ >. $ ~ .. .. r "c L _ N W< N S C N Q m N O O 7 C 0 A O L U = = +• C C C A • ^ M ya O N q ~+• N « C C 7 ^^ Q ~ IJf > m +- o c C m to ul p a O ~ ~ ~- m uol _} z o c m ~ m o a ~ v m L ~ N S -u~-> N ~ m mOZ Eta .o. O Imo ~p ~~ C E L Q> m m L TL C° C . ~ O`~'~ pp Z N° m m ZZ W Oz m ~• L m fY acm+- 7 c m +~ t > min m q C> m C Cc 9 c N d C N N Z `~' Inccm.. oo C o W m N L N m ~ C O+ II: C m A ° m t1 ~ C N A A VI N t7: L L A C C C C m ( 1 O ~ C~ L S ~ m ` VOI VI C m O V Q y X 6 m C H 1•~ L A C tG G A O O Q' •• } m m C c 6 VI W > L •~ V 0 S > X to m ~ m - C C + N A V Q L L L Z7 > O m 7 + V tT t71 L J C C C C W C Ill > C A A m •• L S D ~! ~ C L L V L to C ^ ~ A°° °••• •, C C m 0 In It7- L~ m°t- ••.° A° o • +• c m ° t «• _ C d C+ ~• A O _ L Q A N t71 m Vf N C L Qf N m + O J C C D tT A } m O 7° m N ° D O m~ L L C O O C IO 10 m L C m _ m m m m L m V !•• L U• ~ 2 S , 3 C" V tl F•• G C W L L N m m m m A 9 N C A m A ~ X V~ A C N C L D N V! L o amp 10 NO _ mF•J-LIES V ~ m' O X m W . mOOJWtA U"' C C ~ X W W 0 W V W H C m N A V C A C tD L A c A L C C A O A an tD O C tT C T C A a ~' m L r VII'" • 1 N W J g 4. N ~g w~ Z Ln 1P1 < U H r ^ W Z ~ M Z N ~ O W W N d n S~^ ~ ~ 2< 6) Uy0 gad ~<>-c p ~ W ~Ng~ UZU. 6) W >- W < L ~ r ~ W uC o W >a ~ J O < HHZ C H r- N O W z 0 1 O~MP ~- P O M a P O MIn r- Q O-~O N_ ~O N BOO to ^ o W Ifs M ~- a V~ !DI p u1 ^ N O~ r M N N - M Q tf1 M G M 1f~ P^ C m P Cr N IA V~ r f - N M r~ QI M ~' C O~ N^ O M Q ~D Y"1 M 6~ M O M M N ~" ~O N N O r M r Q M GC ~O N CG COI -~ G .-. C L If1 Q ~` M O M^ M r r M O M M Q ~C 111 C>, N CO. C. r 6D 0 O Q Q r M O On r m~ q q W 6) m P ! ~R N - N M ~O Q Q O~ ~D M ~• ~G M ^ ^ O~ Y1 Ct+ t>, M ~ rr O~ tf1 1f~ - !O C>• Q +- L- O~ C>`^MNC>` m Q O^ Q Mr M- O~ MCA M CT ^NNCO m m ~ OeM 'r N! 10- ~0 ~ ~^ v^ r ~ ._ N MM ..N ~p - M- a -1 v _ _ tt1111 Z ~' ~ .~ • .. ... 1 1 t 1 cD I I to 11 t I t I M t 1 t N ~ r O 1 1 t O r r OI r 1 r r~ ?• 41 1 I 1 1 b 1 1 S1 1 I 1 1 1 1~ I 1 ( r ~ O~ ' 1 I P ~ ~ ~. ~ t ~ ~ ~} ~ M ~ ~L) m < M ~^ ~ M N N •~ ~- N 4 m n ~ ~~~ e h h ~1 ~rc~ o 0 1 9 j a~ N N N N ... W W M M~ >, p,MP~^-OM ~O P OMlnr m v m~O 1 -I U'~ ~0~~- O rr O M ve ?I f L 61 61 Ili ^ N P P M N~ M ^ M ~? V1 M O if` P ( Ifs r Or N M ~T ~D a7 N- O rj q N r.^cPCC P Q~p t('~MCD r~1M M'+InN 67 P MOr.M N P CT C NN N MI +• - ~M Y'~ rMOMMC P Il~PN P M ~C OOV N m P Q Or ~ Qj 611- L C-MO^ PcO M A c HOC v PROMO ~O M^ ~O N ^4MY'~ r v v P m.0 r n/ C C 61 C. M Nm G7 M C Q M r M ; P= IP~ N If1 N C O P P O M O QI O O +- c^ 111 I ~- N M M M M~• c ^1 tL LL W M ^I v ~~ - _ M ~ >- i6 q f: w ~ C > > O q ~ IL I ~ 1. 1 tT ~ ~ O N O m c ppC~~ m N C O 67 « q}o q q -~ O ~ ~ - Z q q c a x ~ ~ my c m C 61 C f VY ~ tX v ~ Ci ~ 4. 61 N~ LO C ~ N- i O C E OE C N C m C C E C C~ Z m ~ 7 m `` L N y, F ti m W ut ~ q pr ~. w a. « 4 t71 E bta d ~- VI C X ~ -~~ O 0 ~ h ~ }p ~ ~t N-0 q N Em TW C<C q~ C _q`O > Or O O m '~' C~ 02 Ct ~.q p~q}61 Ci m FONWLgCC~ Oq Q..J ~.O-OH C m C C< Cv C O q O um. N~^ N p X m} O V+ ~+ A. ~ O 1~ C p C Ct ~} v 6 _~ ffl L L L^ L ar-- IS-.q W L~ q p U q 61 q..} C` O.C W q O~ 61 W~ W~ W u} rn$°=: +°- vtc''~ c`~=O A o~ ~ ~ 'c q q ~\ L L o gt ~ m Q1 L C C ,. C m O L 9 O C L L. m~ L C - > Y O~ >- 1.. .- a m ~-.- -~ 61 r q L -. H~ C O 61 61 H U CL~-t q^ +E~'H.^^L,C VI Xh~ D ~O~'tL m} C Cd C61 C q~ O q tD }~ O - q O q- 0 0} 6f 0 q m m p Li L }} ~ q - L ~^ ~~~aao~ln ~azo~NOC~v ~oz } ga~oo ~ ~ } :°._° «" a ° z~ = o°°' z ~a z ~ p o m q a u c q C O L t 0 ~L q n A' L' 0 a .~ R- L`. q N m C c~ ~- C q a O L H VII-29 • • .p K ~~ ~'a u~ m ~_g a N • ~ ;, ~ ~ !i ~•Y N.. v. M_ e II a • V w ~ H is 9 5 • 1 i x V _x ~' w s. • 1- a- sly ~'S ~~' ~~ ~ MN O I !. • sa `_ = ~~ ~C`C W • T I r • ~ N Y 's s 2 M `~I I • _ .. a u v • 0 • ~ a .i 5 o A C r € °a ~ 3 MA1 O • C N V • ~8 •-~ . O ~I e M ® n~ o n ~ n N %f Vi N O n v+ ~ io n O h ~O O N n ~ ~ ~ ~ Q ~ f N ~ ~ h 11111111 ~n..,.,e~os oaer•g ~ C'~ h M N N N CC s H ~- 01 ~ A O N~ V N f A N N ~O ~ m K 0 C~v+ ~~ G O ~ n O ~ ~ p ~v ~ C~+ m n O C~ ~ r v . ~ N 1111111 IIII ~~II INIB ~g ~ N V1 ~ O f n C 1 .. ~ 811181=1 1111111 1111 e ~S 9i f ~ ~ 1 - ~^ R:Srs~R8 a~~ I~IIINTn ) ~ ~ ry Np1 ~ 4D 1!1 /` M a~D O O~ ^ N~ ~O O N O M1 S ' 1 N f~ ~ Sj p~~ ~ 1nl1 O /~ _d ~~~pppp ~p !V fv ~ I- O M^7 C O v am_,d ^•: ~ N v v • 11„11111 1111111 1111 O a 111811:1 1111111 1111 • ~ A illtilsl111111 .11.11 h ~ ~ NNIOmIO~I 1'e~ O N f b N N~IIIINI o: ~s e;~, N N N t0 n n g N I 8~ O I I I I I r N I I 1 I I i I I i i 1 • 8 ~ r a C • ~ O 'Y' • C S e c • I r ~ r ~ • c °+~ ~$ Y ~ ~ • = p O r _ C • ~ ~ O •• = • r C. • • • O ~ = C • pp ~ R 6~ O C r r O y; •• C G ~ =~ ` y y Y V C • u ss" ~8o i~s ~gY a~ ~a aaga~_ sA s u • c 8 o =~m~ ~< 3xs a ~°- S=a 3a VII-31 r r O 8 C a g u • ~~ W7Hp~ ~ Sq S "' W ~~a ~4~$ V ~ ~ Y W N ~_ M • ~ ~ `. • . • ~~s; - ~a • a- v § ~-= ~ ~ W L o- v ~ O O H !'~ O ^ N 01 b f O~ O~ ~O n t0 O • n O O N ~O N^ O N b ~O b ~ b. ~ ff I ~y r ~ ~O 8 ~ C ~ N f~ ~ ~ O 1ff ~~vv ~~ A m vN1 n ~ n • ~O O N 01 N f O ~ -1 N O m h O ! t0 w~ ~ N O • O l0 C' N.~ • O O h• O n ~wm ~~ ~ °D n A N pi 8afoe~'s ado V' • ~ n m ~~ O N = '^ i e i O f a O V1 N O~ Nf N N ~ O m n N b O f ~I ~1 ~ ~ rS a ~ rP .' r ._ . .. • N ~ V e e « • i i I I { I { ~ ~ n { I { { m o { I ~ r { I { { { N i { ~ , e o ua ~ ~ ° o ~ '~ ~ 0 o i~ ~ o a m H N a ~ M 1 8 1 1 t l '.~ ~ O I I I t i I ,. ® ~v ~ _ I ~i 1 1 1 _ `9+ .+ I ., n p O1 ~ ~ on. ~ n b ~ = = e M tV H h T e M1 O O N ~ ~ N ~ , v f~ v v N n A N n A M I I I g t i~ a :~: I t ~,~ == r ~ :8 I I I ~ ^_ I ~ ~ N N e N9 • O N r1 f O M ~ V~ ~. O ~ .r e11lll~ ~ 1111111 88 8 I{III m ~I . g ' N 8 O 1~~f MOf qp O m ~ A 101 `~ i r !!qq v`Oi ~S ~ ~ a n r r M N N N ~ ee pp pp ~ I H M H O O M O O f ~~ n T V I O I L O ~~ • 10 . ~ a O 8 0 N O• C ~ O b O n~ N N n ~ ~ 8 h~ N ~ • 1 N /~1 m ~ t^'f ~y Of Cn9 ~ b O~ N O N pN I1 i 0 f ' 10 • 10 I~ f 10 f ~ v1 O 10 / 0 N ~D O f O~ M1 N O O O O ~ a ~ e O p ~p Mo ~ ~ N • • n ~ N ~ O • O p M N f~ ~ N N N E n n . ~ ~ N p~ N ~ ,~` r 10 ~i O • rS' rS' : ~T L3 ` ~: , !~~ P I e ~oiCi ~ N 1f1 N_f •O o~ig~ eon N A ~M n o N .~ O$ I '° I N ° f i • p 1~ O~ ~ IrS !~ ~ ~ n ~ N ~ ~ ~ = N 1~ 1~ f~ n ~ A ~ . O j 3 fv 1 t0 lV ~ f~ 1 p. p~~ P N N f~ ~ = O N ~ 1 0 js~' s 1 O 01 N nN N ~N f ~ c~p F M Mkt •0 • N j n ~ 1~ ~ ~ ~O ~ rC f ~ r ~ p~ !V p~ N 1 0 N • 1~ Mf 1f • O f M1 n i M d ~ u ~t ~ a; - ~ g Z3 $ 4 3 ~ a ~ ~ • O v ¢ C C L 9 • r ~ O ~ ~ ~ r r ~ ~ V 8 i o g _ n ~ .a ~ s •• Y :.. . .~ ; r • ~y ~. • V ~ ~ =- 5 5~~ F g • 5 ~ ~ „ s s ~ a: a s - ~ ;~ a 8s a. ,~ . " i u i i `'r • -o- ~cSo~.S~~v~" a= ~ b ~` i i= iv ~ .° ~ 6~ 6 d ~1~yJ~~1~2 s y ~V 8 x u W x . ~80 ~7JU y' " x C~ ~ W y~ W O W W W VII-33 r L Y • g `. O 8 a r C 4 O C ~' ~O~~O N r NN.~~N~~-N 8r IN1 O ~'OII I ~ I I I d M N w O r V ^ ~ ~ N ~ fN0 ~ ~ ~ ~ N If ~ b b' b •'`~` ~s' ,R uS~~ : vtvtir3vCc+ m: H r =~ ~1 ~. O ` ~ M ~ • _ ~ ~ N ~ O N 1n . ~ ~ 1~ 01 {t ~ ~ ~ ~ • y ~ MS M _p ~p ~ O O P M1 1~ Y1 b ~ N 0 O= ~ O~ ~ O r~ 8 N ~O ~ O~ O e ~ O M1 N ~C ~ w P b w 1 7 ~ i N V1 1/S 1 ~ 1~ y O~ f3 I"~ O1 ~ f1 e ~p11 }}}--- 1~ N N Vr'1 h~ b N~ V O h P_~ ~ PO1 S h m r 01 e ~ O O f~ O~ ! f1 1D w N ~ e {~ p E /0 0 1 i0 0~1 f O f m H H 0 O O'1 ~_p P OiOf ~ iD LC"~1~ F ~D N O ~~ rO'1 SE Y T N N~ /1 N 1A N J N~~ 1~1~ O Q1 ~ N b M1 ~ N 1~ m b N w ~ ^ ~ ~ : OI ~ I~l : /~ Vl ~ ~ ~ O N ~ ~ 1 y p pp pp ~~pp pp~~ N~ N N w V1 b 1n ~' r N 8 IA b V1 O~ O 'p H 8 N N 0 0 ~ M w• N m M N /0 N Of .~ N 8 p ~y ~r N ~ 1~ ~ M1 I!S 1 ~ ~ 1V1~y1 ~ td {!S ~ ~ ~ O 1n~1 ~ I1 w O O~ r Ib- ~ ~{ 10 ~ ~ N H N ~ ~ ~ ~ w b ~ h 1MO ry ~ ~ p p 1~ O N Y1 N T 1f~ 1p~ /1 H O m ~~pp fpV~ a0 ~ 13 N ~ /lr` II,V1 IV .. 1+ N /w1 N N N M1 O O ONE b ~~~ N n f~ b N N M Gi 1 3 t i~ 8 : 1 1 1 1 8 1 n I I = 8 1{ i l t I I I I ~ • • oS r ~ yy4,,III p ~~pp ~epp ~ I~Q o p~pf ~ Q~$ •C ~Sa =_ o n y N .~.. 1 ~ M .. 1„~ ~ ~ ~ _ N 1~ 1 1~ 8 "^ I l l I b^= I I ~ ~ :°. I I 1 1 c o l o M _ S, ~ ~ °~ ° p ut vt .n v ~ ~ ~ C '~ : a O~ N A 1~1 N b b G 43m ~ ~ y9 a:O w' o ~,+ .: ri r: N N O M:p:C t~ ~ r ` N = ~ ~M = n n v = !~ N ~1 ~ • ~ : ~ Vf ~ •M .j ~ qv~~1. ~ 8 1 8 1 1 8 /8/ .°• 1 i 1 I a aOaN I I I !~~ ~ I I I 1 ~ e 1 S' ~3 ~ r N ~ ~ I~ H ~O N Yf _ `r ~ b 100 ~ aw~° 3 ~ ~ a ~ ~ g `ri^ ~ ~: o ~ ~ ~ $ ~ a a 1n n N r~ b rf ~ H ~ Q D » ! .~ ~~_~1iG I l o l l 8 0 ~ I I 1 1 1 1 1 I n ~ e I I Iii e I I f ~ _e ~ a ~s {' O M _ ~~ '~ I I °. 1 18 ~ X8..1 1 N~ I ~ r ~ •g I I I ~ ~ 1 ~ ~ € r ``~~ ,,.~~ £ a_ m ~ ~~ i o ~+ n~ c+ va,n i o 0O 0 ~ n ba _ = ~wr+ ym~o 9 r 1wn ~ o°~ O^ N~ ~ n n~ u ~ ~ ~T ~ rS : ~~ _ ~ - _~ ~ 'a ~" ~ yy"j ° 11 .^. I I. a Mai'i~ l I N,1~o(1 _m o a .o° 1 I i ~- 1 -- 2 ~ ~ ~ ~~ f ~~ils ~ f Obi ~vpt ^ • n r ~ N b N 8 v f~ r e~ ~ wn ao ~ M- f 0 N P1 N w M1 . C b b V ~ ~ ~ ~ v r V M € I ~, • 3 5 s 8 ado ~ `~ - r r • G W .. ~ 5 e` Z=' s a . c C33 •• ~ V• N t~ d S S i i 7 OG ~ d~ ~O' ~ G W~ ~p ~+ • O ~ ~~Q ®` C H J~ V Iv = - b~ ~ V( W S O N J 1v y ~• ~ C ~GJ 7 • W W O W 1r a W W OL VII-35 1 N H g~ n 2 ~°~~ H a t~d ~~~~s w` v ~ yQW < • ~_~ N ~ {L ~~ m a< r pp O _ 1 OO~~ O~ 01ONiNS h FNS pp~~ T pp pp h i p (N~ A= N 01 N~ TON STNOnSO~ ~ W O~SM1~ g ~ N ~ ~ ~ ~ ~~a~ O a ~jg N a ~~8~ ~~c,:~~c~y~na$~m ~ na NbO~Onn P N • b e !. ~. O 10~N ~ 1~ MS O~ p~ ~+ bN P f ~ n O f+ !~ "y e~ ~ Pi 1~ 1^- n m ~O ~~pp uY ~ O ~ O l~ ~ N v L+ ~ ~ N ~ $ v v .~ G ~ O v iQ ~ b ~' • N N 01 M O ^ N O ~ ~. H w . ~: /1 v ~ r » 3 III I I 1 1 ~ III I M N I e i I I I~ I S I 1 1 1 1 1 1 .. ,, a .. • F ~ s ~ s ~ ~ n = v ° CJ ^t O eJ ~ ~~ pp ` • .Q d 1L 1 C M M i. S p~ S± _ ~ t ~ m C1 M~~ m N A~ N O~ S^= O~N m SON ~ ~O O~ $ ~` ~ a OO ^• _NS ,,,~ ~ ~ ~~~ b ,,,~ aANS ,,~ ,,~ o S n rN ,'~~$ r o f O N ~~enuno`dnoSid~jd$~$ ~ er n ~O ~ ~ n n r~ N m u n S ~ ~ n ~ N a . n ~ m bCJ C! S ~~ p ~ d N ^ o =•n ~, N c t~T ~ ~ 3 N . v d ~ W M ~ • • ~' ~ __ • ~ ~ . s a ~ r gs o s e • ~ 8 ~ • s • .. o = > ~ A s o 8 € ~. s e • y ~ ~ ~~ s s € _ s 8 i 0 ~ . 0 ~ ~ : ~ g ~ r a: O ~ Y ~ ~ G :e C ;~~> a ~ s .. ~@ 8'e Ea ~a v ~ ~ ~d2 g' ~ ~ g+ ~cj'o'~ ~ ' a ~ €~ a ~vo s ~~ a ~ ~ ~ v ~ _d ~~ .. S~~' ` ~ ~ ~ ~ ~ ~ ~~ sW s ~ ~ . v • ;o e • • oao $ § v S'~a 5 4 V ~r r M ~$ ~ ~a o ~ ~_ • • "s a`ss' ~ °' _ ===e~ ~.._ ;•~:~~ S • b O O 1r • C 0 7 ~ C V a .. r. r ~ V A A e ~•~ 0 7 O ~- ~ • ~~ v• i>• L~ A. Y Y Y C ' ~ ~~~ yg ~ ~ ~ ~ E3=~ ~ ' `ooe 30~= c ~v ~ c cY `•13~`~=Yr'~YcTu'bE ~ ; ~ ° d ~ 3 > C S c i • • s O C F' 6 V V • VII-37 OFFICIAL BID FORM TO: Mr. George W. McCullough, Jr. ANTICIPATED SALE DATE: March 27, 1990 Secretary-Treasurer South Bend Redevelopment Authority 1200 County-City Building South Bend, IN 46601 RE: $4,895,000 Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as follow, we offer a price of $ (Note: This amount may not be less than $4,809,337) and accrued interest to the date of delivery. 1996 % 2001 % 2005 % 2009 1997 % 2002 % 2006 % 2010 1998 % 2003 % 2007 % 2011 1999 % 2004 % 2008 % 2012 2000 In making this offer we accept all of the terms and conditions of the Notice of Intent to Sell pupusnea m the Official Statement dated March 2, 1990. In the event of failure to deliver these Bonds in accordance with the Notice of Intent to Sell as printed in the Official Statement and made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omission. Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the following computations: NET INTEREST COST: NET EFFECTIVE RATE: Account Members Account Manager BY: r ............................................................ .....................................................................y .:.................g............. The foregoing offer is hereby accepted by the Issuer on the date of the offer b its followin officers duly authorized and empowered to make such acceptance. George W. McCullough, Jr. Secretary-Treasurer Received good faith check for return to bidder. By: OFFICIAL BID FORM TO: Mr. George W. McCullough, Jr. ANTICIPATED SALE DATE: March 27, 1990 Secretary-Treasurer South Bend Redevelopment Authority 1200 County-City Building South Bend, iN 46601 RE: $4,895,000 Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) For the Bonds of this Issue which shall mature and bear interest at the respective annual rates,. as follow, we offer a price of $ (Note:. This amount may not be less than $4,809,337) and accrued interest to the date of delivery. 1996 °k 2001 1997 % 2002 1998 % 2003 1999 % 2004 2000 2005 °k 2009 2006 % 2010 2007 % 2011 2008 % 2012 In making this offer we accept all of the terms and conditions of the Notice of Intent to Sell published in the Official Statement dated March 2, 1990. In the event of failure to deliver these Bonds in accordance with the Notice of Intent to Sell as printed in the Official Statement and made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omission. Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the following computations: NET INTEREST COST: NET EFFECTIVE RATE: Account Members Account Manager BY: .......................................................... .......................................................................................................... The foregoing offer is hereby accepted by the Issuer on the date of the offer by its following officers duly authorized and empowered to make such acceptance. George W. McCullough, Jr. Secretary-Treasurer Received good faith check for return to bidder. By: OFFICIAL BID FORM TO: Mr. George W. McCullough, Jr. ANTICIPATED SALE DATE: March 27, 1990 Secretary-Treasurer South Bend Redevelopment Authority 1200 County-City Building South Bend, IN 46601 RE: $4,895,000 Lease Rental Revenue Bonds (South Bend Central Development Area Public Improvement Project) For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as follow, we offer a price of $ (Note: This amount may not be less than $4,809,337) and accrued interest to the date of delivery. 1996 % 2001 % 1997 % 2002 % 1998 % 2003 % 1999 % 2004 2000 In making this offer we accept all of the terms and conditions of the Notice of Intent to Sell published in the Official Statement dated March 2, 1990. In the event of failure to deliver these Bonds in accordance with the Notice of Intent to Sell as printed in the Official Statement and made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omission. Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the following computations: 2005 2006 2007 2008 °k 2009 % 2010 2011 2012 NET INTEREST COST: $ NET EFFECTIVE RATE: Account Members Account Manager BY: .............................................................................................................................................................................. The foregoing offer is hereby accepted by the Issuer on the date of the offer by its following officers duly authorized and empowered to make such acceptance. George W. McCullough, Jr. Secretary-Treasurer Received good faith check for return to bidder. By: