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HomeMy WebLinkAbout1990-03-07 Minutes • SOUTfi BED1D REDEVELOP~'lIIVT AUTHORITY SPECIAL MEE'~'TNG 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. There was a quor~nn present. 1. ROLL CALL Members Present: Legal Counsel: Redevelopment Staff: Media: 2. APPROVAL OF NNBNNUTES 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 Proiect~, 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- i South Bend Redevelopment Authority Special Meeting - March 2, 1990 4. NEW BUSINESS (Cont.) a. continued... on the bond. 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 Commercial and the Indianapolis Star on March 2 and March 9, 1990. The resolution also ac~owledges 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, sturnnarizes 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 Develo~nnent Area Public Improvement Project), authorizing distribution of information, publication of Notice of Intent to Sell Bonds and other related matters. 5. O'I'HEFt There was no other business. 6. ADJOtJRI~N'.C There 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. • cJ .~ ~: J ph Wroblewski, President _, ~~ Ann 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 rs excludable from gross income for purposes of federal income taxation pursuant to Section 103 of the Internal Revenue Code of 1986, as amended. 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 purppose 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. 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 the qty o~~h en ATt~ugh 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 elvill 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. For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, • this document, as the same may be supplemented or corrected by the Issuer from time to time (collectively, the "Official Statement"), may be treated as an Official Statement with respect to the Bonds described herein that is deemed final as of the date hereof (or of any such supplement or correction) by the Issuer, except for the omission of certain information referred to in the succeeding paragraph. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information referred to in paragraph (b)(1) of Rule 15c2-12 of the Securities and Exchange Commission, shall constitute a "Final Official Statement" of the Issuer with respect to the Bonds, as that term is defined in Rule 15c2-12. Any such addendum shall, on and after the date thereof, be fully incorporated herein and made a part hereof by reference. By awarding the Bonds to any underwriter or underwriting syndicate submitting an Official Bid Form therefor, the Issuer agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded copies of the Official Statement and the addendum or addenda described in the preceding paragraph in the amount specified in the Notice of Intent to Sell. The Issuer designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the Issuer (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. No dealer, broker, salesman or other person has been authorized by the Issuer to give any information or to make any representations .with respect to the Bonds other than as contained in the Official Statement or the Final Official Statement, and, if, given or made, such other information or representations must not be relied upon as having been authorized by the Issuer. Certain information contained in the Official Statement and the Final Official Statement may have been obtained from sources other than records of the Issuer and, while believed to be reliable, is not guaranteed as to completeness or accuracy. THE INFORMATION AND EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF .THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE ISSUER SINCE THE DATE THEREOF. References .herein to laws, rules, regulations, resolutions, agreements, reports and other documents do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may contain qualifications of and exceptions to statements made herein. Where full texts have not been included as appendices to the Official Statement or the Final Official Statement, they will be furnished on request. • TABLE OF CONTENTS Pa e s ry g ....................................................................................................... i-ui • Summa Terms of Offerin ~ ~~~ Notice of Intent to Sell ................................................................................................................ iv-xii ............................................................................................................ xni Schedule of Bond Years ~~~ 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 ........................................................................................................................................ f 1 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 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 VII Bid Forms .......................................................................................................................... Attached SUMMARY TERMS OF OFFERING (See 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) Issuer and Lessor: South Bend Redevelopment Authority. Lessee: South Bend Redevelopment Commission. Trustee: First Interstate Bank of Northern Indiana, N.A. Purpose: The Authority will sell lease rental revenue bonds to finance public improvements, property acquisition, and related issuance costs, for lease to the South Bend Redevelopment Commission pursuant to the Lease. Security: The Bonds will be secured by a Trust Agreement and issued pursuant to terms and provisions of the Trust Agreement and the Bond Resolution. Funds for the payment of the lease rental will be generated by the South Bend Redevelopment Commission from unlimited ad valorem roe taxes assessed throughout the Redevelopment District. Although not pledged, the • Commission expects to make certain tax increment revenues available for the .payment of the lease rental. Details of the Bonds: The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the Purchaser, and fully registered as to principal and interest. Lease rental payments will be made directly from the Commission to the Trustee. Interest payments on the Bonds will be paid by check or draft mailed one business day prior to the interest payment date to the person in whose name each Bond is registered on the fifteenth day of the month immediately preceding the interest payment date. Dated Date: First day of the month in which Bonds are to be originally delivered. The anticipated dated date is April 1, 1990. Maturity: Bonds will mature serially on February 1 in the years 1996-2012. Interest: Interest will be due semiannually commencing February 1, 1991. Early Redemption: Bonds maturing on or after February 1, 2003 are subject to early redemption on February 1, 2002 or any date thereafter at par plus accrued interest to the date of redemption. Sale Date: Upon at least 24 hours' notice of sale given by telephone prior to the date and time of sale. 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. Official Statement (continued): The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts, and • interest rates of the Bonds, and any other information referred to in paragraph (b)(1) of Rule 15c2-12 of the Securities and Exchange Commission, shall constitute a "Final Official Statement" of the Issuer with respect to the Bonds, as that term is defined in Rule. 15c2-12. The Issuer agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 200 copies of the Official Statement and the addendum described above. The Issuer designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter submitting a bid with respect to the Bonds agrees thereby that if its bid is accepted by the Issuer, (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. ~~ ~~ 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- Principal Year Amount • 1996 $ 40,000 1997 100,000 1998 115,000 1999 150,000 2000 175,000 2001 190,000 2002 200,000 2003 225,000 2004 250,000 2005 275,000 2006 365,000 2007 390,000 2008 425,000 2009 450,000 2010 480,000 2011 515,000 2012 550,000 Principal payments on the Bonds will be payable at the principal office of First Interstate Bank of Northern Indiana, N.A., as Trustee under the Trust Agreement (defined below) (the "Trustee"). Payments of interest on the. Bonds will be paid by check or draft mailed one business day prior to the interest • payment date to the person in whose name each Bond is registered on the fifteenth day of the month immediately preceding the interest payment date. Bonds maturing on or after February 1, 2003, may be redeemed prior to maturity at the option of the Authority in whole or in part, in whole multiples of $5,000, in inverse order of maturity and by lot within maturities, on any date not earlier than February 1, 2002, from any monies made available for that purpose, at face value and without premium, plus accrued interest to the date fixed for redemption. The Bonds may be transferred or exchanged at the principal office of the Trustee subject to C7 -v- the terms and conditions .of the Trust Agreement dated as of the first day of November, 1989 (the "Trust Agreement"), pursuant to r 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 - on Bonds of a given maturity must be at least as great as the interest rate on Bonds of the preceding maturity. Bids specifying more .than one interest rate must also specify the maturity year of the Bonds bearing each rate, and all Bonds maturing on the same date shall bear the same single rate of interest. Subject to the provisions contained below, the Secretary-Treasurer 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 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. Although not a term of sale, it is requested that each bid show the net dollar interest cost to final maturity and the net effective average interest rate on the entire issue. No conditional bid or bids for less than $4,809,337, plus accrued • interest at the rate or rates named to the date of delivery, will be considered. The Secretary-Treasurer 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 the Bonds, the Secretary-Treasurer 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 will 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. Each bid-must be accompanied by a certified or cashier's check in the amount of Forty-Eight Thousand Nine Hundred and Fifty Dollars ($48,950), drawn on a bank or trust company which • -vii - 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 • 'n cash at the time of delivery as a part interest must be paid i 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 - error with respect thereto shall constitute cause for a failure or refusal by the successful bidder to accept delivery of and pay for the Bonds. At the time of delivery of the Bonds the approving legal opinion of Baker & Daniels, bond counsel, of Indianapolis, Indiana, as to the validity of the Bonds, together with a transcript of Bond proceedings, the printed Bonds with such legal opinion printed thereon, and closing certificates in the customary form showing no litigation, will be furnished to the successful bidder at the expense of the Authority. In addition, unless bond counsel is able, on the date of delivery, to render an opinion to the effect that, under existing law: (1) the interest on the Bonds is exempt from income taxation in the State of Indiana (subject to qualification with respect to the Indiana franchise tax on corporations transacting the business of a financial institution in Indiana, as set forth in the proposed form of bond counsel opinion in the Official Statement); and (2) the interest on the Bonds is excluded from gross income for federal income tax purposes and the Bonds are not "private activity bonds" under Section 141 of the Internal Revenue Code of 1986, as amended, the successful bidder shall have the right to rescind the sale, and in such event his good faith deposit will be returned. The Authority was"organized in compliance with IC 36-7-14.5, for the purpose of financing local public improvements, including the Project (as defined in the Trust Agreement)` to be financed with the proceeds of the Bonds, for lease to the South Bend Redevelopment Commission (the • • 1~~ u -ix- "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- The Authority has authorized the preparation of an Official Statement dated March 2, 1990, containing pertinent • information relative to the Bonds, and said Official Statement will serve as an Official Statement "deemed final" as of the date thereof pursuant to Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement and the Official Bid Form or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the Authority, Springsted Incorporated, 135 North Pennsylvania, Suite 2015, Indianapolis, Indiana 46204-2498, telephone (317) 684-6000. The Official Statement, when further supplemented by an addendum or addenda specifying the interest rates of the Bonds, and any other information referred to in paragraph (b)(1) of Rule 15c2-12 of the Securities and Exchange Commission, shall • n „ constitute a Final Official Statement of the Authority with respect to the Bonds, as .that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting an Official Bid Form therefor, the Authority agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 200 copies of the Official Statement and the addendum described above. The Authority designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees • -xi- thereby that if its bid is accepted by the Authority (i) it shall • accept such designation and (ii) it shall enter into a contractual relationship with all Participating Underwriters of 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 • ~J - xii - SCHEDULE OF BOND YEARS 54,895,000 SOUTH BEND (INDIANA) REDEVELOPMENT AUTH ORITY • LEASE RENTAL REVENUE BONDS (SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT) Cumulative Year Principal Bond Years Bond Years 1996 $40,000 233.3333 233.3333 1997 $100,000 683.3333 916.6666 1998 $115,000 900.8333 1,817.4999 1999 $150,000 1,325.0000 3,142.4999 2000 $175,000 1,720.8333 4,863.3332 2001 $190,000 2,058.3333 6,921.6665 2002 $200,000 2,366.6667 9,288.3332 2003 $225,000 c 2,887.5000 12,175.8332 2004 $250,000 c 3,458.3333 15,634.1665 2005 $275,000 c 4,079.1667 19,713.3332 • 2006 $365,000 c 5,779.1667 25,492.4999 2007 $390,000 c 6,565.0000 32,057.4999 2008 $425,000 C 7,579.1667 39,636.6666 2009 $450,000 c 8,475.0000 48,111.6666 2010 $480,000 c 9,520.0000 57,631.6666 2011 $515,000 c 10,729.1667 68,360.8333 2012 $550,000 c 12,008.3333 80,369.1666 Average Maturity: 16.42 Years Bonds Dated: .April 1, 1990 Interest Due: February 1, 1991 and each August 1 and February 1 to maturity. Principal Due: February 1, 1996-2012 inclusive. Optional Cali: Bonds maturing on or after February 1, 2003 are callable commencing February 1, 2002 and any date thereafter at par. (See Notice of Intent to Sell.) • c: subject to optional call - xiii - 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- Lease (which Exhibit is available upon request).. Thefollowing is a summary of the Public Improvement Projects to be financed with Bond proceeds. Niles Avenue Parkin and Landsca in Im rovements Phase I r g p g p ( ~ Madison Street Parking and Landscaping Improvements. Washington Street Parking and Landscaping •Improvements Riverbank Lighting Project. Morris Civic Plaza Improvements Howard Park Wall Project Rink Riverside Walkway Project Viewing Park Project Central Business District Curbs and Sidewalk Improvements Acquisition of Certain Real Estate and/or Improvements for Redevelopment Purposes The Improvements generally include. reconstruction and widening of streets; construction of new -curbs and .gutters, traffic. islands, on-street and off-street parking areas; repairs, replacements and improvements to sidewalks, walkways, a park wall, and park plaza; and the addition of landscaping, fighting, drainage, striping and appurtenant work. Proceeds will also be used to acquire certain properties within the South Bend Central Development Area for redevelopment purposes .including clearance or rehabilitation of real estate and improvements. The Project Engineers responsible for the Public:lmprovement Projects listed above include Ken Herceg & Associates Inc. of South Bend, Indiana; Lawson-Fisher Associates of South Bend, Indiana; Cole Associates Inc. of South Bend, Indiana; SiteScapes of South Bend, Indiana, and. the -City Engineering Department, as shown in Exhibit B of the Lease (and available upon request). The .Bond proceeds will be used to acquire -land and construct the Improvements according to the plans .:and. specifications-prepared by the Project Engineers which -have been. approved by, and filed .with, the Commission. -The .City Engineering • Department will be responsible for construction management. Competitive bids relating to construction of the Improvements were .received on February 26, 1990; by he South.. Bend Board of Public Works. Final award of construction contracts is expected to be made on March 12, 1990, and such award will be contingent upon sale of the Bonds. Contractors will be required to carry liability insurance and to obtain performance bonds: Completion of all the Improvements is anticipated by December;1991. Security and Financing The Bonds are payable from lease rental payments of the Commission to the Authority as provided in the Lease and secured by the Trust Agreement. The Trust Agreement creates a continuing pledge by the'Authority to the bondholders to pay the debt service on all Bonds, until the principal sum shall be fully paid, from Pledged Funds (as defined in the Trust Agreement) in accordance with the provisions of the Trust Agreement. (Refer to the "Summary of Selected Provisions of the Trust Agreement" section of this. Official Statement and "Excerpts from the Trust Agreement" contained in Appendix IV of this Official Statement). The Bonds constitute an indebtedness only of the Authority which has no taxing power. Funds for the lease rental will be generated by the Commission from unlimited ad valorem ro ert taxes assessed throughout the District which has the same taxing boundaries as the City of South Bend. Each August, the Commission will levy a tax on the District equal to the lease payments due in the 12-month period beginning on July 1 of the following calendar year. The Commission reserves the-right to reduce the levy by funds on hand available for the payment of such lease payments as of August 1 of the year in which the levy is required. • -2- 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- Summary of Selected Provisions of the Lease The Lease sets forth the terms and provisions under which the Authority will lease the • Improvements to the Commission. The term of the Lease is 22 years beginning on the date the Improvements are completed and ready for use. The term of the Lease may terminate at the earlier of (a) the exercise of the purchase option and payment of the option price, or (b) the payment or defeasance of all obligations of the Authority incurred to finance the Improvements, to refund such obligations or refunding obligations, or to improve the Improvements. The Authority represents that it is possessed of, or will acquire, a good and indefeasible estate in fee simple or an insurable right-of-way easement in the real estate. During the term of the Lease, the Commission agrees to pay rental for the Improvements directly to the Trustee; all such payments shall be considered as payments to the Authority. As additional rental, the Commission agrees to pay all fees, charges and reimbursement of expenses of the Trustee under the Trust Agreement and expenses of the Authority incurred in the performance of its obligations under the Lease. The first semiannual lease rental payment of $295,500 will be due on the day the Improvements are completed and ready for use or January 31, 1993 whichever is later. (The Lease currently states that the first semiannual lease payment will be due on the day. the Improvements are completed and ready for use or July 31, 1991, whichever is later; however, the Authority intends to amend the Lease prior to bond closing to reflect the later timing of the initial lease payment.) Thereafter, the rentals will be payable in advance in semiannual installments on July 31 and January 31 of each year as provided in the lease payment schedule included as Exhibit D in the Lease (contained in Appendix III of this Official Statement). After the sale of the Bonds, the lease rentals will be reduced as provided in the Lease. In addition, the Authority intends to reduce the lease rentals further by providing that the first lease payment shall not be due. until the later of January 31, 1993 or the day on which the Improvements are completed • and ready for use (i.e., the lease payments scheduled prior to such date will be eliminated altogether), and that the lease payment scheduled for January 31, 1993 will be reduced to an amount which when combined with capitalized interest will be sufficient to pay debt service on the Bonds on February 1, 1993 and a reasonable amount for administrative fees. The Lease will be what is known as a Net Lease meaning the rent shall be absolutely net to the Authority and all other expenses in connection with the Improvements shall be those of the Commission. The Commission shall be obligated to pay as its expenses, without reimbursement from the Authority, all costs of taxes and assessments, if any, and maintenance, operation and use in connection with the Improvements. During the full term of the Lease, the Commission, at its own expense, will carry insurance for physical loss or damage in an amount equal to the greater of the purchase option price or 100% of the full replacement cost of the Improvements, and rental value insurance which is equal to the full rental for two years against physical loss or damage. The Commission will also maintain public liability and property damage insurance during the term of the Lease. Such insurance may be provided under the public liability self-insurance program of the City of South Bend. In the event the Improvements are partially or totally destroyed so as to render the Improvements unfit for their intended use, it will be the obligation of the Authority to reconstruct the Improvements if it is determined (i) the cost of reconstruction does not exceed the amount of insurance proceeds and (ii) such reconstruction can be completed within the period of time covered by the rental value insurance. If either or both conditions cannot be met, the insurance proceeds will. be applied to the redemption of all outstanding Bonds. The rental shall be abated pro rata during the period in which the Improvements are destroyed and unfit for • their intended use. -4- 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. • st A reement Summary of Selected Provisions of the Tru g 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- Section 148 of the Code or the Arbitrage Regulations. The Authority covenants to pay from time to time all amounts required to be rebated to the United States pursuant to Section 148(f) of the Code and any Treasury Regulations. The Authority covenants that the proceeds of the Bonds shall be used for the following purposes in the following order of priority. The payment of the balance, if any, of the purchase price of the real estate. 2. The payment of the cost of construction of the Improvements. 3. Any balance in excess of 150% of any disputed claims of contractors and work to be repaired.. remaining after completion of the Improvements may be obligated, within one year thereafter, for the purchase of equipment related to the Improvements or for improvement of the Improvements. The Authority covenants further that it will bring suit to mandate the Commission to levy a tax to pay the rental provided in the Lease if such rental is more than 60 days in default. The Authority further covenants that upon the receipt by the Trustee of the proceeds of the Bonds it will. immediately proceed to construct the Improvements in accordance with the plans and specifications referred to in the Lease, and will complete-such construction with all practicable expedition. The Authority covenants that during the construction of the Improvements it will carry or cause other persons to carry builder's risk insurance at 100% of the insurable value of the Improvements, bodily injury insurance and property damage insurance (in amounts specified in the Trust Agreement), and insurance to protect the contractors from liability under Indiana Workers' Compensation and Workers' Occupational Diseases Acts. After completion of the Improvements, the Authority will carry insurance on the Improvements equal to the greater of (a) the purchase option price under the Lease or (b) 100% of the full replacement cost of the Improvements and will carry rental value insurance equal to the full rental value of the Improvements for two years against physical loss or damage. Under the Lease, the Commission is obligated to carry sufficient insurance to meet all the aforementioned requirements applicable after completion of the Improvements. If the Authority neglects to obtain such insurance, the Trustee may procure such insurance which shall be repaid by the Authority upon demand and 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. However, the Trustee is not obligated to procure such insurance unless fully indemnified against this expense and furnished with the means to incur such expenses. 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 insurance policies will clearly indicate that any proceeds under the policies will be payable to the Trustee. In the event the Improvements should be destroyed so as to render them unfit for their intended use, the Trustee will apply the insurance proceeds to the reconstruction of the destroyed Improvements if (i) the cost of reconstruction does not exceed the insurance proceeds and (ii) such reconstruction .can be completed within the period covered by rental value insurance. If either or both conditions shall not exist, the insurance proceeds shall be used to redeem all the outstanding Bonds. The Authority covenants to keep proper books of record and account which will be furnished to the Trustee upon request. On or before 120 days after completion of the Improvements, the Authority will furnish the Trustee with a full audit and report, certified by an independent certified public accountant. • • r~ ~_~ -6- 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 Nubllc 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- improvement Project Sinking Fund. The Trustee shall deposit into the Sinking Fund from each rental payment received an amount equal to the lesser of i) all of such rental payment received; . or ii) an amount which when added to the amount in the Sinking Fund equals the sum of the unpaid interest on the Bonds due on, before, or within 45 days .after the rental. payment becomes due, and the unpaid principal on the Bonds due within 8 months from the date the rental payment becomes due. Any portion of a rental payment remaining after such deposit, shall be deposited in the Operation and Reserve Fund. The Trustee shall, from time to time, withdraw sufficient money from the Sinking Fund to pay principal and interest on the Bonds when due. South Bend Redevelopment Authority South Bend Central Development Area Public Improvement Protect Operation and Reserve Fund. This fund is established to pay necessary incidental expenses of the Authority (e.g. audits, appraisals, and reports); to pay principal, interest, and redemption premiums upon redemption of the Bonds, if any; and to contribute money to the Sinking Fund if it should ever be deficient. Funds Related to Arbitrage Rebate. Pursuant to the Authority's instructions, the Trustee shall establish funds necessary to enable the Authority to satisfy the Arbitrage Rebate requirements of Section 148(f) of the Code and the Arbitrage Regulations. The Trustee shall invest all funds, or so much as is practicable in Qualified Securities as permitted by law. Whenever the amounts contained in the Funds are sufficient to redeem all outstanding Bonds, the Trustee shall apply the amounts in the Funds to the redemption of the Bonds. Funds and Accounts of the Commission Per Resolution No. 915 The Commission has established certain • funds and accounts for the payment of the rentals owed by the Commission as set forth in Resolution No. 915, summarized as follows. (A copy of Resolution No. 915 is exhibited in Appendix V of this Official Statement). Redevelopment District Bond Fund. This Fund will consist of a Principal and Interest Account and such other accounts as the Commission may establish. South Bend Central Development Area Public Improvement Project Principal and Interest Account. The Commission shall levy in each calendar year, beginning in the year prior to the first calendar year in which the Commission will pay lease rentals, a special tax on all taxable property in the District, in the total amount sufficient, together with all other funds in the Principal and Interest Account deposited in the 12 months prior to August 1 of such calendar year, to pay all lease rental payments payable in the 12-month period beginning on July 1 of the following calendar year. Such taxes shall be deposited in the Principal and Interest Account. Risk Factors To Be Considered By Investors Prospective investors in the Bonds should be aware of the following risk factors: 1. The Bonds. are payable solely from lease. rental payments from the Commission to the Authority and other Pledged Funds as defined in the Trust Agreement. The Authority has no taxing power. Under the Lease as will be amended, the lease payments will not begin until the later of January 31, 1993 or completion of the Improvements. The • Improvements are expected to be completed by December, 1991. In the event the Improvements are not completed, the lease payments would not be made. -8- 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 will 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- the assessor deems appropriate in accordance with the regulations to determine the True Tax Value. The "Gross Assessed Value" is equal to 33-1/3°~ of the True Tax Value, as defined above. "Net • Assessed Value" represents the Gross Assessed Value less certain deductions for mortgages, veterans, the aged, the blind, economic revitalization, and tax-exempt property. The Net Assessed Value is the value used for taxing purposes in the determination of tax rates. Indiana Code 6-1.1-21-5 provides that each year taxpayers will receive a credit for property tax replacement, known as the "property tax replacement credit" (PTRC), in the amount of twenty percent (20%) of their tax liability for taxes as defined under IC 6-1.1-22-9 which are due and payable in May and November of that year. The credit is applied to each installment of taxes. However, the tax liability of a taxpayer does not include the amount of any property tax owed by the taxpayer attributable to certain specified components of the tax levy. Among the tax levy components-not receiving the PTRC are the property taxes that will be used to pay for principal and interest due on debt entered into after December 31, 1983. The Indiana Code 6-1.1-12.1 provides a mechanism by which a governmental unit may authorize a property tax deduction for real property and for new manufacturing equipment within an economic revitalization .area. The City of South Bend has chosen to use this tax abatement mechanism to encourage economic development in targeted areas. Most of the recent projects in the South Bend Central Development Area have received tax abatements. Ordinance Number 7661-86, amending Chapter 2, Article 6 of the City's Municipal Code dealing with tax abatement procedures, was passed by the Common Council on July 14, 1986, (effective upon passage) which Ordinance was further amended by Ordinance Number 8065- 90 on February 12, 1990 (expected to be effective by mid-March, 1990). The Ordinance, as further amended, sets the standards and procedures by which petitions for tax abatements are considered by the Council and establishes eligibility criteria. • Pursuant to State law, the Council may grant the tax abatement for real property for a period of (i) three, six or ten years, if the petition is filed after January I, 1986, or (ii) ten years if filed after December 31, 1978 but before January I, 1986. The deduction is equal to the increase in assessed value resulting from the rehabilitation or new development, multiplied by certain prescribed percentages. Future Financing The City of South Bend will issue $5,900,000 Tax Anticipation Time Warrants dated March 20, 1990. Such Warrants will be due December 28, 1990 and are payable from current revenues to be received in the General Fund from the 1990 tax distribution heretofore levied. The South Bend Redevelopment District is planning to sell $4,900,000 Special Taxing District Bonds in April, 1990 to finance public improvements in the Studebaker Corridor area. Rating An application for a rating of this Issue has been made to Moody's Investor's Service, Inc. ("Moody's"), 99 Church Street, New York, New York. If a rating is assigned, it will reflect only the opinion of Moody's. Any explanation of the significance of the rating may be obtained only from Moody's. There is no assurance that a rating, if assigned, will continue for any given period of time, or • that such rating will not be revised or withdrawn, if in the judgment of Moody's, circumstances -10- r~ ~~ r~ ~J • 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 affecting either the validity of the Issue or the meet their financial obligations. aware of any threatened or pending litigation ability of the Authority and the Commission to 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 - amount by which "adjusted net book income" exceeds the corporation's "alternative minimum taxable income." After 1989, such alternative minimum taxable income will include 75% of the amount by which "adjusted current earnings" exceed "alternative minimum taxable income." Interest on a Bond would be includable in the "adjusted net book income" and "adjusted current earnings" of a corporation for purposes of such alternative minimum tax. In addition, the Code imposes an environmental tax on corporations for the years beginning after 1986 and before 1992 equal to 0.12°~ of the excess of "modified alternative minimum taxable income" over a specified amount, generally $2 million. Interest on a Bond would be taken into account in computing such environmental tax. Further, the Code imposes a branch profits tax on U.S. branches of foreign corporations equal to 30°~ of the adjusted earnings and profits of such corporations attributable to income that is effectively connected, or treated as such, with the conduct of trade or business in the United States. Interest on the Bonds would be includable in such earnings and profits. Under the Code, ownership of tax-exempt obligations may also result in collateral federal income tax consequences to certain taxpayers including, without limitation, S corporations, financial institutions, property and casualty insurance companies, individual recipients of Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax-exempt obligations. No provision has been made 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. The foregoing does not purport to be a comprehensive discussion of the tax consequences of owning the Bonds. Prospective owners of the Bonds should consult their own tax advisors with respect to the foregoing and other tax consequences of owning the Bonds. Not Qualified Tax-Exempt Obligations • The Bonds will not be designated "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code relating to the ability of financial institutions to deduct from income for federal income tax purposes, interest expense that is allocable to carrying and acquiring tax- exempt obligations. Financial Advisor Springsted Incorporated, Indianapolis, Indiana, has served as Financial Advisor to the Authority in connection with the issuance of the Bonds. The Financial Advisor will not participate in the underwriting of the Bonds. Certification On March 2, 1990 the Authority adopted this Official Statement. The Authority has authorized distribution of this Official Statement for use in connection with the initial sale of the Bonds. As of the date of the settlement of the Bonds, the Purchaser will be furnished with a certificate signed by the appropriate officers of the Authority. The certificate will state that as of the date of the Official Statement, it did not, and does not as of the date of the certificate contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. • -12- SUMMARY OF STATISTICAL DATA • C~ • 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 Type 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 ape 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) Date Original of Issue Amount 8-1-88 $4,575,000 9-1-88 5,685,000 Purpose of Issue Parking Facility Construction Stadium Facility Acquisition Final Maturi 2009 1997 $4,150,000 1,750,000 1.800.000 $7,700,000 Principal Outstanding As of 2-2-90 $4,500,000 5,220,000 -13- THE CITY OF SOUTH BEND Although the Bonds do not pledge the full faith and credit of the City, the Bonds do constitute an obligation payable from lease rentals backed by the faxing power of the Redevelopment District, the boundaries of which are coterminous with the City; and therefore, the following is presented for informational purposes. General Characteristics Location: Area: Population 1988 1986 1984 1980 1970 Wholly within St. Joseph County in northwestern Indiana, approximately 90 miles east of Chicago and 140 miles north of Indianapolis. ~J 36.4 square miles City of South Bend 106,190 107,190 107,117 109,727 125,580 St. Joseph County 244,200 241,400 239,760 241,617 244,827 Source Census Bureau Estimate Census Bureau Estimate Census Bureau Estimate 1980 Federal Census 1970 Federal Census Trend of Assessed Values Assessment Year Net March 1 Assessed Value(a) 1989 N/A (b) 1988 $435,047,732 1987 434,054,735 1986 429,698,477 1985 433,033,280 1984 407,023,834 1983 417,959,626 1982 419,048,640 1981 416,110,969 1980 406,763,605 (a) The assessed values shown are net figures after subtracting all deductions for mortgages, veterans, the aged, the blind, and tax-exempt property. The net assessed values shown also do not include valuation of the City's Urban Enterprise Zone and abated valuations. The assessed value of personal property in the Urban Enterprise Zone totals $24,660,040 for 1988, $24,437,827 for 1987 and $23,940,420 for 1986. This valuation is removed from the tax rolls for a period of ten years beginning March 1, 1984. The Urban Enterprise Zone is part of a State program which offers various State tax credits for businesses in targeted areas. Abatement of real and personal property valuation reduces the taxable valuation of property by decreasing amounts over a term of up to ten years in accordance with State law and local ordinance. The total abated valuation (not included in the net assessed value figure above) for real and personal property was $22,532,170 in 1988, $22,822,340 in )987 and $19,595,830 in 1986. The net assessed values for 1984 through 1988 also do not include fax incremental assessed valuation, which totalled $12,718,975 in 1988 and $6,930,155 in 1987. (b) Due to the general reassessment currently in progress in St. Joseph County, the assessed value of the City of South Bend for property assessed as of March 1, 1989 is not yet available. C7 • -14- Ten of the Largest Taxpayers in the City 1988/1989 r Type of Business Assessed Value Tax a er Allied/Bendix Corporation Airplane & Auto Parts $18,800,280 510 600 11 Indiana Bell Telephone Communications Electric Utility , , . 6,899,880 Indiana Michigan Power Company Ethanol Plant 5,530,020 New Energy Company Communications 4,892,560 Ameritech AM General & Amland Company Military Trucks 4,815,440 300 671 4 Northern Indiana Public Service Co. Gas Utility , , 520 3,780 Scottsdale Mall Retail Hotel , 3,534,870 Marriott Communications 2,486.030 AT&T $67,011,410* Total ., * Represents 15.4% of the Crty s total taxable assessed value. Direct General Obligation Debt of the City Principal Year Original Final Outstanding Maturi As of 2-2-90 of Issue Amount Pur ose 1972 $3,800,000 Urban Redevelopment Bonds • 1-1-91 $ 200,000 000 1-1-93 1 050 1982 $3,500,000 Park District Bonds , $1,250,000 Revenue Debt of the City Principal Year Original Final Maturi Outstanding As of 2-2-90 of Issue Amount Purpose 1971 $3,190,000 Sewage Revenue Bonds 10-1-90 1-03 2 $ 625,000 000 150 4 1985 1986 4,200,000 000 750 1 Tax Increment Revenue Bonds Tax Increment Revenue Bonds - 2-1-04 , , 1,750,000 - 1988 , , 000 800 1 Tax Increment Revenue Bonds 2-1-05 1,800,000 1989 , , 9,500,000 Sewage Revenue Bonds 2-1-09 9,500,000 $17,825,000 r ~ ~~ -15- Leases (As of January 2, 1990) Outstanding Payable from Enterprise Funds: Pri- ncipal Solid Waste Equipment $ 179,162 Sale-Leaseback of Off-Street Parking Facilities 3,040,000* Water Utility _ 625.000 Total Payable from Enterprise Funds $3,844,162 * The original principal outstanding of $3,630,000 less the projected value of money currently in the investment account available to pay principal as it becomes due, beginning January 1, 1999, Payable from Governmental Funds: Century Center Civic Center $3 865 565 Fire, Police, EMS, CAD Departments Computer, , , Ambulance, Fire Rescue Unit 496 987 Land Contract (Studebaker Museum) , 302 597 Master Equipment Lease 1 129,947 Leaf Vacuums Tow Truck , 181,748 17.215 Total Payable from Governmental Funds $5,994,059 Total Lease Obligations 9 838 221 Lease Rental Revenue Debt Issued by the South Bend Rede velopment Author ity (Supported by Taxes and Other Revenues) Date Original of Issue Amount Pur ose Final Principal Outstanding Maturi As of 2-2-90 8-1-88 $4,575,000 Parking Facility Construction 9-1-88 5,685,000 Stadium Facility Acquisition 2009 $4,500,000 1997 5,220,000 Indirect General Obligation and Lease Debt St. Joseph County South Bend Community School Corp. South Bend Middle School Building Corp. (Lease Debt) South Bend Public Library South Bend Public Library Leasing Corp. St. Joseph County Airport Authority Penn Harris Madison School Corp. Mishawaka Penn Library Total • Total Principal Debt Applicable To Outstanding. Valuation in City 1-2-90 Percent Amount $6,625,000 42.5% $ 2,815,625 4,450,000 65.4 2,910,300 5,815,000 65.4 3,803,010 7,850,000 63.6 4,992,600 2,455,000 63.6 1,561,380 1,900,000 42.5 807,500 60,567,140 2.2 1,332,477 2,500,000 1.7 42.500 $18,265,392 • -16- Debt Ratios G.O. Net G.O. Indirect & • Direct Debt* Net Direct Debt* To 1988/1989 Net Assessed Value 1.49% 5.69% Per Capita (106,190 - 1988 Census Bureau Estimate) $61 $233 * Includes outstanding general obligation debt and the South Bend Redevelopment Authority Lease Rental Revenue Debt for Coveleski Stadium Project which is tax-supported. Does not include Lease Rental Revenue Debt for the Parking Facility 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 F und: 1989 And 1990 1989 1 988/ 1989 1990 1989/ 1990 Bud et Tax Lew Budget Tax Lew General Fund $25,566,967 $21,164,714 $27,160,189 $21,590,061 Park Department 4,308,099 2,949,042 5,041,885. 3,059,964 Street Department/Motor Vehicle Highway 2,288,340 -0- 2,519,614 -0- Liability Insurance .Premium and Reserve 1,293,980 -0- 1,327,788 -0- Police and Fire Pension 5,504,776 2,094,418 5,303,166 3,055,160 Cumulative Capital Dev't 473,685 524,041 575,000 524,041 Cumulative Capital Imp. 518,577 -0- 704,442 -0- Other 586,582 576,882 665,395 418,360 Park Bond 541,026 891,307 479,588 276,868 Urban Redevelopment Bond 225,000 204,376 215,500 362,462 TIF Bonds 644,189 -0- 642,565 -0- Stadium Bond 1,000,000 1,383,032 1,000,000 879,516 Parking Garage Project 629,131 -0- 668,341 -0- Parking Garage Bond 463,000 -0- 463,000 -0- Enterprise Fund Century Center 1,578,122 -0- 1,855,418 -0- Utilities 16.644.487 -0- 18.634 190 -0- • T t l . o a $62,265,961 $29,787,812 $67,256,081 $30,166,432 -17- City Tax Levies and Collections Levy/Collect Amount of Lew Percent Collected • 1989/90 $30,166,432 N/A 1988/89 29,787,812 98% 1987/88 26,832,369 102.5% 1986/87 25,500,623 101 1985/86 24,524,300 96% 1984/85 24,246,149 98% ` 1983/84 23,147,657 100% 1982/83 22,090,568 99.5% 1981 /82 20,944,113 97% Cash and Investments on Hand - As of January 31, 1990 Fund Cash and Investments General $ 1,326,529.09 Special Revenue 4,134,606.63 Debt Service 2,368,753.94 Capital Projects 1,314,954.25 Enterprise 6,933,062.21 Internal Service 1,637,661.79 Trust & Agency 1,374,826.77 Total $19,090,394.68 • GENERAL INFORMATION CONCERNING THE CITY South Bend is located. in northern Indiana approximately 90 miles east of Chicago and 140 miles north of Indianapolis. Over 40% of the U.S. population lies within 500 miles. Accessibility to transportation, including I-80/90, a regional airport, and a port on Lake Michigan, has supported economic growth. Over the. years, the University of Notre Dame has provided a stabilizing influence on the economy- with an economic impact of approximately $432 million per year. In the past five years, new growth has been occurring in manufacturing and light industries, retail, professional services, the health care industry, and private educational facilities. For the calendar year 1989, the average total employment was at an all- time high of 129,890 out of a total labor force of 135,820, with an unemployment rate of 4.4%. As of the second quarter of 1989, a total of 5,719 business establishments operated in St. Joseph County. The total number of firms, as of first quarter 1982, was 4,663. -This is approximately a 2.9% annual increase. The labor force is diversified as shown in the following table based on data provided by the Indiana Department of Employment and Training Services: Emeloyment Sector % of Total Employment- Manufacturing 19% Wholesale/Retail Trade 26% Services 29% • Government 10% -18- 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 Generaf 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- The Army announced the awarding of $23.6 million to AM General for the continuing purchase of HUMMERS. This amount is a portion of the $90 million that the company is scheduled to receive in the first year of a five-year Hummer contract totaling $1 billion. These events have helped stabilize the presence of AM General after the closing of the South Bend plant and the layoffs of the Mishawaka. plant. The net effect on employment at these plants will be a reduction of 800 to 1,000 employees. The convention and tourism industry contributed over $58 million to the St. Joseph County economy in 1989, $52 million in 1988 and $54 million in 1987. 1987's performance was highlighted by the International Special Olympics, according to a report prepared by the Convention and Tourism Division of the South Bend-Mishawaka Chamber of Commerce. The innkeepers' tax generated $803,000 in 1984; $842,000 in 1985; $925,000 in 1986; $1,020,000 in 1987; $1,003,502 in 1988; and $1,098,000 in 1989. Other special attractions of the South Bend area include University Park Shopping Mall, the Olympic-class East Race Waterway and the East Bank area, the "100 Center" shopping complex, Morris Civic Auditorium which offers Broadway plays and the South Bend Symphony, the Studebaker Museum, the Snite Museum of Art, the Northern Indiana Historical Museum, Century Center, Potawatomi Zoo and Morris Conservatory, and the annual Ethnic Festival. Coveleski Regional Baseball Stadium, a new 5,000-seat facility, is rated among the best in minor league baseball and had record crowds during its first two seasons. of play for the South Bend White Sox, a minor league team of the Chicago White Sox. • Major Employers in South Bend Employer Allied Signal, Inc. Allied Products Corp. 1st Source Bank RACO, Inc. Wheel Horse Products Associates Bancorp Automatic Molded Plastics Nyloncraft, Inc. Indiana Bell Telephone Martin's Super Markets University of Notre Dame* Memorial Hospital of South Bend South Bend Community School Corporation St. Joseph's Care Group, Inc. City of South Bend St. Joseph County Indiana University at South Bend U.S. Post Office (Regional) St. Mary's College* South Bend Medical Foundation Approximate Number Product/Service of Employees Commercial/Industrial Airplane & Auto Parts 2,600 Metal Stampings 783 Financial Services 649 Electrical Switches & Boxes 626 Manufacturing/Lawn Equipment 590 Financial Services 500 Automobile Plastic Parts 486 Injection Molded Parts 4g0 Telephone Services 465 Retail -Food 459 r~ ~J Public and Non-Commercial Education 2,600 Medical Care 2,500 Education 2,300 Medical Care , 1,900 Government 1,300 Government 850 Education 553 Mail Service 500 Education 480 Medical Care 456 • * Located outside the City, in Notre Dame, Indiana. Source: South Bend -Mishawaka Area Chamber of Commerce. -20- Labor Force Data • Labor Force and Non Agricultural Establishment Employment* Annual Average Payroll Employment (in thousands 1984 1985 1986 1987 1988 1989 Manufacturing: 17 0 16 6 16,5 .16,2 16.0 15.5 Durables 8 0 7.9 7.2 7,7 7,7 7.7 Nondurables . Non-manufacturing: 4 2 4.3 4.6 4,g 5.5 6.9 Contract Construction. Transportation, Communication 4 3 4 4 4 7 5.0 5,3 5.4 & Utilities 4 6 6.7 6.7 7.0 7.2 7.6 Trade-Wholesale . 1 20 20.4 21.1 22.1 22.9 23.5 . Trade-Retail Finance, Insurance & Real Estate 6 3 0 30 ~ 6 29 7 6.0 32.7 6.3 34.7 Services 2 3 10 . . 2 10.7 11.0 11.1 11.4 11.5 Government . 101.5 1.03.9 106.4 110.9 114.7 119.1 Total Total Labor Force (in thousands) 1984 1985 1986 1987 1988 1989 Total in Labor Force 118.7 125.2 126.0 127.2 6 120.2 6 118 116 130.8 124.4 135.8 129.9 • Employed 110.1 6 8 . . 8.6 7.4 7.0 6.4 5.9 Unemployed Unemployment Rate (%) . 7.3% 6.9% 5.9% 5.5% 4.9% 4.4°° * South Bend/Mishawaka MSA (St. Joseph. County only). rtment of Employment and Training Services in cooperation with the Source: Indiana Depa Bureau of Labor Statistics, U.S. Department of Labor. d Effective Buying Income (S outh Bend -Mishawaka Metro Area) Retail Sales an Total Effective Buying Median Household (EBI) Income Median Retail Sales 000 Income EBI ( ) ($000) Area Year Age 1988 32.8 $1,748,668 $2,737,555 065 952 2 $25,562 1987 32.5 1,708,170 033 599 1 , , 2,786,646 24,330 1986 32.3 1985 32.0 , , 1,550,048 2,656,676 23,735 051 25 1984 31.7 1,450,515 2,440,053 787 281 2 , 23,698 1983 31.4 1,213,097 913 177 1 , , 2,131,557 21,684 1982 31.2 1981 30.9 , , 1,279,374 2,413,641 21,545 566 19 1980 30.5 1,128,048 2,166,716 , • Source: "Survey of Buying Power," Sates & Marketing Management, An . nual Editions, 1981- . 1989. -21 - Building Permits Total Permits.. New Residential Permits (Including A Number Value p Number artment Buildinasl Value 1989 6,302(x) 1988 6 263(x) $80,500,000 67 3 147 $24,400,000 , 1987 6,571 (a) , 80,000 48,100,000 140 80 14,856,385 1986 1,661 1985 1 954 61,291,112 15 9,315,232 7,948,700 , 1984 1,653 63,011,520 38,101,370 27 20 3,694,000 1983 1,503 1982 1 486 50,721,450 26 4,923,806 4,256,784 , 1981 1,516 25, 667, 709 19 460 393 29 4, 814, 000 , , 40 3,859,200 (a) The total number of permits addition to building permits. includes signage, utilities, and miscellaneous permits in (b) The total number of residential f il permits only includes one permit for each sin le and lti am ybuilding and does not include one for each unit within building. g mu - Medical Facilities There are four general acute care hospitals in the South Bend area, the two largest of which are located. in the downtown area. Memorial Hospital of South Bend has 526 beds; St. Joseph Medical Center has 339 beds; Michiana Community Hospital has 107 beds; Saint Joseph Hospital of Mishawaka has 117 beds. The hospitals offer a wide variety of medical specialities and have the entire Michiana region as their primary service area. There are 13 nursing homes in the South Bend/Mishawaka area. Other special health facilities include Healthwin Hospital, four urgent care centers, and Northern Indiana .State Hospital. Transportation In addition to its location near Interstate Highway I-90, U.S. Highways 20, 31 and 33 go through the City, as do State Highways 2, 23, 123 and 331. Six rail lines and nearly 50 trucking lines serve the City and surrounding area. Four bus companies provide inter-city transport in the area, while Transpo, the municipal bus line, provides service within the area. Chicago's O'Hare Airport is approximately 100 miles from the City. Michiana Regional Airport in South Bend provides commercial chartered and commuter services. Education The South Bend Community School Corporation serves. all of the City and some of the surrounding area, and has a current enrollment of approximately 21,800 students in grades kindergarten through high school. An estimated 5,469 students attend private or parochial schools within the City. • r~ • -22- 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 X 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 Stephen Luecke William Soderberg • The M is ' . John Voorde Thomas Zakrzewski ayor 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 development. , , maintenance, and economic 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- • (This page was left blink intentionally.) 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 may be 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 ~J (This page was left blank intenti®nally.) ~J • THE BOND RESOLUTION APPENDIX II RESOLUTION NO. 17 • RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY AUTHORIZING THE ISSUANCE DF 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 Trustee (the "Trust Agreement") which Trust Agreement provides for, among other things, the issuance of such Bonds to finance the • Project; NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Authority as follows: Section 1. In order to pay and finance the costs of the Project and to pay costs of issuance, there is hereby authorized and there shall be executed, issued, and delivered by and on behalf of the Authority, pursuant to I.C. 36-7-14.5 et se ., the Bonds in the aggregate principal sum of Four Million Eight Hundred Ninety-Five Thousand Dollars ($4,895,000). Section 2. The Bonds shall bear interest at a -rate snot exceeding 8 1/2~ per annum (or such lesser per annum interest rate as the Authority may establish with the advice of its financial advisor at the time of the publication of the notice of intent to sell the • Bonds) and shall mature serially on February 1 in the years and in the amounts as follows: Year Amount Year Amount 1996 $ 40,000 2005 275,000 1997 100,000 2006 365,000 1998 115,000 2007 .390,000 1999 150,000 2008 425,000 2000 175,000 2009 450,000 2001 190,000 2010 480,000 2002 200,000 2011 515,000 2003 225,000 2012 550,000 2004 250,000 Section 3. The Bonds maturing on or after February 1, 2003, may be redeemed prior to ma turity, at the option of the Authority in whole or in part in whole multiples of $5,000, in inverse order of maturity and by lot within maturities, on any date not earlier than • II-2 [7 • • 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 II-3 person may .also furnish. a telex number. The ..notice must also state: (1) the amount of the Bonds to be offered;. (2) the denominations; (3) the dates of maturity;' (4) the maximum rate of rates of interest;. (5) the place of sale; and (6) the time within which the name, address and telephone number must be furnished, which must not be less than seven days after the last publication of the notice. Each person so registered shall be notified of the date and time bids will be received not less than twenty-four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by the person, and -also by .telex if the person furnishes a telex number. All bids for. Bonds shall be sealed and shall be presented. to the Secretary at the principal office of the Authority, and the Secretary 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 the maximum rate .set forth herein. The interest rate on Bonds of a given .maturity must be at least as great as the interest rate. on Bonds of any earlier maturity. Bids specifying more than one interest rate shall also specify the amount and maturities of the .Bonds bearing each rate, and all Bonds maturing on the same .date shall .bear the same. single rate of interest. Subject to the provisions contained below,the Secretary shall award the Bonds to the bidder offering the lowest net interest cost to the • • ~~ ~_~ I I-4 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 ~~ ~~ II-5 Authority shall issue such lesser principal amount of Bonds. Section 8. After the sale of the Bonds, the President and the • Secretary are authorized to complete the Trust Agreement and .then to execute the same on behalf of the Authority.. Section 9. The President, Vice President, and Secretary-Treasurer of this Authority and each of them is hereby authorized to take all such actions and to execute all such instruments as are desirable to carry out the transactions contemplated by this Resolution, in such forms as-the President, Vice President, and Secretary-Treasurer executing the same shall deem proper, to be evidenced by the execution thereof. Section 10. The provisions of this Resolution and the Trust Agreement shall constitute a contract between the Issuer-and the holders of the Bonds, and, after the issuance of the Bonds, this Resolution shall not be repealed or amended in any respect which • would adversely affect the rights of such holders so long as the Bonds or the interest thereon remains unpaid. Adopted, this 16th Day of February, 1990. CITY OF SOUTH BEND REDEVELOPMENT UTHORITY r ? ~ -- J~sepY~/ Wroblewski, President ATTES '~ George McCullough, S re ry-Treasurer 2-13-90 • II-6 APPENDIX III i• 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 LEASE • This Lease entered into as of the 1st day of November, 1989 between .SOUTH BEND REDEVELOPMENT AUTHORITY, a body corporate and politic organized .and existing under Indiana Code 36-7-14.5 (the "Authority) and SOUTH BEND REDEVELOPMENT COMMISSION, the governing body of the South Bend Department of Redevelopment and the Redevelopment District of South Bend, Indiana (the "Lessee"), acting for and on behalf of the City of South Bend, Indiana. WITNESSETH: Section 1. Definitions. The terms defined in this Section 1 shall for all purposes of this Lease have the meanings herein specified unless the context otherwise requires.. "Act" means Indiana Code 36-7-14.5, as the same from time to time may be amended or supplemented. 01Authority!' means the South Bend Redevelopment Authority, a body corporate and politic organized and existing under the Act, or if said Authority shall be abolished, the authority, board, body, instrumentality or agency succeeding to the principal functions thereof. "Bonds" means South Bend Redevelopment Authority Lease Rental • Revenue Bonds (South Bend Central Development Area Public Improvement Project) "Lease" means this Lease as the same may be amended, modified or supplemented by any amendments or modifications hereof or supplements hereto entered into in accordance with the provisions hereof. "Lessee" means the South Bend Redevelopment Commission, the governing body of the South Bend Department of Redevelopment and the Redevelopment District of South Bend, Indiana, or if said. Commission shall be abolished, the commission, board, body or agency succeeding to the principal functions thereof. "Lease. Resolution" means the resolution. of the Commission passed on February 9, 1990, establishing funds for the payment of -lease rentals. "Permitted Encumbrances" means those items listed. in Exhibit A hereto and any future (a) liens for taxes not .then delinquent, (b) this Lease and the Trust Agreement, leases, subleases and other agreements permitted pursuant to Section 13 hereof, (c) utility, • III-2 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 twenty-two _ (22) years, beginning on the date the Project is complete and ready for use, and ending on the day prior to such date twenty-two (22) years thereafter. However, the term of this Lease • shall terminate at the earlier of (a) the exercise of the option to purchase by Lessee and payment. of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to finance the cost of the leased property, (ii) to refund such obligations, (iii) to refund such refunding obligations, or (iv) to improve the leased property. The date the Project is complete and ready for use shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after such completion and such endorsement shall be recorded as an addendum to this Lease. The Authority hereby represents that it is possessed of, or will acquire, a good and indefeasible estate in fee simple or an insurable right-of-way easement subject only to Permitted Encumbrances, to the above-described real estate, and the Authority warrants and will defend the same against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee. Section 3. Rental Pavments. (a) During the term of this Lease, the Lessee agrees to pay rental for said premises as set forth in Section 4 hereof. .Such rental shall be paid from the South Bend Central Development Area Public Improvement Project Principal and Interest Account of the Redevelopment District Bond Fund. All rentals payable under the terms of this Lease shall be paid to the Trustee or to such other bank or trust company as may from time to time succeed the Trustee under the Trust Agreement. All payments so made shall be considered as payments to the Authority of the rentals payable hereunder. The Lessee shall receive credit for any Bond • maturing within seven (7) days of the date of the lease rental payment, at the face value thereof, which the Lessee acquires and delivers to the Trustee as a part of its lease rental payment; (b) as additional rental the Lessee agrees to pay all fees, charges and reimbursement of expenses of the Trustee under the Trust Agreement and all prudent charges and expenses of the Authority incurred in the performance of its obligations hereunder. Section 4. Rental Payment Dates and Amounts. The first semiannual rental installment in the amount of Two Hundred Ninety-Five Thousand Five Hundred Dollars ($295,500) shall be due on the day that the Project is completed and ready for use, or July 31, 1991, whichever is later. If completion is later than July 31, 1991, the first installment shall be in an amount which provides for rental at the rate specified in Exhibit B for the semiannual period in which the Project is completed and ready for use, prorated from the date of completion until the first January 31 or July 31 following such date of completion. Thereafter such rentals shall be payable in advance in semiannual installments on January 31 and July 31 of each year as provided for in the attached lease payment schedule at Exhibit D. The last seminannual rental payment due before the expiration ~ ~ ~~ III-4 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 terestadue onlthe ($1,000) next highest to the sum of principal and in 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, reg thereLess eln and construction manager or contractor selected by ~~ ~J III-5 acceptable _ to -the Trustee, (i) the cost of such restoration or reconstruction does not exceed the amount of the proceeds received by the Authority from the insurance provided for in Section 9 hereof plus other moneys available therefor and (ii) such restoration or reconstruction can be completed within the period of time covered by the rental value insurance provided for in Section 9 hereof. If either or both conditions shall not exist, the proceeds received from the insurance provided for in Section 9 hereof shall be applied to the option to purchase price provided for in Section 14 hereof. The rental shall be abated pro rata for the period during which the damaged or destroyed portion of the Project is unfit for its intended use. Section 6. Net Lease. It is expressly understood and agreed that this Lease shall be what is known as a net lease (i_e., the .rent being absolutely net to the Authority and that all other expenses in connection with the Project of any nature whatsoever shall be those of the Lessee) and that during the .lease term the Lessee shall be obligated to pay as its expenses without reimbursement from the Authority all costs of taxes and assessments, if any, and maintenance, operation and use in connection with or relating to the Project, including but not limited to all costs and expenses of all services, repair or replacement of all parts of the Project or improvements of .the Project. Section 7. Nonliability of Authority. The Authority shall not be liable for damage caused by hidden defects or failure to keep the Project in repair and shall. not be liable for any damage done or occasioned by or from plumbing,. gas, water, or other pipes or the bursting or leaking of plumbing or heating fixtures in connection with said premises, nor for damage occasioned by water, snow or ice. The Authority shall not be liable for any injury to the Lessee or any sublessee of the Lessee or any other person- which injury occurs on, in or about the Project howsoever arising. The Authority shall not be liable for damage to the Lessee's property or to the property of any sublessee of the Lessee or of any other person which may be located in, upon or about the Project. Section 8. Alterations. Lessee shall have the right, without the consent of the Authority, to make all alterations, modifications and additions and to do all improvements it deems necessary or desirable to the Project, which do not reduce the rental value of the Project. Section 9. Insurance. The Lessee, at its own expense, will, during the full term of the Lease, keep the Project insured against physical loss or damage, however caused, with such exceptions as are ordinarily required by insurers of properties of a similar type, in good and responsible insurance companies acceptable to the Authority. Such insurance shall be in an amount at least equal to the greater of (i) the option to purchase price or (ii) one hundred r~ • • III-6 percent (lOQ~) of the full replacement cost of such Project or certified by a registered architect, a r thetAut orityl with the professional appraisal engineer, selected by • approval of the Trustee, on the effective date of this Lease and on of April of each year thereafter; provided or before the first day that such certificatio i bea in an amount at east equal to the option of such insurance shal to purchase price. Such appraisal may be .based upon a recognized index of conversion factor~he ILessee vtot be a a co insurern for ethe an amount which causes Project. Such insurance may contain a provision for atheddeductible an amount not exceeding $25,000. Lessee agrees to pay amount of any loss to the Authority. A blanket public institutional property insurance form may be used if: (a) the .insurance on the Project is not less than. the amount required by this Section, (b) the Lessee subordinates its claim for damage or destruction to other buildings or improvements to claims for damage or destruction of the Project, and (c) the insurance.. proceeds related to damage.: to or destruction of the Project are payable to the Trustee. During the full term of this Lease, the Lessee will also, at its own expense, maintain rental or rental value insurance in an a e°riod of least equal to the full rental specified in Section 4 for a e insured two (2) years against physical loss or damage of the typ • against pursuant to the preceding requirements of this Sacable• to the policies shall be for the benefit of and shall be made p y Trustee. Section 10. Use of Insurance and Condemnation Proceeds. Proceeds of insurance against damage to or destruction of he Project or proceeds of any condemnation of the Project shall be paid to and held by the Trustee and used t ~ Pa lansr a proved by 1theoAuthoritymand of the Project in accordance wi p P the Lessee, unless the Lessee elects to exercise its option to purchase. Section times during liability and Authority and properties. liability self 11. Liability Insurance. The Lessee shall, at all the full term of this Lease,- keep in effect, public. property damage insurance, insuring thee- Lessee, the the Trustee in amounts customarily carried for siublic Such insurance may be provided under the p insurance program of the City of South Bend. Section 12. policies required All insurance General Insurance Provisions. rovided by Sections 9 and 11, other than insurance p III-7 - under the public liability self insurance South Bend, shall be with insurance companiesr rated B+ or better by A.M. Best Company (or a .comparable .rating service if A.M. Best company ceases to exist or rate insurance companies), and shall be countersigned by an agent of the insurer who is a resident of the State of Indiana, and such policies, or copies thereof, and the certificate of the architect or engineer referred to in Section 9 shall be deposited with the Authority and the Trustee. If, at any time, the Lessee fails to maintain insurance in accordance with Sections 9 and 11, .such insurance may be obtained by the Authority, or may be obtained by the Trustee, and the amount paid for such insurance shall be added to the amount of rental payable by the Lessee under this Lease; provided, however, that neither the Authority nor the Trustee shall be under any obligation to obtain such insurance, and any action or non-action of the Authority or Trustee in this regard shall not relieve the Lessee of any consequences of a .default in failing to obtain such insurance. Section 13. General Covenants. The Lessee shall not assign this Lease or sublet any part of the Project herein described without the prior written consent of the Authority; provided, however, that the Lessee shall in no event assign this Lease or sublet an the Project if such assignment or sublease will result in the loss of the exclusion from gross income for federal tax purposes of interest on any obligation issued by the Authority to finance the Project. .The Lessee .covenants that, except for Permitted Encumbrances, it -will not encumber the Project, or permit any encumbrance to exist thereon, and that it shall use and maintain the Project in accordance with the laws and ordinances of the United States of America, the State of Indiana, and all other proper governmental authorities. The Authority agrees that it will, at the request of the Lessee, .execute and deliver to or upon the order of the Lessee such instrument or instruments as may be reasonably required by the Lessee in order to subject the .Project, or the Authority's interest therein, to such encumbrances as shall be specified in such request and as shall be permitted by .the provisions of this Section 13 or otherwise by the definition of "Permitted Encumbrances". Section 14. Option to Purchase. Authority hereby grants Lessee the right and option, on any rental payment date, upon thirty days' written notice to the Authority, to purchase the Project at a price equal to the amount required to enable the Authority to provide for. the redemption of all outstanding Bonds, all premiums payable on the redemption thereof, and accrued and unpaid interest, and to pay the cost of redeeming the Bonds and liquidating the Authority if it is to be liquidated. Upon request of the Lessee, the Authority agrees to furnish an itemized statement setting forth the amounts required to be the Lessee on the next rental payment date in order to paid by purchase the • • III-8 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 option to purchase the Project at the expiration of the term of the Lease and upon the full discharge and performance by the Lessee of its obligations under this Lease, the Authority shall execute a deed of the Project to the Lessee conveying good and merchantable title thereto, subject only to Permitted Encumbrances. 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) de fault 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 it s 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 1. 6. 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 3.7. 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 covenants and agreements in this Lease and the provisions of the Act, the provisions of said Act shall be deemed to be controlling and binding upon the parties. • Section 18. Successors or Assigns. All covenants of this Lease, whether by the Authority or the Lessee, shall be binding upon the successors and assigns of the respective parties hereto. IN WITNESS WHEREOF, the parties hereto have caused this Lease to be executed for and on -their behalf as of the day and year first hereinabove written. SOUTH BEND REDEVELOPMENT AUTHORITY / ,, J. sephf/ Wroblewski, President r: ATTEST• '~ George McCullough, Sec~et'~ ry-Treasurer SOUTH BED REDEVELOPMENT .COMMISSION • / ~ / Paula N. Auburn, Vice President ATTEST: f ~~ Roman Piasecki, Secretary 2-08-90 • III-10 I • STATE OF INDIANA COUNTY OF ST. JOSEPH SS: 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. I C, ~'~ WITNESS my hand and Notarial Seal .this ~ day of~ Ci~~~i~R~I 1990. ~ ~ <:- ~ ~ ~ ~i Written Signature) ~ ~_ (Printed Signature) • (Written Signature} (Printed Signature (SEAL) My commission expires: I am a resident of `~ , `~~~~ County, Indiana. ~ ~ ~_J III-11 STATE OF INDIANA COUNTY OF ST. JOSEPH SS: Before me, the undersigned, a Notary Public in and for said State, personally appeared Paula N. Auburn and Roman Piasecki, personally known by me to be the Vice President and Secretary, respectively, of the South Bend Redevelopment Commission, and acknowledged the execution of the foregoing Lease for and on behalf of said Commission. WITNESS my hand and Notarial Seal 1990. this _~~~day of .,~/3 .. C/ ~~ ~ , -~ . y /L~. (Written Signature) ~lAl~.~ ~~ 1;~~~.~-itf'I (Printed Signature) (Written Signature) (SEAL) My commission expires: r~-(- 1~ (Printed Signature) I am a resident of n ,- • f C!a< ~ County, Indiana. This instrument was prepared by Richard L. Hill, Parker & Jaicomo, 205 West Jefferson Boulevard, South Bend, Indiana 46601. • C7 • III-12 • EXHIBIT D LEASE PAYMENT SCHEDULE • • South Qend Redevelopment Authority X4,895,000 TIF Lease Rental Bonds 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 7/31/95 1/31/96 7/31/96 1/31/97 7/31/91 1/31/98 1/31/98 1/31/99 7/31/99 l/31/00 7/31/00 1/31/01 7/31/01 1/31/02 7/31/02 1/31/03 7/31/03 1/31/04 1/31/04 1/31/05 7/31/05 1/31/06 7/31/06 1/31/07 7/31/07 1/31/08 1/31/08 1/31/09 7/31/09 1/31/10 7/31/10 1/31/11 7/31/11 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, 500 358,500 358,500 358,500 358,500 358,500 374,500 314,500 374,500 314,500 314,500 374,500 374,500 374,500 374,500 374,500 314,500 314,500 374,500 374,500 III-13 • (This page was left blank intentionally.) • • APPENDIX IV EXCERPTS FROM THE TRUST AGREEMENT u 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) • C7 IV 1 • Parties, Recitals Granting Clauses. ARTICLE I. Definitions ARTICLE II. Maturities, Form., Issuance, Delivery and Registration of Bonds ARTICLE III. Funds ARTICLE IV. Redemption of Bonds ARTICLE V. Covenants of the Authority ARTICLE VI. Insurance ARTICLE VII. Remedies in Case of Default ARTICLE VIII. Defeasance, Payment, Release ARTICLE IX. Concerning the Trustee ARTICLE X. Supplemental Agreements ARTICLE XI. Miscellaneous Provisions Paae IV-3 IV-4 IV-4 IV-7 r~ •i IV-2 .TRUST AGREEMENT • THIS .AGREEMENT (the "Agreement"), executed and dated as of the 1st 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 the provisions of Indiana Code 36-7-14.5 (hereinafter referred to as the "Act"), for the 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 Four Million Eight Hundred Ninety-Five Thousand Dollars ($4,895,000) for the purpose of procuring funds to pay the cost of the Project (as hereinafter defined} and to 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 the Commission pursuant to a lease dated as of November 1, 1989; and • WHEREAS, in order to secure the principal of and premium, if any, and interest on all of said Bonds and the performance of .the covenants herein contained, the Authority has in like manner determined to execute and deliver this Agreement; and 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 REDEVELOPMENT AUTHORITY, in consideration of the premises and the acceptance of such Bonds by the holders thereof, and the sum of One Dollar ($1) in hand paid by the Trustee, receipt of which is hereby acknowledged, and especially in order to secure the punctual payment of the principal of, premium, if any, and interest on the B onds to be issued and at any time outstanding hereunder as • IV-3 the same shall become due, according to the tenor hereof and thereof, and the faithful performance of all the covenants and agreements • contained in said Bonds and in this Agreement, and in performance of the authority of every kind and nature which said Authority has or may have, has executed and delivered this Agreement and has pledged and assigned and by these presents does hereby pledge and assign unto First Interstate Bank of Northern Indiana, N.A., as Trustee and to its successors in said trust and to its assigns, the Lease (as hereinafter defined) and the Pledged Funds (as hereinafter defined) subject to the provisions of this Agreement requiring or permitting the application thereof for the purposes and on the terms set forth in this Agreement. The pledge herein made is and shall be subject to the provisions of this Agreement for the equal and proportionate benefit, security and protection of all holders of the Bonds issued or to be issued under and secured by this Agreement, without preference, priority or distinction as to lien or otherwise by reason of the date of maturity thereof, or for any other reason whatsoever, subject to the provisions of this Agreement. PROVIDED, HOWEVER, that if the Authority, its successors or its assigns, shall well and truly pay, or cause to be paid, the principal of the Bonds and the premium, if any, and the interest due or to become due thereon, at the times and in the manner as set forth in said Bonds in accordance with the terms hereof, and shall well and truly keep, perform and observe all covenants and conditions pursuant to the terms of this Agreement to be kept, performed and observed by • the Authority, and shall pay to the Trustee all sums of money due, or to become due to it, in accordance with the terms and provisions hereof, then this Agreement and the rights hereby granted shall cease, determine and be void, but otherwise, this Agreement shall remain in full force and effect. All Bonds issued and secured hereunder are to be issued, authenticated and delivered, and all property hereby pledged is to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as hereinafter expressed; and the Authority has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the respective owners, from time to time, of the said Bonds or any part thereof, as follows: ARTICLE I. Definitions Sec. 1.01. The terms: defined in this Article I shall, for all purposes of this Agreement, and any agreement supplemental hereto, have the meanings herein specified, unless the context otherwise • IV-4 requires: (a) "Agreement" of "this Agreement" 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) 11Arbitrage 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 Bonds; (ii) the rentals to be received under the Lease; and (iii) all moneys and securities from time to time held by the Trustee under the terms of this Agreement (except moneys or securities held in accounts to pay for Bonds called for redemption or with respect to which irrevocable instructions to redeem have been .given to the Trustee), including without limitation the moneys held in trust funds. (n) "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 (all as described in Exhibit A), which project is to be financed with the proceeds of the Bonds and leased to the Commission, pursuant to the Lease. (o) "Qualified Securities" means investments in: (i} Government Obligations; (ii) certificates of deposit issued by banks and mutual savings banks incorporated under. the laws of the State of Indiana and in national banking associations having their principal banking offices in the State of Indiana, including the Trustee, provided such certificates of deposit do not exceed in the aggregate ten' percent (10$) of the combined capital, surplus and undivided profits of any such bank or association and that each such bank or association has a combined capital and surplus of at least $25,000,000.; and provided further that such certificates of deposit are insured by the Federal Deposit Insurance Authority or the Federal Savings and Loan Insurance Authority or, to the extent not so insured, collateralized by interest-bearing obligations described in • clause (i) above in which the Trustee has a perfected security interest; or (iii) repurchase agreements, entered into with banks and mutual savings banks incorporated under the laws of the State of Indiana and in national banking associations having their principal banking offices in the State of Indiana, including the Trustee, that are fully collateralized by interest-bearing obligations described in clause (i) above based upon the .market value of such obligations on the day such agreement becomes effective, in which the Trustee has a perfected security interest. (p) "Redemption Price," with respect to the Bonds outstanGling under this Agreement, means the price at which the Bonds are, redeemable as set forth in Article IV of this Agreement. (q) "Sinking Fund" means the Sinking Fund created and established by Section 3.02. (r) "Trustee1/ means and includes not only the Trustee but also its successor or successors in trust. (s) Unless the context shall clearly otherwise indicate, words importing the singular number shall include the plural number in__, each case, and vice versa, and words importing persons shall include firms and corporations, and terms employed in the disjunctive form shall be deemed to be employed also in the conjunctive form and vice .versa. • IV-6 i• (ARTICLE II WAS INTENTIONALLY OMITTED.) C~ ARTICLE III. Funds Sec. 3.01. There is hereby established and created a fund • IV-~ designated as the "South Bend Redevelopment Authority South Bend • Central Development Area Public Improvement Project Construction Fund." The Construction Fund shall consist of the following accounts: Construction Account and Bond Interest Account. The Trustee shall deposit in the Bond Interest Account the accrued interest paid by the purchaser and any unused discount and an amount from the Bond .proceeds which, when added to the accrued interest and any unused discount shall equal the interest on the Bonds through August 1, 1991. The Trustee shall, without other or further authority than is hereby given, pay from the Bond Interest Account, or if the Bond Interest Account is not sufficient, then from the Construction .Account, or if the Bond Interest Account and the Construction Account are not sufficient, then from the Operation and Reserve Fund created below, interest accruing on all obligations of the Authority until the filing of the Affidavit of Project Completion referred to below. The Trustee shall deposit all Bond proceeds not required to be deposited in another account into the Construction Account. The Trustee shall pay the cost of issuance of the Bonds from such account upon ~ the presentation of an affidavit executed by any two officers of the Authority, stating the character of the expenditure, the amount thereof, and to .whom due, together with a statement of the creditor as to the amount owing. The .Trustee shall also pay obligations incurred. for labor and to contractors, vendors, builders and materialmen, and for acquiring real estate and improvements thereto, • equipment for the Project, the fees and expenses of architects, engineers and construction managers and any costs of construction and land acquisition and any other incidental costs incurred in connection with the .cost of construction and equipment of the Project and land acquisition, including the audit referred to in Section 5.07(c). Such payments shall be made on presentation of a certificate of an architect or engineer of work completed and materials or items furnished, approved in writing by any. two officers of the Authority (or, alternatively, by any two members of the Board of Public Works of .the City of South Bend, Indiana (the "Board of Public Works"), so long as the Agency Agreement (the "Agency Agreement").dated January 22, 1990 between the Authority and the Board of Public Works is in effect; the Authority has provided the Trustee with a copy of such Agency Agreement and hereby covenants to provide -the Trustee copies of any amendments to such Agency Agreement) , or in the case of any items not subject to certification by the architect or engineer, then upon .the presentation of an affidavit executed by any two .officers of the Authority (or, alternatively, by any two members of the Board of Public Works, as set forth above), stating the character of the expenditure, the amount thereof, and to whom due, together with the statement of the creditor as to the amount owing. • IV-8 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 Affidavit 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; avid (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 Fund, or if the Sinking Fund and .the Construction Account of the Construction Fund are not sufficient, then from the Operation and .- Reserve Fund created below, and shall deposit in a special trust fund and -make available to .itself, sufficient moneys for paying the principal, of the .Bonds at maturity and to pay the interest on the Bonds as the same falls due. Sec. 3.03. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority South Bend Central Development .Area Public Improvement Project Operation and Reserve Fund." The Operation and Reserve Fund shall be used only to pay necessary incidental expenses of the Authority (e.g. required .audits, appraisals, meetings and reports), the payment of principal, interest and redemption premiums of the Bonds herein described upon redemption as authorized by Article IV hereof or the purchase price of Bonds purchased as .authorized by Sea. 3.07, and if the amount in the Sinking Fund at any time is less than the required amount, the Trustee shall, without any further authorization, transfer funds from the Operation and Reserve Fund to the Sinking Fund in an amount sufficient to raise the amount in the Sinking Fund to the required amount. Such action by the .Trustee shall not constitute a waiver of any other right or remedy the Trustee may have under this Agreement. Incidental expenses shall be paid by the Trustee upon the .presentation of an affidavit. executed by any two (2) officers of the Authority, stating the character of the expenditure, the amount thereof, and to whom due, together. with the statement of the creditor as to the amount owing.. The Operation and Reserve Fund may also be • used for purposes stated in Section 5.11. Sec. 3.04. Pursuant to the written instructions of the Authority, the Trustee shall establish and maintain such fund or funds and take such other actions as may be necessary to enable the Authority to satisfy the requirements of Section 148(f) of the Code and :the Arbitrage Regulations; provided, however, that the Trustee shall be under no obligation to make computations of the amount of Arbitrage required to be rebated to the federal government of the United States of America. Sec. 3.05'. The Trustee shall, at the written direction of the Authority, and subject to Section 5.14, invest all or so much of the funds as is practicable in Qualified Securities, to -the extent and in the manner permitted by .law. Investment earnings shall be deposited into the Construction Fund until receipt by the Trustee of an Affidavit of Project Completion. as provided in Article III, and thereafter, shall be credited to the fund from which the investments were made. The. Trustee is authorized to sell any securities so acquired from time to time in order to make the payments authorized in this Agreement. Investment of the Sinking Fund shall mature prior to the time the funds invested will be needed for payment of principal of and interest on the Bonds. • IV-10 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.) IV-11 • (This page was left blank intentionally.) • APPENDIX V RESOLUTION NO. 915 • ESOLUTIGN OF THE SOUTH BEND REDEVELOPMENT COMMISSION R 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 °' Commission") ; and WHEREAS, the Authority. intends to issue bonds in the aggregate amount of .Four Million Eight Hundred Ninety-Five Thousand Dollars • e "South ($4,895,000) pursuant to IC 36-7-14.5-19 to be known as th 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 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 • V-1 WHEREAS, it is necessary for the Commission to establish certain funds and accounts for the payment of th"e rentals owed by the Commission pu~Atant to said Lease; • NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Commission as follows: Section 1. There is hereby created and established a Redevelopment District Bond Fund to consist of a South Bend Central Development Area Public Improvement Project Principal and Interest Account and such other accounts as the Commission shall from time to time establish. Section 2. The- Commission shall levy in each calendar year beginning in the year prior to the first calendar year in which the Commission is required to pay lease rentals pursuant to the Lease, a special tax upon all of the taxable property in the City of South Bend Redevelopment District in a total amount sufficient, • together with all other funds in the South Bend Central Development Area Public Improvement Project Principal and Interest Account deposited into such account from any other sources (other than such special taxes) during the previous 12 calendar months prior to August 1 of such calendar year, to pay all lease rental payments payable in the 12-month period beginning on July 1 of the following calendar year. Such taxes shall be deposited in the South Bend Central Development Area Public Improvement Project Principal and Interest Account and such taxes and any other funds in the South Bend Central Development Area Public Improvement Project Principal and Interest • V-2 Account shall be irrevocably pledged for the purposes set forth in this Resolution. Section 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 By. ~ Paula N. Auburn, Vice President • ATTEST: w~. Roman Piasecki, Secretary 2-13-90 • V-3 (This page was left blank intenti®nolly.) • r~ APPENDIX VI • • I.V OT i '... .../ LQ r CW /~M~/~ C W aw O~ wZ ~ W W~ ~ MW MM li 1.V J Q r ZZ QW ZW ~/~ ~ W ZJ /W W L2 r /O/~ V/ d y ro C J O [n L ro N f:7 m y .~. 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C > a ro N d' L N W 07 C ++ O N Tm Y N 41 L 4 C Y H > d 'O C L i-~ LL ~ U «•~ U Ql I••• C ~ O d 7 N 41 N +- N y ~ ro O •L O_ N ro O N Q' V E ~ Y ro aNi a~i ~E > Ol U U h ro T r N N ro Y C ~•+ d' Q .-~ .--~ v v VI-1 • (This page was left blank intentionally.) r • APPENDIX VII • ANNUAL AUDITED FINANCIAL STATEMENTS • ~J VII-1 u~ v J < < ? lac ~~~ zp v< ~~~ ~y ` y U~ z Z_ O L r ~ r ~ ~ eras C N ~ ; e~ O ~ ~ ; 0000~000 T I _ ' ' H k ~ ° . L ~ C 5 fi L i~ F i H ~ w ~ i O < ~~s 1- ' r ' M N ~~;~ IN ,~ .y f ~ ~ ~ ~ N s~c i 2~Ir vNi ~.L F< w ~~ .g Q L ' N ~ N ' ' t ~ ~~~m ~ N v1 ~ . . w1 1 ~ ~~ . y ~i= 7 ~ ~ ~~g 1 N 'r ~i~-; ~~ i ~- =I N ~ ^ ~~ ~ ~ m 00 Ha ~ ^ N I h I I ~n M M~ f -f~1N~ f'^ P1 r O N OL r• P, . fp II C ~ O II Nwp.1 pN 'O ~C=~N- P ^ aN0•N ~ I p~ II II N . p, N '~ ~` O N 11 I ry 'aO ONp.. OO I N C N N O~ O ~C ~ f4.q N ~V r e~1 I C II a0 p~P am~O~h f h1f Apr TOE ~ ~ ~ tl N P f+1 : O~ r O~ h r h^ f ~^ II o ~p OD 00 O ~ N ' N II M II 'e' ^ ~O ii f ao n R ~= 4 11 ~ ~ ' ~ I I ~D r1 I P II N ~ II ' ~ II ; M 11 t ~ O II ` ~ ~^ II e•, ~•; II R ;~I II II = ~ = II II 11 00 O n O ~ ~ ~ 'G II f N ~ ~ i O. ~ ~ ~ ~ I II ~ C _ ~ ; ~ II ; M II f ~ ,NT 11 . f II I f 11 ;a II 1 ~I H II 6 II y OC n ~4O• V! f v1 f f~! ~ P 1 r I 00 O~ O~ ~ O~ r P N r o0 i t ~I O P N P A N N N ~ n 11 5 n ~- _ ~ ~ M II ~ ~~.. INS. , .... .. . ~~il N „ .S ae oo ~c g y~ l N en en eX u ; N it ~[ - O ~ Oe it .s f II __ i~:ll . - 1! ~Mli .,~ a>, ~ N i ae ~ ~ S 1 i ~ ~ ; ^ ii f e N ~ ' ' r ~00~ Pf f ; P II - N a0 N p N ~ ergs `~~, it eo I '~ it h II ~~ t l a 1 ~ 1 1 1 1 1 I I; n II Op It n n ~ r ii .N ~ ii ;HII ~ • ;~ Z~~ '~ ~ ~ Q ~. ~ 7 ~ ~ ~_4 ( ~ ~ S v~ .;% ~~ '~ ~ i~ ~.~yC ~i~ ~ ~ of L~ a E ~$ 3~ Ir.r ~~< ~ ~ ~ ~ X 3 ~ ~ ~ ;=a~ Yw r ~5 ~Y'Z~ a~~ < i UC.S~ ~=JC L' « E- VII-2 • • • i~ 1 M1 I ~~-=i~ ~ ~ l -~4 • ~ f 1 i ~x V U < «< 2Y~ ZE~9 .. Q ~ .~ ~y~ ~jU a ~; C `~ ~y T.n < < Z !~ i 0 • ~~ ~,~~ I IZ <~~< ~, B ~'~~~ ~~i2.~ I. ~ ~,,, < " t. , F ~~ N ~~ryV N O N M ~ ~ /+1 ~ M ~.O F `O - ~ A ~1 ~ Q Q r1 ~ , F • A^A lr O;fY~ ' ~ ~ r MP~= ~j rl Pt ' P . r+ .~ r, ! w, , N !V ON ~~ 1 1- 1 NC M PI 1+ O rn N N N f+ P ~O r1 P ^ 1^ GtV FQ S O~ A8w1~ggMl~ ~L~ aIA .O, v1j~-n r~ P~p~O; O, ~pip~QQ 7a ~w ~ ~ ~~p~ffM f~A~N N ~V1 •D~Op~~PO~PfV M Mi fOVON~o~~o a ry'$-w ~ O ~,o e~ i ~ N M N N - O- . ~ •4 N r . O N N Af hO P N I f~,p-p net P~ O. I Q~ I N .~ = ~ . M - ~ ~ I 0.. 1........ .......••.,.,, . i i M I P1 h P O N Al ~ Al ' O~ ' i r i ~ M 1 O 1~1 h ~ V1 , , I v~ r - N . » yy i~~A~p 1 A ~ O n.. ' ~~~_ e1 ~ ~ m ~ .II ~ i I ~p p w 1~ ~v1- O P P h N V'1 I 3~1 M Na r A A y ~'~ ' O ry ~ O „ G}~ i ~.. ~ - N Y I G: ~ i I i » r~i~ f "a~ t f h ~ i A A H ~ 1 ~ M ~ O`O~n ~ ~ ~ ~~ 1 1 1 ~a n i . ~ 8 a I I „ c i 1 1 NI"+ K~ N R~ Q P - ~ g a n~ ~ Y1 v1 $~°$ ~ .`~o N v1 h o - A M1 'O N_ 1 i O i ~ i ~r O • -~ . ~ ~ ~ ~ i S 1 i = i I 1 I I ,..,....,•..,.;a; i ~ i I I 1 I I~ I 1 I{ I 1 o i~ ~~ ~ M1~N 70~~ a Y n ~ r MAN ••Pf~ n M • - - a r .~ ~ i~ ~ M ^~ NNQ1 ~~pp ^ ~1 ~ N ~ h ~ v iZ~ ~:N a~^ ~ ~ ., ~ N -rp ~ ,o o, a ~ = ~ - = C O , • "V i • - N I n I s , h I I ~i : :d; I = II • N II ' II e. ~. ' !: : . H :I i ' ' M a0 x e ~ 0 '1 - ~ ~ ° x ' ~ - li M it p~ ~ ~ . r I T n 0` N ~I N ~ i I • N - O _ e, '~ - h I N ~ e .r+ N ^: I~. ~.i 1 . ~ . . . Y aD O s ~ n ~ _ N - v ° _ H ~ - ,~ ~ x ? . ~ s < - e v s• ', - N f .~ L .~ - N N ~ •O n ~I 1 i . . . . ~. M1 N M1 m o a,„ ~ = to ~ .. P N ^ ~. II N. i 1 N ~ ~I :1 • M I I I I I ~ II ~ N Y Q~ . ~ O N n v„ .:~, Q M i', .~ • 3 ~ ~ ~ ~ .~. 3 ~ °~ .e ~~ ~ ~3~ ` s~~~ ~~~ I !! 3 r~ S ~~ Lam` ~~ 7 ~ ~~ O •~ ,~ rp~`3 L•7L~ ~ x' i 2i~if~ a'.y~ ~~~~ ~ ~CL'~~~ttj~ri,,~~ ~~_~ .,'~j ~i .y~~$ u ~ ~SS~i 3y •. 2 '~L~ 3 = E °~~ ~ C'~. ~ ~ ~ ~ ~ C 'G ~ t e3 •~ „ n ~ ~ '~ •~ ~ ~ .6 u ~ ~ C `G"tu b u , a - :z st~ ~ ~T~~~~3'~'`~<Ci'-:~<:~ ~'~ a .y6.E~~ e~ ?~ ~zs~ 3zzz- - . VII-3 • U Z O Z ~ 2~ 3 ~' ~~ ~~~~ ~QQn _~~~~ !", ~ ~c~~ °~i3 'n Y. L u v~i~~ l'~ .` U ~ ` fl Z 'Y. V L N ~ U P E b~ (.. e C m ^ w ~ a ~~ F L ,~ ~~~ P1n_OO~ONOS . ~O n N • N m , n C;~n rvt~b ; O fNO.OM11~r- M1 nN1r (NV n rm i N I~ N O ! N ; m N t' N h - ~ , O O m~/ N M1. p M1 T 1'~1 1~ N ~p ' m aeNGO:rae~ t vl . P ^M1 ~t0~1 P01000 ~ Q ~p N ~ f V'i ; N N l-N n . e1 M . . O ~ ~ . mn m ~ ,'^ O~ ~'1 ~ e ~ rOi m ~ ~ _ ~ N of n ~p ~ M . . o ~= ~~~ E~ '~ O v ~ ~O . ~( = ao n y N ~ H . N ' p 8 ~NOao ~~$ , S~ y N Q~ C ~~ Q N N O ~ N `~Ou ~ N i N N > Ha ~ N P ~O-. - of V V! , sa mm f ' b ^ ^V PILb 1 i V~ ~pp ~ O n~ p O~ N H ' Q N N n r N N ~ N mOO t~Onmv-~ OP ,^ 1~ O mf~NV1 m N M1'`O ~O f1 N0~ ' v1 Q O, yy `O~Nne m o 8 p. N n 00 ~^ N O~ Q 0. n n ~ O N m Q O. = e h N1 O. N O - ~ - ~ O O O. n N Y 1 n N~ tom, v, - O v~t~ s ~ = n CM1o N_ pNp elh NmoOO~D O. ~ R f n N O, n O h N Nsm~ ~ m m 1"~ N y~ ~'nRnM I n C !~ N p~ v r , , a =ape .. ~O m h N p, M1 Q Q , m , p o v O e~i ~ O m `D v~ v n ; n n n N ~ y ~ n P N n v ,,,., , mM1~~.~ = ~ ~ N `p ~ N C O ~O 7 N N p r QQ Oa~O ~ R ~~ m p ^l n p ~p d M1^~D O~00 ; M1 ry n Q n N o O N N ~ f - N_ n h F O n e n C~~ P O O ~ , r ~ C ~G n A ~ e n O~ ~ - i N M1 O s ~ ~ n O O m ~ e 0 a m N ~ p. N e ~ N s = n ~ v~+i O Y01 _ ' r 0 a n - ~ 0 0. N _~~ a ~ 2° ~. ~ ~~ ~ ~ QC p Y = ,. 'a L OG rn i ~ OC ~ u G Y y ~ ~ G ~ T 6F~~ ~~~~ ~ ~aU~a m3~~ ~~s~ ~ ~ ~_ ~ ~ uL~ ~ h~ ~ v ~ c I a ~ ' N Q y H fV ~ ~ ~ q t~ 00 `ON r N ao - n .r ~ r. _ , H I I GM1pn$ ~ M1 r ao n N ~O ~ O h a s e~ i r'1 vt ~ ~m~O mn p .~ ~~ , 11 ~,y u , , , `O r vi II ~ ~ r a ~ ~ ~ ii it I - - n 11 M 11 - ` - ~O O~ n , n vi m II = H ~ O O I `~ O I II ,O ~ ^ v I1 i _ = , ~ ; M it _ ~, , , ~ ~ _M1;r;; = N h vii ~ Q I ~ s, _ N - a n vi t~ 0 ~ = II n II - l~ `O f'1 ry .O II it = _ h - - ~ : - =$ , ~ ~_ - ! N C f`~ !1 ~ m d N - ~ P ~ II - ^ ~ - ~, r - .~ ~ N :1 - M I I ~ nr O. 11~ , , , , N_ ~ II ~ , tl u V1, 1^1 N O: N. it n n m ^ a O - '1 m N II G` ^ v Q a ~1 II , I} 1 H 11 ~ G ~e ~ ~~ M C ~ ~ yv x 6~ >.. z ~ ~ _ ~. 5a 55 ~~ ~ S ~ ,5E-~-~~ y- .6 `u ~. s m m m 7 °C V a .y, u~ ,,U+ <L '~t S C .~ C X y w s R 5~c5~s~e vJ~,O ~ -s - • VII-4 Z )- c C Z z v Z;nz V; <_<< ~~ Z =<a <U„ `_ 'pL`<<,: ZZ<`•e'1 <.;~~ L~Z<~ ~ ~ < V ~^ Z ~ > 'aL v~i~Cv~ ~ N < ~ rf. .r ~ c Z ~ ~ ~ U H ~ Z Z v ~.J • ! u ~; a p I a t~ ~~ C 11 1 1 I I 1 I I I ~ I~ ~ I r k e~3 ~ II I I j o ~ 8 0° ~° ~ i i. o H i o e iY'` N _ ~ I C I I I 1 I N I N N II r i t_ I ~ I ~ I i i ~ II II ~ I H 1 1 I II H p •C ~ GC i ~, i ^. i~ i~ i , , r , , to N^ . ' ° ' v~ i O i M . r ~ I P~ tl pp, I~ II I O i I ~ I J h r v~ r I ago ~ I C by _ I I ~ i .. ~ I P anon i~ 25 II . I II < i ... I ri .~ . I N I i II i II I I I I j I II ~ i H H II i i eq I Q ' en , , , i ~ i ° `~i , , , , r , , ~ Nn , ~ ° I I , , _ it o II A ~ ~ 1 •• ~ N 00 O N I I I n i n II I I m I i~ I ~ N O ~ i I t~ r ~ i ~ i C it < Ci I 1 .~ ... i I N I I I i " I `~ II II 1 H , , ( , II H-11 i ~~ i ° n 00~p I I e ~nv~-~ ~ to F.O P1N Np ~~ ~h ~ ~ ~ ~ = ( ii C c ! , vr`i e°`° o ~ ° I ° _ v' ° ~r 1 r i v oo I ~ ~ i ~; ii i ~~ ;` i ~ i N a e•4 .o oo N i 1 ~ ~' t s I `~ ii e ~ i Z ! ! i i i u C 1 u H I I ' H II ~ OC I I 1 N r e"1 e 0~ I~; of ' O O. v1 I h~ ~ O . O O n . I O I v^i ° ^'•1 n ~ ^ I n P1 t'n I p, it I i O N v n I .n I p p~ o°o ~O 'ONO i ° i ~ ~o n A _ ~p .n.r OC C oo .O °r i n I I ~ I ~ Y+ s v~ ^^ n I ~; i O~ n ao II o n I r I Ft~ ; N Q ~ aD ° 1 ^ ~O V N I H I v I - fV II O.P. II .H `~ H i < I ° P1 ... I OP I n vi v I P 1 I ~ j ,,,, ~ tl ! 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I I ~ i O I ~ II I ~ , ~ H i i I I I H i ' ' i I u q~ uL I O v oo O.~n I v1 I 0NV1Pnoe v e"; ~'+_gNOrn I N I 000 nOe~ , , nOP , r I s 1 O` I C i v ~ I 1 O~ 0 IP II 0 II I) 1 y L R i G n N O N 00 ° y~ i NP'f OONP i Q. i ~( .p p N : I N1 ;~ . ~ a i ^ N N I° I ~ ' I ~ ~~ II i> L c I ~ ~ i j i i I N i i 1 N i N II II i H I ; H II L I O 1 I a00, ry~0 P1 vP'1 I 1 nN.OnOh I ~ I .O V~Oi °88 ' ' v1 v1 OQ ' i ~ I ~ h~ ~ O ~ ' ~ II 1e I ~G Ov1 l~OD P1 N P1 .~hNO ~G ~ O I ~ P ~..II I j I Pn~O°Nn i aC i NNV1N N I A 1 n°°°en PNn Ov i P1~ I n I h ; h i Q n i ~~ p. v ~p I N ~ s II < Y i L; i 1 I I H i ; i ~ H II I i - I i e'oi n n n I n N I vn ° O ` a e%~ BOO n 8 g t i p~ I °^ t I ~ 0 0o eat vi v.v~ 1 o^o v .p ~ 11 11 o0 1 i ; I r ~ N ; e+1 ~:~ ....av00 v rip.p °e+' ~ O I i N .~ i i ° N e~ I n O ~ ~ O: , O II ' II n I ~ I ° ON i Nvr e'°i~ Q o oia i r .•, I ~ i ~ i i i N I I v I II H I i H II C ~ ~ } ° G ~ y ~ ~ ~ ~ 3 r S ~ ~ . ~ ~ ~ c ~ 2 V ~ u u , ~ > ..". - .. ~" e7 ~ ~ tj ~ ~ Q. u ~ r~ .n G O ~ LJ' ` ` C ~ •G C ~r+ ' V V L c H ~ /j ; 1 S V C 3 a C ~ a.. i~ N a' C O u ~~ KCY `~ C H to ~ a.'~ L L ~ I'~ X ~ ~~U.~~ r .~.3:J~'Gt` ~~~ ~ L~~ y C ~ ~J 9 D Y ~ ~ ~. ~ c VII-5 ' Y1 d ~ N1 N Y1 CO 00 I e~1 ' CO e+1 I I;y it IN = M N !~f Vl .~ I ~ I rx~ ~~a 1 ~ 1 ~~~ 1 ~~n ~~ I ~ ~ ~ ~ N ~ d ! 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Oval •~ I O: I O e~p v ^er ~ oc i N t I I I I I H u ' C .p Pf a I ~^ i n ~ i 1 i a1+6D O~.' tN"1 i n NOpp N .a O 1~ s -N v'~ O C r N !I I t;Pr1e h ~ePn.~ r e vfO: s ~p Or a xr~ x n 1 1S I v~nt~n vi i ~ ~ et°~+ase~~+^Q na I C aNO x "' ~ T li 1 cav.e~N~ o: ao l NsN oo ~ ono I $ ~~' rv v, `^. -`" a W y < t N i 1 I I ,i 2 N I I ~ r I en I ~ r, m m ~ I 1 v °< ~ ii pr. p i a '~ ~ O~ i p, i - N a0 O; O ~ ~ < F' I ~. as i v~ O: Cv~ 1 I ri e~i ~O I ~ I vi ~. ^_ :. ~ ~ i Z Z 1~> `w 1 I I I ~- I I~ C ~ i ~L= i ~ i I 1 I I H it L 1 I M ~ ~ ~ ~ it Z ~ I a~ a ~• I~ i v~ • I I O~ e M i r ~^ t a u ao ' ~ ~ v 8 i ~ I ae ~p oD O ~ l e II I~ ~ I eo ~~ ~$ I m I .: ~ s I C 1 en C` ~* j a ^ I ~` Z y~ 0~~. ~ ~ ~ j rODi ~i vNi i ~' i °a ~ ~ N i ev'~, i v `~ v ? 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' OP ' fnY ~ t+~ II y i i o00~0~o~ooaea ter I ~r;eoaov: o f ao CCOO~o t e~ i eta h ~ e~ CC,~,i 1 ~~~ie~n~ ~N ! e~ I oove~ie~iO i O 1 va nO O. vi I e~ t hem I pp,~ ~'+ t v it I ~ A N P v'O p ~O h eT N_ _ v r V ~O p fT O v~ en Z % i I ~Ogies v~g N.~ J oD t ..._vrr I s I N vv~v v I ~ N I .... v en II i I _ .~ .~ lV _ I N i ~ p; _ ~ t`I i N 1 :. t i ;~ ; ,,~ ~ I II ~ E I 1 I I 1 I I I I^ II 9 .i I H I I I 1 - I I ~ I H II 0 ~ ~ I ~ N P N r ~O P ~O ' _ ' v1 oe v f+ n ' !~ ' v v N ~ OD ' O v ~ v n ~ - i( NvN Nf~ v vo0ve0n N r n e~ fv Z ~ i ~ ~o _ ~o ~ ~ $ t~ .o i . i o v; v; ~r; o ! oo ; ~o ~ ~ ~ ~.i, ! r; ~ O; ! a eJ ~ rC+ I ap I v~ O~ a N v1 oe O~ O N I i N P1 O~ op O 1 a0 I N 1'+ O t~ P f~ i O~ 1_ I a ; ~G V PNp, ~pO v00 a0 P _NV1 EOr N Nn NN1 e~ v v e+1 i n y I o°D, I nv~oo$v~ehve~0 1 v'f I ~oe1s ~ I ~o I~ h~~v~ t N 1 N I N ~ h Z ~ j ~- i ^ _fV e3 i N i •o~_~ef i N i v... I I- I ^' `- I. 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N- O m c > m N S> C C C C th c C m .~ G S ~ O m C O+ Q m 3 A q ul N C ~ • ~ IC S C m d C N O: L L A C E C m 1 1 m 'In In m o v q} x ¢ m cl-rL le c m n C •• - !• m m C °- O V1 W > L - V O S > X VI m UI m VI A V IO L L L LS > O d~ V O% QI L J C W m •• L- T} ~C 7 C L L V L C' ~ C C C~ C c C Ip L i m- L .r ~• T- O c m q - Ip-^ d _ - .. ~ 7 C G L Cf A - -•L ~- Vf -~ ~- S C y r A O L ~0 A ~ m 0 7^ m m~ L 0 L c O O c - 10 A m L C m 1- `C90..S ZVOC~ d- 1"' LL m m A m m C vl G N c CD C 7 ~ m Q N p C m W OOJ U.N Cv D S U v X > > W +- W O W W W VII-27 H C m A V' A u C C m `o L a G A L c C L A N m 0 C O' C T G A EEa V m L r ~• IR 01P V10~ O~ Y1rNGNf ~(J f PCC1 171 < NCO^NP N 1 N~ q ar OM~O ~O M~ pN!'~ 0000 MAO n - r~pcnP ,.1 I .r~' O O~ •h ~O~ N f 0 f n<^ r M^ r •~ C P - ~D P- P M P r r; V 1. q Ifs r 10 CO O ~0 f V1 P ~O r M r ~O 111 h ~O < Z` P< N N< f <~ C q L NrfDrMN N ^00 1t1u100 P< CO O Oru1NP ^ N L O If1 10 r N P 1l~ : .r ^171 P N p ... ~O M O N NI 1 v M O' W = I ~~ W ~ NfPCT~DCO aD NOOMMOCO ON < e NP-NP T P O~ I d C CONMf mM- M frM~MNNP 1l~N Q P r N<rP < S P~ J1r- L OC1nulcp^ O OHO ~~OOtC-O NO f0 - Pr PMP r O rl < ~ O q ~DA1f10f ~O f ~OMMN1711OM S 10< < C~ P V1NN< M N v1~ ~ O^ r rP ~O N -r r M a' <P - tD N O - O P 171N P O f c~ F-' ~ U ~p N :r - P !0 M N K) < M O ^ P 0 0 M ~ /1 aD ~O rn 0 O 10 ~G+~ ~W < ~D ^'~ N r^N a f M N^ N Nom.. < r ~~ Q ,, 1 ~ f < .., _ M N <W q ru10f~Or O~ rlnm^.-~p~pO ^v P O OM 1 t 1 H P ~D~ ~ ~t9 } mf M^NO• A c001n <v~•-Nr ^u1 ^ N OHO 1 I I O c •O ~ W< O NaD1O+~•1f0 N r^P f ~OrO N NO O < OY1 P O O~ C ~ O ^N{ONf O O~ ~•-r~1~D O~-PPP Pr P P O••- O N 4 mM1<00~10f O~ M79~0fPeOP~- rar O O ON .- < n~ ~C ~ ~ O~'~P. 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O- N q VI - G ~ ~ N 7 N ;ZZpp N 7 C N- m ~ C O CtAW~-~~ L C Q- ~ J m X~ lD N C m N C~ L.r C q O~ q t_ m 4 m ~ O m g O C +- O O- C q- CC Qo C ~- - q O IL N~- N C X m~ O N 16 q "OY O ~- C C C C~ f~ a Z N L L pp L^ L ~^- d-.q W L O- q G U q 0 - C.>O G X N H. q 0 2~ q ~. C m O _Y ~. ~ , TQ IO ~ G m ~. ~- ~. ~. m ~ q ~ ~. H . ~. q ~ O m O H ... C U $ a O N CL4~-Lq-^ +E}N.-~-t,CN XG~ D ~O~"LL m +' C _C CO C q~ O g m+- O ~ q 7 q -. O O H O. O q O m O 4 L O~~ q - q O q .fir q ~vvaao~.N ~aao~Noc~~ Ica: ,- Ga oo ~ ~ ,. ~_ a o = G = O 2 ~d C ~ O C m q N q V C q C O t 0 ~L q 0 L. G q:. m's Q N O 'C c c q £a V q O L H VII-29 • $~ f ~m O ~Yg1rp O Nn! M1 O~hgO ~1 app ~O~.D O~GOP IP1 v'1 .n_q~- ~~ ao ~~ ea NN h n tpo a ~ ~ONa.D N1 t0 M1~1OnO_O~ CD6'NN~OM'~ /11 C ~+ C Q My ~O ~ D ~ nOmeanO~G tO rn o~P~On ~D I W m C ~ } ~ I ^ ~O t A ! - A O V ~D N O n O~ t0 N ¢7 c0 If1 O C~ t0 O~ u1 O ~O ~O N - N /~ O rn Oti - ~ ~ ~ ~ : v vO n M~~O eo r. O n n p~ . n ... ^ O. 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O L I N} 4 ^ L C C V V V OD V V ~ C a 7 t O O O O O +- O O O_ W'>t V tr O aL V X CO V C LO O O C C C ~ C O O g C C V~ A>>} V A 10 7 _ N ~ 2 > Z N C EO O N A V C C G L 0 C• c n a C > C 6 O t • VII-30 • u .~ 8~.. m 1~ LL~ O ~~a u~ ~_g d r • ~ ;, ~ ~ s~b =~ ~~ v y r N - M e II a .~ .p a ~LL1 O G iS 9 » 5 • 1 i V Y `x E~ x ~' w ~ 1R ,.. s ~ a. ~ ~~ ~~ N _ O 1 ~• ~a s _ H~ o ~ ~ ~5 r; tI r • ~ N Y 's s M ~I i r = r S u G • O • p M si IS y o r ~ C r ~ °a s • .°e °o • C N O V • •a s x- ~i • N ~ O e ". 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O. 1~. ~ 6 W YJ . VII-35 ~~ O y ~ ` a ~~~$ ubE~~ • ~~ ~~~ ~: ~~ N ~ ~r•~i~i n ~~i~ir~ ov°+n~~v°Q~ ~ og~~~ a `~i o n •~ . •~.s.i n ern ~ n •~~ ~~~~j~ n ~e.~h ~o^ .~ ~ ~~~aia ~ ~ ^ _ • a ` ~ ~ ' ~ N p aOTN ~ p O NS N P A 0 0 f0 O p Q.1T ai~O/-' N1~ N N VS N p =.. f avSri ~ ~ V /~ rQi O o ~ ~ • Y N p ~ = O b h p~ N~~ p N O N O tV O o h h ~p N ~y ~~ O p (~.~ O N j us rS ~ rs u e,•' .4 .. i~i~ ~ i~~ i~~~~i- r Nilit N s a N s ~ ~ O ~ ai ~ ~ ,a «e ,~ .. • N H • • ~ N ~ 0 0 b N b ~O pp a1 IIO ~~yy ~Y a~ ~ ~ ~ M i!~ 1- rf ~ N ° Of Of ~ • p ` ~ h e • N LL C . . Mt A d w ~ne~~ w ~~ivNi o nn~~~ ~ o ° Ngir~i~ ~ n ~ r ` a '= N~N"~ ~ t~~~"~ppS n `~nn`~i•~ A d vS p d¢ Dias ~ d uS ~~ ~ ~- N 1~ ~~i~e ~ N h ~O M N O b O 'ai e+ ~odr`o+~ O ~ t a ~ M$ ~~ ~R N ~ ~~ p ° : N~ H 0 q N 0 S O N O~ i o ~ ~n~~pp M N Vf ru ~ ee M ~ ~, d W ~ ~ vi'rS- - _1 ~ n ~ e € - ? .. - ~ ~ ~ ~ > g r - i a e a a a , a = ~ ~ _ ~ _ g• d ~~ ~ ~ '~ € € ~ ~ ~ d ~ 3~ d ~ ~ x ~' ~ g ~ 3 g ~:~ s: a a :~~~ :~ ~ 8a~:~oa a a a - ~ ~ ~ 8 g_ _ 3 ~'~~_.. ~ .. .. s eo '' '~ ~fss ~x aga~sa ~~ .. ~.. s 9 °-° d s s S S g G J S .~ ~ S ~~ P O v ~iJ e s 0 e u • • VII-36 • ~~ g~ g~ M ~_~a4~ V H a v ~~~~s w c~~~~ ~• r~ N O ~~~ m a< N ~ S ' • ~ ~ ~ ~ Si ~ O ~ eav ~ ^ n m L3 ~ ~ 8 ^ O ~ 1'~ ,: MS of V~ s d $ V ~ n~ Nb`°u~Inlwni r~Ir ! ~ •~N •p O S ~~ ` T ~ ~ r p~ I+ O~OUN O n~ n e~ n ~ fr. n N 1M ~p N8~O:OPOf Nv ~+f ~S~ vJ v v .~ C 1 n C O N N ^ ~ 1 O N O V ~i / •,r ~ ... M II I I I I a III 1 M N I o l i I I= 1 5 1 1 1 1 1 1 1 .. .. a I ~= 'o° ~ O ~ ~~ s p ~ n v ~ ~ t t~ M p ~ ~ ~ S. N p O n N O Of ~ p 1 O A M ~~ O N T~ N O~ g ^. ~ _ NSf OAN O bN ~d ~• _ (~ ~` _ uS ~^Z~ ~ ~ ,,(IN O/O ~Mio{uS nr n v~.eg ~+ d ~~ ~ ~ u~enu~one~ n (1yaSf n N n .n.~n n r u S a ~ ~ ~p~N "~ r n ~ e+o~oN ~:~~s n g .N n m m ~5Q,~~a:a~~ ~vc~~aN S~l9CJ O u + CC ~' S ~ a O 7 C d . ~ ~ o r .. • MS ~N . c l1 S 3 N. v ° ~ W M M - . Y - • a • ~ s o .. gs o ~ • 8 + ~+, e = .. A ~ ° 8 g ~ ° ~ ~, ~ s ~~ s` Ts 6 € aY~a 's : g~ yay ~ e ~ _a !!~ ~ ~ s ~ ~ ~ _ ~W a ° y ~ a .. • ~ • . .. • S.. ° . ~ ; ~ ~ ~ d '~ i i ~ • °: ~i. `o : `o = s s s OZ $ ~ a a ~ ° c o o ~ ` , e~ O~•saa ~ ~.a- a ~~9a a s~ 3ZSgb~~l._.:s>.'~ d u a as-a ;s~- ,. f ~ ~ > p• • ~• L i i e F' ~. c e V v • .L. VII-37 • (This page was left blank intentiorwlly.) 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 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: 1 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 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 % 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 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: ~~