HomeMy WebLinkAboutagenda item 2016 0106 rdc 04bDepartment of
Community Investment
Memorandum
January 06, 2016
TO:
FROM:
SUBJECT:
South Bend Redevelopment Authority
David Relos, Economic Resources ~'
Certificate of Authorized Signer & Request to Release
1988 and 1992 Refunding Wayne Street Bonds
In 1988 the Redevelopment Authority issued bonds for the construction of the parking garage
at St. Joseph and Wayne streets. In 1992 these bonds were refunded and reissued. At these
times, the bond's bank recorded a Trust Agreement for each -issuance and in 1992 recorded
an Irrevocable Escrow Deposit Agreement.
These bonds were paid off years ago, but the three Agreements recorded were not released.
To clear these items, Well's Fargo, the subsequent owner of the issuing banks, has requested
the Authority authorize a member to sign a letter requesting release of these old Agreements.
The Certificate of Authorized Signers will name and authorize a member of the Authority to
sign the letter, requesting release of the two Trust and one Escrow Agreements. Both
documents have been pre-approved by Well's Fargo as being acceptable to release these
items.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTH BEN DIN.GOV
ITEM: 4.B.
Certificate of Authorized Signers
South Bend Redevelopment Authority
Lease Rental Revenue Bonds of 1988
(Parking Facility Project)
and
Lease Rental Revenue Refunding Bonds of 1992
The undersigned, , of South Bend Redevelopment
Authority hereby certifies that the following named officers or individuals are duly appointed,
qualified and acting in the capacity set forth opposite his/her name, and the following signature is
the true and genuine signature of said officer or individual.
Name Title Signature
Such officers or individuals of South Bend Redevelopment Authority are hereby authorized to
furnish Wells Fargo with directions relating to any matter concerning the above referenced bonds.
IN WITNESS WHEREOF, has caused this Certificate of Authorized
Signers to be executed by its officer duly authorized this day of , 2015.
South Bend Redevelopment Authority
Title: ______________ _
227 w. JEFFERSON BLVD., SUITE 1400 S.
Sourn BEND, INDIANA 46601-1830
PHONE 574/ 235-9337
FAX 574/235-9021
CrTY OF SouTH BEND PETE BuTTIGIEG, MAYOR
REDEVELOPMENT AUTHORITY
January 06, 2016
Dear Wells Fargo Bank,
The South Bend Redevelopment Authority (the "Authority") hereby requests that Wells Fargo
Bank ("Wells Fargo") release the following documents recorded in the Office of the Recorder of
St. Joseph County, Indiana: (a) Trust Agreement between South Bend Redevelopment
Authority and First Interstate Bank of Northern Indiana, N.A. dated June 1, 1988, and recorded
on August 8, 1988, as Document No. 8821029 (the "1988 Trust Agreement"), (b) Trust
Agreement between South Bend Redevelopment Authority and Norwest Bank Indiana, N.A.
dated May 1, 1992, and recorded on July 22, 1992, as Document No. 9226358 (the "1992 Trust
Agreement"), and (c) Irrevocable Escrow Deposit Agreement between the South Bend
Redevelopment Authority and Norwest Bank Indiana, N.A. dated June 1, 1992, and recorded on
July 22, 1992, as Document No. 9226359 (the "1992 Escrow Agreement") (collectively, the
"Bond Agreements").
Each of the Bond Agreements relates to bond financing for the construction of a parking garage
facility (the "Wayne Street Garage") located in the City of South Bend, Indiana. In 1988, the
Authority issued its Lease Rental Revenue Bonds in the amount of Four Million Five Hundred
Seventy-Five Thousand Dollars ($4,575,000) (the "1988 Bonds") for the construction of the
Wayne Street Garage, and First Interstate Bank of Northern Indiana, N.A. served as the trustee
for said 1988 Bonds under the 1988 Trust Agreement. In 1 ~92, the Authority issued its Lease
Rental Revenue Bonds in the amount of Four Million Ninety-Five Thousand Dollars
($4,095,000) (the "1992 Bonds") to pay the cost of refunding the 1988 Bonds, and Norwest
Bank Indiana, N.A. served as the trustee for said 1992 Bonds under the 1992 Trust Agreement
·and as the escrow trustee under the 1992 Escrow Agreement. Wells Fargo is the successor of
Norwest Bank Indiana, N.A.
The Authority has paid in full and retired the 1988 Bonds and the 1992 Bonds, and, therefore,
requests that Wells Fargo execute and deliver to the Authority the enclosed releases of the
Bond Agreements. Also enclosed is an original Certificate of Authorized Signers completed by
the members of the Authority. Thank you for your attention to this request.
Signature: ________________ _
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