2008-01-16 Resolution 162 - Laserfiche WebLink

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i RESOLUTION NO. I ~.~ ~~ RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY AUTHORIZING THE ISSUANCE OF THE SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE REFUNDING BONDS OF 2008 (MORRIS PERFORMING ARTS CENTER) AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been created pursuant to I.C. 36-7-14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and WHEREAS, the Authority intends to issue bonds in the aggregate amount not to exceed Eight Million and 00/100 Dollars ($8,000,000.00) pursuant to I.C. 36-7-14.5-19 and I.C. 5-1-5 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 2008 (Morris Performing Arts Center Project)" (the "Bonds"), the proceeds of which are to be used to currently refund the South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1998 (Morris Performing Arts Center Project) (the "Refunded Bonds") which Refunded Bonds the Authority issued to finance the cost of: (i) acquiring, constructing, renovating and equipping the Morris Performing Arts Center which includes the Morris Civic Center and certain portions of the Palais Royale facility in South Bend, Indiana (the "Project") and (ii) the costs of issuance of the Refunded Bonds (collectively, the "Refunding"); and WHEREAS, the Authority intends to amend the currently existing lease of the Project with the Commission dated as of May 1, 1997, as amended by an Addendum to Lease between the Commission and the Authority dated as of January 15, 1998, (collectively, the "Lease"), for the purpose of reducing the lease rentals due thereunder by the Commission to the Authority, 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 between the Authority and Wells Fargo Bank, N.A., as Trustee (the "Trust Agreement") which Trust Agreement provides for, among other things, the issuance of the Bonds to pay the costs of currently refunding the Refunded Bonds and to pay the costs of issuance of the Bonds; and WHEREAS, there has been prepared and submitted to the Authority a form of Irrevocable Escrow Deposit Agreement (the "Escrow Agreement"), between the Authority and Wells Fargo Bank, N.A., as Escrow Trustee (the "Escrow Trustee"), which Escrow Agreement provides for, among other things, the deposit of a portion of the proceeds of the Bonds with the Escrow Trustee in an amount, plus investment earnings thereon, that will be sufficient to pay all . principal of and interest on the Refunded Bonds; and BDDBOI 5089147v2