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<br /> <br />Z <br />Z <br />0 <br />U <br />U <br />Q <br />U <br />J <br />m <br />0 <br />LL <br />~~ <br />U <br />'~ w <br />U <br />' O <br />m <br />iii <br />~i <br />ii <br />~i <br />~i <br />~i <br />1~ <br />SOUTH BEND (INDIANA) REDEVELOPMENT AUTHORITY <br />GENERAL COMMENTS <br />Analysis of Lease Payments on the Taxable 1993 Bonds and Existing Bonds and <br />Estimated Tax Increment - Pa eg B-10 (Cont'd) <br />(a) Term and Rate <br />(Cont'd) <br />The Taxable 1993 Bonds are dated July 1, 1993 and mature serially over a period of <br />approximately 19 years and one month. The Taxable 1993 Bonds are amortized based on taxable <br />interest rates resulting from the negotiated sale to the Underwriter. <br />(b) Estimated Lease Rental f r the Taxable 1993 Bonds <br />Estimated semi-annual Lease Rental payments based on $4,905,000 Taxable 1993 Bonds, are <br />shown in this schedule. <br />After the sale of the Taxable 1993 Bonds, each semi-annual Lease Rental amount is to be reduced <br />to an amount which will be equal to the principal and interest payments in each bond year, <br />rounded upward to the next $1,000, plus $2,000 for payment of fiscal agency charges, and <br />divided by two, as provided in the Lease. The Lease Rental will be payable semi-annually on <br />each January 28th and July 28th, beginning January 28, 1994. A final schedule of Lease Rental <br />payments is shown in the Addendum to Lease to be adopted following the sale of the Taxable <br />1993 Bonds. <br />(c) Lease Rental Pa,~ments for the Tax-Exempt 1991 Bonds <br />The semi-annual Lease Rental payments due on the Tax-Exempt 1991 Bonds are also shown in <br />this schedule because the Commission intends to use Tax Increment to pay the Lease Rental when <br />due on both the Taxable 1993 Bonds and the Tax-Exempt 1991 Bonds. <br />(d) Estimated Tax Increment <br />As shown in the schedule, Tax Increment is estimated to be sufficient to cover the Lease Rental <br />due on both the Taxable 1993 Bonds and the Tax-Exempt 1991 Bonds. (Refer also to the "Tax <br />Increment Revenue Estimate" Section included in the "General Comments" contained in this <br />Report.) <br />(e) Coverage <br />Estimated semi-annual Tax Increment will provide an estimated debt coverage ranging from 1.29 <br />to 2.12 for the both the Taxable 1993 Bonds and the Tax-Exempt 1991 Bonds. <br />(Continued on next page) <br />B-4 <br />