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03-08-10 Council Agenda & Packet
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03-08-10 Council Agenda & Packet
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RESOLUTION NO. <br />WHEREAS, the American Recovery and Reinvestment Act of 2009 (Pub. L. loo. 111 -5) <br />(the "ARRA ") modifies the Internal Revenue Code of 1986, as amended (the "Code' ") to <br />authorize. among others, two new types of bonds entitled "recovery zone economic development <br />bonds" and "recovery zone facility bonds;" and <br />WHEREAS, "recovery zone economic development bonds" are a subcategory of taxable <br />build America bonds (as defined in section 54AA(d) of the Code), issued under provisions of <br />ARRA that have been codified as Section 140OU -2 of the Code, the proceeds of which are to be <br />used for qualified economic development purposes in a recovery zone; and <br />WHEREAS, qualified economic development purposes include expenditures for the <br />purpose of promoting development or other economic activity in a recovery zone, including <br />capital expenditures for property located in the zone or expenditures for public infrastructure and <br />construction of public facilities in the zone; and <br />WHEREAS, the ARRA also authorizes a new type of federally tax exempt private <br />activity bonds entitled "recovery zone facility bonds" in Sections 140OU -1 and 140OU -3 of the <br />Code to finance construction, renovation, or acquisition of depreciable property by a private <br />taxpayer of a qualified business in a recovery zone, with "qualified business" defined to include <br />any trade or business other than residential rental property and certain prohibited uses outlined in <br />the Code; and <br />WHEREAS, Sections 1440U -1 through 140OU -3 of the Code and related Notice 2009 -50 <br />issued by the U.S. Treasury Department (collectively, the "Recovery ;Zone Act") define a <br />recovery zone as any area designated by the City of South Bend, Indiana (the "City ") as an area <br />having significant poverty, unemployment, rate of home foreclosure, or general distress; and <br />WHEREAS, the City has determined that it is in the best interest of the City and its <br />citizens to designate the entire area within the boundaries of the City as a "recovery zone" for <br />purposes of the Recovery Zone Act; <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Beard, Indiana as follows: <br />I . The City hereby finds, detennines and designates that the entire area within the <br />boundaries of the City is an area having significant unemployment, rate of home foreclosures or <br />general distress, and therefore hereby designates the City as a recovery zone for purposes of the <br />Recovery Zone Act. <br />
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