04-12-10 Council Agenda & Packet

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® DANCE Na AN [)I~I?IN.4NCE ®F 'I")ll~ C®1VI1Vi®N ~®~TNCII, ®k" TI~~ CITTY C'-~' S®C1T)II BEND, II~I~IAN~s ES'T~BI,ISI-IIN~ 1~ NE~V F~J1~I3 (~#43~),''I-Ill~ N®~LT`I-~EA~T I~EIG~IBQItI`I~~>~ It~SII~~NTIAI. TIF` FUND ~TAT~1N~ Ql~ I'U)ltl~®SE ANT? INT'II;NT 'T'his Council approved on .Iuly 20, 2007 the Northeast Neighborhood Residential Tax IncrenYent Financing (TIF) District to, among other things, provide debt service financing far the City of South Bend`s obligations relating to Eddy Street Commons. It is now necessary to establish a separate Fund within the City as the repository of this new residential TIF district revenue to pay the bond obligations due in February and August of 2011 and in subsequent years thereafter per the terms of the City's financing obligation, with any excess funds to be used for those purposes permitted by Ind. Code § 36-7-1~# et sea• N®W, THEREFORE, BE IT ®RDAINEI3 BY TIIE COIVIMON COUNCIL OE TIIE CITY OF SOIJT)rI BEND, INDIANA as follows: SECTION I. The l~d~r°~.l~e~st 1lTeighksnrlh®®eI Residential TIE Find (#436) is established within the City of South Bend to receive and disburse Tax Increment Finance (TIF} revenues fc~r debt service financing of South Bend's bond obligations relating to Eddy Street Conrrrions, with any excess funds to be used fQr appropriate expenditures permitted by Ind. Code § 36-7-I4 et seq. SECTION II. Any disbursements from this Fund (#436) ether than for debt service shall be subject to approval of this Council. SECTION III. This Fund shall be subject to any limitations and restrictions imposed by Ind. Code § 3ti-~-I4 and any and all other applicable laws. SECTION ICI, The monies deposited in this Fund shall remain in the Fund and shall not revert to the General Fund. SEt~TION ~. This f3rdinance shall be in full ford and effect. from and after its passage by CI1e Comrrn~n Cou~acil, and approval by the I~Iayor. Ivlember of the Carnznon Counil Attest: ~ t~~,,, ~Q.: ~.~>:~: ~ a' _ ,,~~. ~ ., r v .. .