6B(2)&(3) Resolution No. 2806 - Laserfiche WebLink

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WHEREAS, such public hearing was held on November 19, 2010, at 10:00 a.m. (local time) in the City- County Building located at 227 West Jefferson Boulevard, South Bend, Indiana, Room 1308, concerning said appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriation; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The proceeds derived from the sale of the bonds heretofore authorized to be issued and all investment earnings thereon in the approximate amount of $20,000 shall be, and are, hereby appropriated by the Commission for the purpose of providing funds to be applied to the cost of the redevelopment and economic development in the Area, including without limitation the Project, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic development in the Area, including all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the bonds to the extent that the Commission determines that a reserve is reasonably required, together with expenses in connection with the completion of the Project and the issuance of bonds not provided for in the existing budget and tax levy. 2. Such appropriation shall be in addition to all appropriations provided for in the existing budget and levy and shall continue in effect until the completion of the activities described in Paragraph No. 1 above. Any surplus of such proceeds (including investment earnings thereon) shall be credited to the proper fund as provided by law. 3. The President and Secretary of the Commission shall be, and hereby are, authorized and directed to certify a copy of this Resolution together with such other proceedings and actions as may be necessary to the Department of Local Government Finance. 4. This Resolution shall be in full force and effect after its adoption by the Commission. -2- BDDB01 6409698v2