No. 2679 appropriating TIF revenues from allocation area No. 2 fund for payment of certain obligations related to SSDA allocation area No. 2 and other related matters

Home Browse Search

. District Bond Indenture), the first of which Interest Payment Date may be as early as September 1, 2008 if the District Bonds remain in a weekly reset mode; and WHEREAS, the EDC Bonds are secured by a Trust Indenture dated June 1, 2005 (the "EDC Bond Indenture ") between the Commission and The Bank of New York Trust Company, N.A., as Trustee (the "EDC Bond Trustee "), and a portion of the EDC Bond proceeds have deposited with the EDC Bond Trustee to pay the debt service charges on the EDC through the payment due February 1, 2008; and WHEREAS, under Section 4.4 of the EDC Bond Indenture, Project Tax Increment Revenues sufficient to pay the continued debt service payments on the EDC Bonds, to the extent such Project Tax Increment Revenues are available for such purpose, must be deposited with the EDC Bond Trustee by the January 15 or July 15 immediately preceding the February 1 or August 1 payment, which first deposit date and first payment shall be July 15, 2008 and August 1, 2008, respectively; and WHEREAS, the Commission desires to authorize all funds received by the Commission for Allocation Area No. 2 Fund be transferred to the Bond Principal and Interest Account; and WHEREAS, the Commission further desires that all funds on deposit in the Bond Principal and Interest Account be appropriated for the debt service payments on the Bonds and ancillary costs, in accordance with the Pledge Resolution and Indiana Code § 36- 7- 14- 39(b)(2)(A); and WHEREAS, the proposed appropriations from Allocation Area No. 2 Fund or the Bond Principal and Interest Account are not for the operating expenses of the Commission; and WHEREAS, such appropriations are subject to the provisions of Indiana Code § 6- 1.1 -18 -5; and WHEREAS, on January 15, 2010 the Commission adopted Resolution 2625 appropriating a total amount estimated not to exceed Two Million Five Hundred Thousand and 00 /100 Dollars ($2,500,000.00); and WHEREAS, on May 21, 2010 adopted Resolution 2678 setting a public hearing on an amendment to said appropriations for 10:00am on June 18, 2010 authorizing the Secretary of the Commission to duly publish notice of said hearing; and; WHEREAS, the Secretary of the Commission has caused notice of said hearing on said appropriations to be published in accordance with law; and WHEREAS, such public hearing was held at the Commission's meeting at 10:00 a.m. on June 18, 2010, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601, at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriations; and