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South Bend Redevelopment Commission <br />Regular Meeting - March 16, 2001 <br />6. NEW BUSINESS <br />a. Commission approval requested for <br />Resolution No. 1830 a resolution amending <br />Resolution No. 1823 pledging tax increment <br />finance revenues for the payment, if <br />necessary, of the principal of and interest on a <br />loan for the environmental remediation <br />revolving loan fund administered by the <br />Indiana Development Finance Authority. <br />Mr. Case explained that Resolution No. 1823 <br />was approved in January 2001 by the <br />Commission. After approval, staff was notified <br />that the Indiana Development Finance Authority <br />required that their loan have a parity test with <br />respect to any possible future issuance of <br />Redevelopment District revenue bonds payable <br />in whole or in part from tax increment revenues <br />generated in the Allocation Area. <br />Mr. Inks noted that a parity test calls for a current <br />assessed value of the TIF and that the payment <br />coming in would be at least 150% of all TIF <br />service requirements. <br />Upon a motion by Mr. Faccenda, seconded by <br />Mr. Caldwell and unanimously carried, the <br />Commission approved Resolution No. 1830 <br />amending Resolution No. 1823 pledging tax <br />increment finance revenues for the payment, if <br />necessary, of the principal of and interest on a <br />loan for the environmental remediation revolving <br />loan fund administered by the Indiana <br />Development Finance Authority. <br />-3- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1830 AMENDING RESOLUTION NO. 1823 <br />PLEDGING TAX INCREMENT FINANCE <br />REVENUES FOR THE PAYMENT, IF <br />NECESSARY, OR THE PRINCIPAL OF AND <br />INTEREST ON A LOAN FOR THE <br />ENVIRONMENTAL REMEDIATION <br />REVOLVING LOAN FUND ADMINISTERED BY <br />THE INDIANA DEVELOPMENT FINANCE <br />AUTHORITY <br />