Laserfiche WebLink
WHEREAS, the Improvements constitute "local public improvements" as such term <br />is defined in the Act; and <br />WHEREAS, the Commission desires to adopt this resolution pledging "available tax <br />increment revenues" which may be generated from within the Area to repay the Loan in the event <br />that Bosch does not make such repayment, with "available tax increment revenues" having such <br />meaning as set forth herein; <br />NOW, THEREFORE, BE IT RESOLVED by the RedevelopmentCommissionofthe <br />City of South Bend, Indiana, as follows: <br />1. In order to satisfy IDFA's requirement that the City provide additional <br />assurance that it has funds available to repay the Loan in the unlikely event that Bosch does not <br />make repayments as provided in the Agreement, the Commission hereby pledges available tax <br />increment revenues generated from within the Area to such repayment if necessary. "Available tax <br />increment revenues," as used herein, shall mean those tax increment revenues remaining and <br />available for use by the Commission on an annual basis after sufficient tax increment revenues have <br />been set aside or otherwise reserved to pay those lease rentals due in any such year to the South Bend <br />Redevelopment Authority (the "Authority ") pursuant to certain leases between the Commission and <br />the Authority which serve as the security upon which the Authority has issued its lease rental <br />revenue bonds to provide funds for local public improvements in the Area. <br />2. The President and the Secretary are hereby authorized to execute such <br />documents as may be necessary to evidence such pledge of available tax increment revenues. The <br />Mayor is authorized to execute and the Clerk of the City is authorized to attest, if necessary, such <br />documents as may be necessary to evidence such pledge. <br />3. This Resolution shall be in full force and effect after its adoption by the <br />Commission and shall not be repealed or amended in any manner which would serve to adversely <br />affect the pledge of the available tax increment revenues contained herein with respect to the Loan. <br />C:\ WINDOWS \TEMP \GWViewer\ #99998 —I.WPD — 2 — <br />