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No. 1834 establishing certain funds/accounts in connection with lease dated 11/1/93, as amended, between SBRC and SBRA for the Century Center project
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No. 1834 establishing certain funds/accounts in connection with lease dated 11/1/93, as amended, between SBRC and SBRA for the Century Center project
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WHEREAS, the Commission, by Resolution No. 1258 adopted at a meeting on May <br />20, 1994, established certain funds and accounts for the payment of the rentals owed by the <br />Commission pursuant to said Lease (the "Pledge Resolution "); <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment <br />Commission as follows: <br />Section 1. The Commission hereby covenants and agrees to keep and maintain <br />those funds and accounts created by the Pledge Resolution, such funds and accounts consisting of <br />a Century Center Project Principal and Interest Account (the "Century Center Principal and Interest <br />Account ") and such other accounts as the Commission may from time to time establish to pay the <br />rentals owed by the Commission pursuant to the Lease as the same may be amended. <br />Section 2. The Commission hereby acknowledges and restates its obligation <br />pursuant to the Pledge Resolution to levy in each calendar year a special tax upon all of the taxable <br />property in the City of South Bend Redevelopment District in a total amount sufficient, together with <br />all other funds in the Century Center Project Principal and Interest Account deposited into such <br />account from any other sources (other than such special taxes) during the previous twelve (12) <br />calendar months prior to August 1 of such calendar year, to pay all lease rental payments payable in <br />the twelve (12) month period beginning on July 1 of the following calendar year. Such taxes shall <br />be deposited in the Century Center Project Principal and Interest Account and such taxes and any <br />other funds in the Century Center Project Principal and Interest Account shall be irrevocably pledged <br />for the purposes set forth in this Resolution. In determining the amount of the special tax required <br />to pay such lease rental payments as described herein, the Commission may also take into account <br />and may correspondingly offset the amount of such special tax by the amount of the funds on deposit <br />-2- <br />::ODMAVv H0DMA\SBIIvIAN1;90919;1 <br />
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