No. 1874 establishing its intent to reimburse certain preliminary costs from the proceeds of bonds

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RESOLUTION NO. 0 % RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PRELIMINARY COSTS FROM THE PROCEEDS OF BONDS WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the governing body of the South Bend Redevelopment District (the "District "); WHEREAS, the Commission has determined that it may be necessary to issue revenue bonds of the District (the 'Bonds ") for the purpose of financing all or any portion of the expenses of the redevelopment of the Sample -Ewing Development Area (the "Area "), including property acquisition and environmental remediation (the "Project "); and WHEREAS, certain preliminary costs associated with the Project have been or will be incurred by or on behalf of the Commission prior to the issuance of the Bonds; and WHEREAS, the Commission reasonably expects to reimburse such costs of the Project with proceeds of the Bonds when and if issued; and WHEREAS, the Commission expects that any Bonds that may be issued will not exceed an aggregate principal amount of Six Million and 00 /100 Dollars ($6,000,000.00); and WHEREAS, Commission desires to declare its official intent, pursuant to I.C. 5- 1- 14 -6(b) and §1.150-2 of the Treasury Regulations promulgated by the Internal Revenue Service (the "Treasury Regulations "), that said preliminary costs be reimbursed from the proceeds of the Bonds when and if issued; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby declares its official intent, pursuant to I.C. 5- 1- 14 -6(b) and §1.150-2 of the Treasury Regulations, that costs incurred by or on behalf of the Commission in financing the Project be reimbursed from the proceeds of the Bonds when and if issued.