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No. 1898 preliminary bond authorizing the issuance of bonds of the SB Redevelopment District for purpose of raising money for Redevelopment/Economic Development in the SEDA
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No. 1898 preliminary bond authorizing the issuance of bonds of the SB Redevelopment District for purpose of raising money for Redevelopment/Economic Development in the SEDA
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payment. The Bonds may be subject to redemption prior to maturity in whole or in part in <br />accordance with the terms set out in the Final Bond Resolution. <br />2. The Commission hereby determines that the Project does not constitute a <br />"controlled project" as such term is defined by I.C. 6- 1.1- 20 -1.1 because the Commission <br />reasonably expects to pay the principal of and interest on the Bonds from funds other than <br />property taxes that are exempt from the levy limitations of I.C. 6 -1.1 -18.5, such other funds <br />being the Tax Increment and other revenues made available to the Commission for such purpose. <br />The Special Tax would be used only in the event the Tax Increment and such other revenues are <br />insufficient for such purpose. <br />3. The President and Secretary of the Commission shall certify a copy of this <br />Resolution to the Controller of the City. <br />4. The Secretary of the Commission is hereby directed as required by law to <br />cause (i) to be posted and published the notice of the decision of the Commission to issue bonds <br />in excess of Five Thousand and 00 /100 Dollars ($5,000.00) and (ii) to be published the notice of <br />hearing on the appropriation of the Bond proceeds. <br />This Resolution shall be in full force and effect after its adoption by the <br />Commission. <br />ADOPTED at a meeting of the South Bend Redevelopment Commission held on <br />the 19`" day of July, 2002, at 1308 County -City Building, 227 West Jefferson Boulevard, South <br />Bend, Indiana 46601. <br />l <br />SBIMAN I \128675_2.DOC <br />SOUTH BEND REDEVELOPMENT <br />COMMISSION <br />President <br />-3- <br />
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