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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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(2) The Commission shall transmit to the Board a transcript of the proceedings <br />with respect to the issuance of the bonds or the execution and delivery of a lease <br />agreement as contemplated by this section. The transcript must include a debt <br />service or lease rental schedule setting forth all payments required in connection with <br />the bonds or the lease rentals. <br />D. On January 15 of each year, the Commission shall remit to the treasurer of state the <br />money disbursed from the Fund that is credited to the net increment account that exceeds the amount <br />needed to pay debt service or lease rentals and to establish and maintain a debt service reserve under <br />Ind. Code § 6 -7 -26 in the prior year and before May 31 of that year. Amounts remitted under this <br />subsection shall be deposited by the auditor of state as other gross retail and use taxes are deposited. <br />E. The Commission shall not support property tax abatement to the taxpayers within the <br />District, excepting however, the Board may approve a resolution pursuant to Ind. Code § 36- 7 -26 -16 <br />in the District in which real property tax abatement not to exceed three (3) years has been granted. <br />F. To the extent prescribed by the Board, and subject to the terms and conditions <br />established by the Board, any money credited to the credit account may be used by the Commission, <br />and, if desired by the Board, irrevocably pledged by the Board, to further secure bonds or a lease <br />agreement issued or entered into under this chapter. Further security includes, the following: <br />(1) Holding money in the credit account and pledging sums to payment of debt <br />service on bonds issued under or lease rentals payable under this chapter, or <br />maintenance of debt service reserves; <br />(2) Transferring money from the credit account to the net increment account or, <br />if desired by the Board, to the Commission to enable the Commission to <br />finance local public improvements; and <br />(3) Payment of bond insurance premiums or other credit enhancement fees and <br />expenses. <br />BE IT FURTHER RESOLVED that the Secretary is directed to submit certified copies of <br />this Resolution to the State Board of Finance for its approval together with: <br />(1) Maps and plats showing the boundaries of the proposed district; <br />(2) A complete list of street names and the range of street numbers of each <br />street situated in the proposed district; <br />(3) A plan for the redevelopment and economic development of the proposed <br />district including a description of the local public improvements necessary <br />or appropriate for the redevelopment or economic development of the <br />C, -7- <br />
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