My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
No. 1965 authorizing the issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district
sbend
>
Public
>
Redevelopment Commission
>
Resolutions
>
No. 1965 authorizing the issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/18/2012 1:57:10 PM
Creation date
8/18/2011 1:12:33 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
27
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
in the Tax Increment to be received in any future year shall be assumed which <br />results from projected inflation in property values. <br />The Commission shall approve and confirm the findings and estimates set forth in the <br />above - described certificate in any supplemental resolution authorizing the issuance of the <br />Parity Bonds. <br />(b) Except as otherwise provided in this Section, so long as any of the <br />Bonds are outstanding, no additional bonds or other obligations pledging any portion of <br />the Tax Increment shall be authorized, executed or issued by the City acting for and on <br />behalf of the Redevelopment District except such as shall be made subordinate and junior <br />in all respects to the Bonds, unless all of the Bonds are redeemed and retired <br />coincidentally with the delivery of such additional bonds or other obligations, or, as <br />provided in Section 15, funds sufficient to effect such redemption are available and set <br />aside for that purpose at the time of issuance of such additional bonds. <br />follows: <br />SECTION 6. Proceeds received from the sale of the Bonds shall be deposited as <br />(a) All accrued interest received at the time of the delivery of the <br />bonds plus such additional amount, if any, as the Commission shall determine with the <br />advice of its financial advisor to be used for capitalized interest shall be placed in the <br />IL Bond Principal and Interest Account; and <br />(b) For the Bonds, an amount equal to the Debt Service Reserve <br />Requirement shall be placed in the Reserve Account unless the Commission determines <br />to (i) fund the Debt Service Reserve Requirement over a five (5) year period or (ii) satisfy <br />the Debt Service Requirement with a surety bond or other credit facility as provided by <br />Section 4(b) hereof; and <br />(c) The remaining proceeds from the sale of the Bonds shall be <br />deposited in a special fund to be designated as the "South Bend Redevelopment District <br />Allocation Area Capital Fund" (the "Capital Fund "). <br />SECTION 7. Proceeds of the Capital Fund shall be deposited with a legally <br />qualified depository or depositories for funds of the City as now provided by law and shall be <br />segregated and kept separate and apart from all other funds of the City and may be invested as <br />permitted by law. The proceeds in the Capital Fund shall be expended only for the purpose of <br />paying the cost of redevelopment and economic development in the Area, together with a sum <br />sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the <br />redevelopment and economic development of the Area, including the total cost of all reasonable <br />and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount <br />and supervisory expenses, and expenses the Commission may be required, together with the <br />expenses in connection with or on account of the issuance of the Bonds. Any balance or <br />balances remaining in the Capital Fund after the completion of redevelopment and economic <br />development in the Area which are not required to meet unpaid obligations incurred in <br />SBIMANI 145795v2 _19- <br />
The URL can be used to link to this page
Your browser does not support the video tag.