No. 1971 establishing its intent to reimburse certain preliminary expenditures related to property acquisition to accommodate power line relocation from the prodeeds of bonds

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RESOLUTION NO. 1971 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PRELIMINARY EXPENDITURES RELATED TO PROPERTY ACQUISITION TO ACCOMMODATE POWER LINE RELOCATION 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 ") which may include sales tax increment revenues to pay for the expenses related to the acquisition of property to accommodate the relocation of a power line owned by American Electric Power (the "Project "); and WHEREAS, certain preliminary costs associated with the Project have been or will Lo� - be incurred by or on behalf of the Commission prior to the issuance of the Bonds; and 14 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 to pay for the Project will not exceed an aggregate principal amount of One Hundred Twelve Thousand Five Hundred and 00 /100 Dollars ($112,500.00); and WHEREAS, the 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; SBIMANI 149230v1 -1-