No. 2074 authorizing the issuance of COSB redevelopment district adjustable rate demand tax increment revenue bonds (series 2004)(Erskine Commons Project) and other related matters

Home Browse Search

(j) pay expenses incurred by the Commission for local public improvements that are in the Allocation Area or serving the Allocation Area. Public improvements include buildings, parking facilities, and other items described in Section 25.1(a) of the Act; or (k) reimburse public and private entities for expenses incurred in training employees of industrial facilities that qualify under the Act; provided however, that if further uses of property tax proceeds allocated to the Allocation Fund are authorized or permitted by amendment to the Act, including Indiana Code 36- 7- 14 -39, those uses shall also be authorized or permitted for property tax proceeds allocated to the Allocation Fund; and WHEREAS, the Act authorizes the issuance of the bonds of the Redevelopment District payable solely from allocated tax proceeds; and WHEREAS, the Commission finds that, in order to procure funds for the payment of the cost of the Improvements in the Allocation Area, it will be necessary and in the best interest of the Redevelopment District and the property and inhabitants thereof to issue bonds of the District ( "the Bonds ") payable solely from taxes on real property located in the Allocation Area and from proceeds from the sale or leasing of property in the Allocation Area, under Ind. Code § 36- 7 -14 -22 deposited in the Allocation Fund, as required by Indiana Code 36- 7 -14 -26 as a result of the Project (collectively, the "Project Tax Increment Revenues "); and IL WHEREAS, the Commission did, on July 16, 2004, adopt a resolution authorizing the issuance of the bonds of the District in an amount not to exceed $2,800,000.00 plus investment earnings in accordance with the terms to be set out in the Final Bond Resolution of the Commission which amount does not exceed the cost of the redevelopment and economic development in the Allocation Area, including the Improvements, together with a sum sufficient to pay the estimated cost of all expenses reasonable incurred in connection with the acquisition, redevelopment and economic development of the Allocation Area, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt reserve for the bonds to the extent the Commission determines that a reserve is reasonably required, together with the expenses in connection with or on account of the issuance of bonds therefor; and WHEREAS, the Commission now desires to proceed with the issuance of the Bonds and to adopt this final bond resolution setting forth the terms of said Bonds, in accordance with the Act; and WHEREAS, the Commission desires to issue the Bonds pursuant to a trust indenture and consequently desires to appoint Bank of New York Trust Company, N.A., and its successor and assigns, as trustee of the Bonds (the "Trustee "), and there has been prepared and submitted to the Commission a form of Trust Indenture (the "Trust Indenture ") between the Commission and the Trustee, along with a form of City of South Bend, Indiana, Redevelopment District Adjustable Rate Demand Tax Increment Revenue Bonds, Series 2004 (Erskine SBMANI 188429v4 - 3 -