My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
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
sbend
>
Public
>
Redevelopment Commission
>
Resolutions
>
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
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/18/2012 1:47:26 PM
Creation date
8/23/2011 12:06:13 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
11
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
(c) When the money in Allocation Fund is sufficient to pay when due all <br />IL principal and interest payments for that year and any shortfalls from previous years on <br />bonds (including principal and interest payments for that year the Bonds and the EDC <br />Bonds, and reimbursing the issuer of the Letter of Credit and the EDC Letter of Credit <br />and any alternate or replacement Letter of Credit or EDC Letter of Credit for any <br />payments of interest on or principal of the Bonds and the EDC Bonds, respectively, and <br />reimbursing the Developer for any payments made by the Developer to reimburse the <br />issuer of the Letter of Credit or the EDC Letter of Credit, and any alternate or <br />replacement Letter of Credit or EDC Letter of Credit for any payments of interest on or <br />principal of the Bonds and the EDC Bonds (including accrued interest on any Bonds and <br />EDC Bonds purchased or redeemed prior to maturity) described in subsection (b), and is <br />not needed for that year for the other purposes described in subsection (b) (including <br />without limitation the maintaining of property taxes collected in a given year in <br />Allocation Fund as a reserve to pay principal and interest on the Bonds and the EDC <br />Bonds payable in the year following such year of collection in the manner and at the <br />times specified herein), money in Allocation Fund in excess of that amount (the 'Excess <br />Funds ") shall be paid to the Controller who shall, during the time a part of the Allocation <br />Area is located in an enterprise zone created under Ind. Code § 4- 4 -6.1, deposit such <br />Excess Funds in a special fund created for the enterprise zone and used as required by <br />law; provided, however, to the extent portions of the Allocation Area are not within the <br />enterprise zone, the Excess Funds deposited into the special fund shall be reduced on a <br />pro rata basis based on the percentage of the enterprise zone contained in the Allocation <br />Area as provided in Section 39(g) of the Act. When no part of the Allocation Area is <br />IL located in an enterprise zone then the Excess Funds shall be deposited as provided in <br />subsection (d). <br />A <br />(d) Except as provided in subsection (c), before July 15 of each year, the <br />Commission shall (1) determine the amount, if any, of Excess Funds in the following <br />year; and (2) notify the Auditor of St. Joseph County of the amount, if any, of the Excess <br />Funds that the Commission has determined may be paid to the respective taxing units <br />entitled thereto, provided that the Commission may not authorize a payment to the <br />respective taxing units under this subsection if to do so would endanger the interests of <br />the holders of the bonds (including the Bonds or the EDC Bonds) described in subsection <br />(a) of this Section 2. <br />(e) The Project Tax Increment Revenues other than the Excess Funds shall be <br />irrevocably pledged for the purpose set forth in this Section 2. <br />(f) All money in each of the accounts in the Allocation Fund shall be held in <br />trust for the benefit of the holders of the Bonds and the EDC Bonds and shall be applied, <br />used and withdrawn only for the purposes authorized in this Section 2. The proceeds of <br />Allocation Fund shall be deposited with a legally qualified depository or depositories for <br />funds of the City as now provided by law and shall be segregated and kept separate and <br />apart from all other funds of the City and may be invested as permitted by law. Interest <br />earned in each account or fund established under this Resolution shall be credited thereto. <br />SBIMANI 188429v4 - 8 - <br />
The URL can be used to link to this page
Your browser does not support the video tag.