No. 1627 amending resolution No. 1258 establishing certain funds/accounts with connection with lease dated 11/1/93 between the SBRC and SBRA relating to Century Center project/related matters

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WHEREAS, the President and Secretary of the Commission executed and attested, respectively, the Lease, and Notice of Execution and Approval of the Lease was published on Friday, December 3, 1993, in accordance with IC 36 -7 -14 -25.2; and WHEREAS, no petition objecting to the execution of the Lease was filed with the County Auditor within the time period provided by law; WHEREAS, the Commission adopted Resolution Number 1258 entitled "Resolution of the South Bend Redevelopment Commission Establishing Certain Funds and Accounts in Connection with the Lease Dated as of November 1, 1993, Between the South Bend Redevelopment Commission and the South Bend Redevelopment Authority Relating to the Century Center Project and Other Related Matters" ( "Resolution Number 1258 ") to establish certain funds and accounts for the payment of the rentals owed by the Commission pursuant to said Lease; and WHEREAS, the Commission now desires to amend Resolution Number 1258; and NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Commission as follows: Section 1. Section 2 of Resolution Number 1258 is hereby amended to read as follows: The Commission shall levy in each calendar year beginning in the year prior to the first calendar year in which the Commission is required to pay lease rentals pursuant to the Lease, a special tax upon all of the taxable property in the City of South Bend Redevelopment District in a total amount sufficient, together with all other funds in the Century Center Project Principal and Interest Account deposited into such account from any other sources (other than such special taxes) during the previous 12 calendar months prior to August 1 of such calendar year, to pay all lease rental payments payable in the 12 -month period beginning on July 1 of the following calendar year pursuant to Section 4 of the Lease. In determining the amount of the special tax required to pay such lease rental payments as described herein, the Commission may also take into account and may correspondingly offset the amount of such special tax by the amount of the funds on deposit in the Reserve Fund and the Operation and Reserve Fund established pursuant to the Trust Agreement between the Authority and Norwest ::0DMA\PCD0CS\SBD0CSI \18911 \1 -2-