No. 1614 supplemental appropriation resolution of the COSBRC (SBCDA)

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ti L-1 RESOLUTION NO. 1614 SUPPLEMENTAL APPROPRIATION RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION (SOUTH BEND CENTRAL DEVELOPMENT AREA) WHEREAS, the South Bend Redevelopment Commission (the "Commission "), has heretofore on June 19, 1998, adopted Resolution No. 1611, the provisions of which Resolution are hereby included herein by this reference thereto, determining to make lease payments for local public improvements that are in or serving the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) (the "Allocation Area "), to pay expenses incurred by the Commission for local public improvements that are in or serving the Allocation Area, and to redeem a portion of the bonds associated with the South Bend Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994 with property tax proceeds that have been paid into the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") pursuant to IC 36- 7- 14- 39(b)(2)(F) and with funds received from the State of Indiana's Build Indiana Fund; and WHEREAS, the amount of funds in the Allocation Fund proposed to be expended for said expenses incurred by the Commission is Three Million Dollars ($3,000,000.00); and WHEREAS, the Commission did not include said funds in any regular budget for the year 1998; and WHEREAS, there are insufficient funds available or provided for in the existing budget and tax levy which may be applied to such expenses and the expenditure of such amount from the Allocation Fund has been authorized by the Commission to procure the necessary funds and an extraordinary emergency and necessity exists for the making of the additional appropriation set out herein; and WHEREAS, the Secretary of the Commission has caused notice of a hearing on said appropriation to be published as required by law; and Coll WHEREAS, such public hearing was held on July 2, 1998, at 10:00 a. m., E.S.T., at 1200 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601, on said appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriation. NOW, THEREFORE, BE IT RESOLVED by the Commission that: 1. Funds from the Allocation Fund in the amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00) be, and they are hereby, appropriated by the Commission for the purpose of providing funds to make lease rental payments and to pay expenses incurred by the Commission for local public improvements that are in or serving the AllocationArea as more fully described in Exhibit "A" hereto. 2. Funds from the Allocation Fund in the amount of $500,000 be, and they are hereby, appropriated by the Commission for redemption of bonds associated with the South Bend Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994. 3. Such appropriation shall be in addition to all appropriations provided for in the existing co budget and levy and shall continue in effect until the completion of the activities described in Section 1 above. Any surplus of such proceeds shall be credited to the proper fund as provided by law. 4. The President and Secretary of the Commission be and they are hereby authorized and directed to certify a copy of this Resolution together with such other proceedings and actions as may be necessary to the St. Joseph County Auditor for certification to the Indiana State Board of