No. 1611 determining to pay certain expenses incurred for local public improvements in or serving the SBCAA (No. 1A) from the SBCAA (No. 1A) special fund

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N RESOLUTION NO. 1611 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO PAY CERTAIN EXPENSES INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR SERVING THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) FROM THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) SPECIAL FUND WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the City of South Bend Department of Redevelopment ( "Department "), on May 10, 1985, adopted Resolution No. 737 declaring the South Bend Central Development Area to be a blighted area within the meaning of IC 36 -7 -14 (the "Act "); and WHEREAS, Resolution No. 737 and the South Bend Central Development Area Development Plan were confirmed by Resolution No. 739 adopted on June 14, 1985; and IF 1 WHEREAS, Resolution No. 737 has been amended from time to time pursuant to the provisions of the Act; and WHEREAS, Resolution No. 737 created the South Bend Central Allocation Area (South Bend Allocation Area No. IA) and the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund ( "Allocation Fund ") for purposes of paying into such fund property tax proceeds in excess of those described in Section 39(b)(1) of the Act for the purposes as described in Section 39(b)(2) of the Act; and WHEREAS, the Commission desires to make lease payments for local public improvements that are in or serving the Allocation Area with property tax proceeds deposited in the Allocation Fund pursuant to the Act; and WHEREAS, such payments are authorized pursuant to Section 39(b)(2)(F) of the Act and are subject to the provisions of IC 6- 1.1 -18 -5; and WHEREAS, the Commission also desires to pay expenses incurred by it for local public improvements that are in or serving the Allocation Area with property tax proceeds deposited it in the Allocation Fund pursuant to the Act; and WHEREAS, such payments are authorized pursuant to Section 39(b)(2)(J) of the Act and are subject to the provisions of IC 6- 1.1 -18 -5; and WHEREAS, the City of South Bend applied for funds from the Build Indiana Fund in order to redeem bonds associated with the South Bend Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994; and WHEREAS, the State of Indiana awarded the City of South Bend $500,000 from the Build Indiana Fund in order to redeem bonds; and WHEREAS, upon receipt of the Build Indiana funds, the funds will be deposited into the Allocation Fund: and WHEREAS, the Commission intends to use the Build Indiana funds to redeem a portion of the bonds associated with the South Bend Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994: and WHEREAS, the Commission desires to approve said payments from the Allocation Fund in the total amount as described on Exhibit "A "; and WHEREAS, the Commission has determined that such expenditure will not endanger the interests of the holders of any obligations heretofore issued or incurred by the Commission and payable from the Allocation Fund; and