No. 1544 regarding use of excess funds in the redevelopment district (stadium) fund (fund 311) and authorizing the closing of the same

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RESOLUTION NO. 1544 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION REGARDING USE OF EXCESS FONDS IN THE REDEVELOPMENT DISTRICT (STADIUM) FOND (FUND 311) AND AUTHORIZING THE CLOSING OF THE SAME WHEREAS, the South Bend Redevelopment Authority previously issued its South Bend Redevelopment Authority Taxable Lease Rental Revenue Bond (Coveleski Stadium Refunding) (Bonds), the proceeds of which were used for property acquisition and public improvements in the South Bend Central Development Area (SBDCA); and WHEREAS, the South Bend Redevelopment Commission (Commission) levied a tax for the repayment of the Bonds; and WHEREAS, the Bonds have been paid in full; and WHEREAS, a surplus of approximately $45,817.57 exists on account in Fund 311 (Funds) from taxes levied to make principal and IL interest payment on such Bonds; and WHEREAS, the Commission deems it advisable to use said excess funds to reduce the tax levy to make principal and interest payments on bonds of the South Bend Redevelopment Commission issued for purposes similar to those for which the Bonds were issued. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION as follows: 1. That the South Bend Redevelopment Commission hereby approves the use of said excess funds to reduce the tax levy to make principal and interest payments on bonds of the South Bend Redevelopment Commission issued for purposes similar to those for which the Bonds were issued. 2. That the South Bend Redevelopment Commission hereby authorizes the closing of Fund 311 and directs that all deposits therein be transferred to Fund 310 for use as stated herein. CW Adopted at the regularly scheduled meeting of the South Bend Redevelopment Commission held October 3, 1997, 1308 County -City Building 46601. SOUTH BEND M /ME /N C MMISSION Robert W. Hunt, President ATTEST: Paula N. Auburn, Secretary