No. 1492 amending resolution No. 1422 which authorized issuance and sale of special taxing district refunding bonds of the SB redevelopment district for purpose of advance refunding the COSB district bonds of 1990

Home Browse Search

WHEREAS, the aforementioned Resolutions were adopted by the Commission after the Plan Commission adopted Resolution No. 93 on May 19, 1987, and Resolution No. 94 on September 15, 1987, respectively; and WHEREAS, the aforementioned Resolutions were adopted by the Commission after the Common Council adopted its Resolution No. 1511 -87 on May 26, 1987, and Resolution No. 1536 -87 on September 28, 1987; respectively; and WHEREAS, the Commission adopted Resolution No. 925 on April 6, 1990, authorizing the issuance of bonds of the District (the "Prior Bonds Resolution ") and on June 5, 1990, the City issued negotiable bonds of the District in the name of the City, for and on behalf of the District, in an aggregate principal amount of Four Million Nine Hundred Thousand and 00 /100 Dollars ($4,900,000.00) (the "Prior Bonds ") for the purpose of financing the cost of property acquisition and redevelopment in the Area and the cost of all expenses incurred in connection with the acquisition and redevelopment of the Area together with the expenses in connection with the issuance of the Prior Bonds therefor; and WHEREAS, the Commission previously determined to provide for the advance refunding prior to maturity of the Prior Bonds in order to discharge the liens of and the obligations of the City, acting for and on behalf of the District, under the Prior Bonds Resolution pursuant to which the Prior Bonds have been issued; and WHEREAS, the Commission adopted Resolution No. 1422 on March 15, 1996 (the "Bond Resolution ") to authorize the issuance of Redevelopment District Refunding Bonds (the "Bonds ") to finance the advance refunding of the Prior Bonds to affect a cost saving to the City acting for and on behalf of the District, and the sale of such Bonds, pursuant to the Act and the provisions of I.C. 5 -1 -5; and WHEREAS, the Commission determined not to issue the Bonds in 1996 and desires to amend certain of the provisions of the Bond Resolution to provide for the issuance of the Bonds in 1997; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION THAT: SECTION 1. For the purpose of procuring funds to pay for the cost of advance refunding the Prior Bonds together with the expenses in connection with or on account of the issuance of Bonds therefor, the City acting for and on behalf of the District, shall make a loan in an amount not to exceed Four Million Seven Hundred Fifty Thousand and 00 /100 Dollars ($4,750,000.00). In order to procure the funds for said loan, the Controller of the City is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the District, the principal of and interest on which are payable solely from a special tax to be levied upon all of the taxable property in the District and deposited in the Redevelopment District Bond Fund, -2-