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RESOLUTION NO. 1455 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />REGARDING USE OF SURPLUS REVENUES FROM URBAN <br />REDEVELOPMENT BONDS OF 1972 <br />WHEREAS, the South Bend Redevelopment Commission previously <br />issued its Urban Redevelopment Bonds of 1972 (Bonds), the proceeds <br />of which were used for property acquisition and public improvements <br />in the South Bend Central Development Area (SBDCA); and <br />WHEREAS, the purpose for which the Bonds were issued has been <br />accomplished and completed; and <br />WHEREAS, the Bonds have been paid in full; and <br />WHEREAS, a surplus of $8,789.93 exists in the City of South <br />Bend Urban Redevelopment Bond Fund 303 (Fund) from taxes levied to <br />make principal and interest payment on Bonds; and <br />WHEREAS, the South Bend City Controller has certified that the <br />surplus was not anticipated and is not needed in connection with <br />the Bonds a copy of which certification is attached hereto; and <br />WHEREAS, the South Bend Redevelopment Commission deems it <br />advisable to use said surplus to reduce the tax levy to make <br />principal and interest payments on bonds of the South Bend <br />Redevelopment Commission issued for purposes similar to those for <br />which the Bonds were issued for additional property acquisition and <br />public improvements in the SBCDA. <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT <br />COMMISSION as follows: <br />1. That the determinations set forth in the certifications of <br />the Controller are hereby approved. <br />2. That the South Bend Redevelopment Commission hereby <br />approves the use of said surplus in the Fund to reduce the tax levy <br />to make principal and interest payments on bonds of the South Bend <br />Redevelopment Commission issued for purposes similar to those for <br />which the Bond was issued. <br />3. That the South Bend Redevelopment Commission hereby <br />authorizes and directs that the Fund be closed and that all <br />deposits therein be transferred to the 1990 Redevelopment District <br />Bond Fund. <br />Adopted at the regular meeting of the South Bend Redevelopment <br />Commission held August 16, 1996, 1308 County -City Building 46601. <br />SOUTH BEND <br />RED VELOPMENT COMMISSION <br />7 <br />Paula N. Auburn, President <br />ATTEST: <br />CI--ti i�!l <br />William P, jvtcfcki, Secretary <br />