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No. 1181 extablishing certain funds and accounts in connection with the lease dated 8/1/90 and amended and restated by an addendum dated as of 12/21/90 and further amended by an addendum dated 1/29/91 and further amended by an addendum to lease 2/5/93
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No. 1181 extablishing certain funds and accounts in connection with the lease dated 8/1/90 and amended and restated by an addendum dated as of 12/21/90 and further amended by an addendum dated 1/29/91 and further amended by an addendum to lease 2/5/93
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10/18/2012 2:45:27 PM
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Resolution, such funds and accounts consisting of a Redevelopment <br />' <br />District Bond Fund (the <br />"Bond <br />Fund ") and <br />an Airport Economic <br />Development Area Taxable <br />Public <br />Improvement <br />Project Principal and <br />Interest Account (the "Principal and Interest Account ") and such <br />other accounts as the Commission may from time to time establish <br />to pay the rentals owed by the Commission pursuant to the Lease as <br />amended by the Addendum. <br />Section 2. The Commission hereby acknowledges and <br />restates its obligation pursuant to the Pledge Resolution to levy <br />in each calendar year a special tax upon all of the taxable <br />property in the City of South Bend Redevelopment District in a <br />total amount sufficient, together with all other funds in the <br />Principal and Interest Account deposited into such account from any <br />other sources (other than such special taxes) or anticipated to be <br />deposited into such account from any other sources (other than such <br />special taxes) through the end of the following calendar year, to <br />pay all lease rental payments for the Taxable Project payable in <br />the twelve (12) month period beginning on July 1 of the following <br />calendar year pursuant to Section 4 of the Lease. Such taxes shall <br />be deposited in the Principal and Interest Account and such taxes <br />and any other funds in the Principal and Interest Account shall be <br />irrevocably pledged for the purposes set forth in this Resolution. <br />Section 4. This Resolution shall be in full force and <br />AVON <br />effect after its adoption by the Commission. <br />-3- <br />
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