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RESOLUTION NO. 1090 <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />A RESOLUTION APPROPRIATING MONEY FROM THE SOUTH BEND <br />CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) <br />SPECIAL FUND TO THE PALAIS ROYALE ACQUISITION PROJECT <br />PRINCIPAL AND INTEREST ACCOUNT OF THE REDEVELOPMENT <br />DISTRICT BOND FUND <br />WHEREAS, the South Bend Redevelopment Commission (The <br />"Commission ") entered into an agreement on June 5, 1992 (the <br />"Lease "), to lease the Palais Royale building from the South Bend <br />Redevelopment Authority (the "Authority "), which Lease requires <br />semiannual lease rental payments by the Commission to the <br />Authority; and <br />WHEREAS, the Commission adopted Resolution No. 1067, on <br />June 5, 1992, pursuant to which the Commission pledged to deposit <br />or cause to be deposited into the Palais Royale Acquisition Project <br />Principal and Interest Account on or before the issuance of the <br />Bonds an amount sufficient to pay the lease rental payments payable <br />pursuant to the Lease on January 28, 1993; July 28, 1993; and <br />January 28, 1994; and <br />WHEREAS, the Commission desires to appropriate an amount <br />equalling Two Hundred Ninety -Five Thousand Five Hundred Dollars <br />($295,500.00), which amount equals the amount required to make such <br />lease rental payments, from the South Bend Central Allocation Area <br />(South Bend Allocation Area No. 1A) Special Fund (the "Allocation <br />Fund ") to the Palais Royale Acquisition Project Principal and <br />Interest Account of the Redevelopment District Bond Fund; and <br />WHEREAS, the use of money in the Allocation Fund for the <br />purpose of making payments on the Lease is permitted under IC <br />36- 7 -14 -39 (b) (2) (F) . <br />NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment <br />Commission that the sum of Two Hundred Ninety -Five Thousand Five <br />Hundred Dollars ($295,500.00) is hereby appropriated and ordered <br />set apart from the Allocation Fund to the Palais Royale Acquisition <br />Project Principal and Interest Account of the Redevelopment <br />District Bond Fund for the purpose of making the lease rental <br />payments described hereinabove. <br />Adopted at the regular meeting of the South Bend Redevelopment <br />Commission, held on September 4, 1992, at 1308 County -City <br />Building, 227 West Jefferson Boulevard, South Bend, Indiana. <br />SOUTH BEft REDEVELOPMENT COMMISSION <br />By: <br />ATTEST: <br />Michael Donoho, Secretary <br />ML:Res1090 <br />Paula N. Auburn, President <br />