No. 1088 establishing certain funds/accounts in connection w/ dease dated 7/1/92 between the SBRC and SBRA relating to Blackthorn Golf Course project and other related matters

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RESOLUTION NO. 1088 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION { ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION p WITH THE LEASE DATED AS OF JULY 11 1992, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE BLACKTHORN GOLF COURSE PROJECT AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been created pursuant to IC 36 -7 -14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission "); and WHEREAS, the Authority intends to issue bonds pursuant to IC 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds ( "Blackthorn Golf Course Project ") (the "Bonds "), the proceeds of which are to be used to finance the construction and equipping of a golf course to be known as Blackthorn Golf Course (the "Project "), and to pay the costs of issuance of the Bonds; and WHEREAS, the Authority intends to lease the Project to the Commission pursuant to a lease dated as of July 1, 1992 (the "Lease "), which Lease was heretofore approved by this Commission; and I WHEREAS, it is necessary for the Commission to establish certain funds and accounts for the payment of the rentals owed by the Commission pursuant to said Lease; and WHEREAS, the State Board of Tax Commissioners issued its