No. 1086 appropriating money from the SBCAA (No. 1A) special fund to the SBCDA public improvement project principal and interest account of the redevelopment district bond fund

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RESOLUTION NO. 1086 SOUTH BEND REDEVELOPMENT COMMISSION A RESOLUTION APPROPRIATING MONEY FROM THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) SPECIAL FUND TO THE SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT PRINCIPAL AND INTEREST ACCOUNT OF THE REDEVELOPMENT DISTRICT BOND FUND WHEREAS, the South Bend Redevelopment Commission (The "Commission ") entered into an agreement on November 1, 1989 (the "Lease "), to lease certain land and public improvements in the South Bend Central Development Area from the South Bend Redevelopment Authority (the "Authority "), which Lease requires semiannual lease rental payments by the Commission to the Authority; and WHEREAS, under Commission Resolution No. 915, adopted February 16, 1990, the Commission must levy a special tax payable in 1993 upon all the taxable property in the Redevelopment District if the balance in the South Bend Central Development Area Public Improvement Project Principal and Interest Account of the Redevelopment District Bond Fund as of August 1, 1992, is insufficient to pay all lease rental payments under the Lease in the 12 -month period beginning July 1, 1993; and WHEREAS, in order to eliminate the need to impose such a special tax, the Commission proposes to appropriate the amount of Two Hundred Thirty -Nine Thousand Five Hundred Dollars ($239,500.00) from the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") to the South Bend Central Development Area Public Improvement Project Principal and Interest Account of the Redevelopment District Bond Fund; and WHEREAS, the use of money in the Allocation Fund for the purpose of making payments on the Lease is permitted under IC 36- 7 -14 -39 (b) (2) (F) . NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission that the sum of Two Hundred Thirty -Nine Thousand Five Hundred Dollars ($239,500.00) is hereby appropriated and ordered set apart from the Allocation Fund to the South Bend Central Development Area Public Improvement Project Principal and Interest Account of the Redevelopment District Bond Fund for the purpose of making lease rental payments due during the twelve month period beginning July 1, 1993 on the Lease.