No. 1085 appropriating money from the SBCAA (No. 1A) special fund to the parking garage principal and interest account of the redevelopment district bond fund

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RESOLUTION NO. 1085 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 PARKING GARAGE PRINCIPAL AND INTEREST ACCOUNT OF THE REDEVELOPMENT DISTRICT BOND FUND WHEREAS, the South Bend Redevelopment Commission (The "Commission ") entered into an agreement on June 1, 1988 (the "Lease "), to lease a parking garage facility 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. 847, adopted June 17, 1988, the Commission must levy a special tax payable in 1993 upon all the taxable property in the Redevelopment District if the balance in the Parking Garage 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 January 1, 1993; and WHEREAS, in order to eliminate the need to impose such a special tax, the Commission proposes to appropriate the amount of Four Hundred Fifty -Three Thousand Ten Dollars and Thirty -Nine Cents ($453,010.39) from the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") to the Parking Garage Principal and Interest Account of the Redevelopment District Bond Fund; 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 Four Hundred Fifty -Three Thousand Ten Dollars and Thirty -Nine Cents ($453,010.39) is hereby appropriated and ordered set apart from the Allocation Fund to the Parking Garage Principal and Interest Account of the Redevelopment District Bond Fund for the purpose of making lease rental payments due during 1993 on the Lease.