No. 1067 establishing certain funds/accounts in connection w/ lease dated as of 3/1/92 between the SBRC and SBRA relating to the Palais Royale acquisition project and other related matters

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RESOLUTION NO. 1067 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF MARCH 1, 1992, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE PALAIS ROYALE ACQUISITION 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 in the aggregate amount of One Million Four Hundred and Ten Thousand Dollars ($1,410,000) pursuant to IC 36- 7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Palais Royale Project)" (the "Bonds ") , the proceeds of which are to be used to finance the acquisition of certain land and a building located thereon more commonly known as the Palais Royale (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 March 1, 1992 (the "Lease "), which Lease was heretofore approved by this Commission; and 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;