No. 1054 regarding issuance of tax increment revenue refunding bonds

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RESOLUTION NO. 1054 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION REGARDING ISSUANCE OF TAX INCREMENT REVENUE REFUNDING BONDS WHEREAS, this Commission has adopted various resolutions declaring certain real estate in the South Bend Redevelopment District, known as the "South Bend Central Allocation Area (South Bend Allocation Area No. 1A)" as more particularly described on Exhibit A attached hereto and incorporated herein (the "Area ") to be an allocation area within the meaning of IC 36 -7 -14 (the "Act "); and WHEREAS, this Commission deems it advisable to issue bonds of the Redevelopment District, in accord with the provisions of the Act and IC 5 -1 -5, in an aggregate principal amount not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000.00), for the purpose of procuring funds to refinance certain maturities of the bonds heretofore issued and designated as "City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1985" (the 111985 Bonds ") and "City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1986" (the 111986 Bonds ") all as more fully described on Exhibit B attached hereto and incorporated herein (the 1985 Bonds and 1986 Bonds are together referred to as the "Refunded Bonds "), together with all expenses necessarily incurred in connection with the foregoing; and WHEREAS, IC 5 -1 -5 authorizes the advance refunding of the Refunded Bonds prior to the time such Refunded Bonds are subject to redemption, in order to effect a savings or modify such restrictive covenants as may impede additional financing, by providing for