No. 1043 preliminarily determining to issue bonds for the purpose of refunding outstanding bonds

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I? .. . J RESOLUTION NO. 1043 RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION PRELIMINARILY DETERMINING TO ISSUE BONDS FOR THE PURPOSE OF REFUNDING OUTSTANDING BONDS WHEREAS, this Commission has previously authorized the issuance of tax increment financing bonds which were issued in 1985, 1986 and 1988, respectively, and remain outstanding today; and WHEREAS, Indiana law authorizes the issuance of advance refunding bonds in order to effect a savings or modify such restrictive covenants as may impede additional financing; and WHEREAS, the Department of Redevelopment has studied and continues to study the benefits of issuing tax increment financing bonds to refund, in whole or in part, the outstanding 1985 bonds, 1986 bonds and /or 1988 bonds; and WHEREAS, this Commission preliminarily deems it advisable to issue such advance refunding bonds and to notify the public of this preliminary determination. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission, governing body of the City of South Bend, Department of Redevelopment, as follows: Section 1. This Commission hereby preliminarily decides to issue tax increment financing bonds in aggregate principal amount of not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000) for the purpose of refunding, in whole or in part, the outstanding 1985 bonds, 1986 bonds and /or 1988 bonds, subject to approval by this Commission of a definitive bond resolution authorizing the issuance of such refunding bonds. The refunding bonds will not constitute a general obligation or indebtedness of the City of South Bend, and the full faith, credit and taxing powers of the City and its Redevelopment District are not pledged to the payment of such bonds. The refunding bonds will be repayable solely from the sources which are available to make payment on the outstanding 1985 bonds, 1986 bonds and 1988 bonds. Section 2. Notice of the preliminary decision to issue bonds shall be given by the Department of Redevelopment by posting and publication once each week for two weeks in the manner prescribed by Indiana Code §6- 1.1 -20 -5.