No. 1040 determining to pay certain expenses incurred for local public improvements in or serving SBCAA (No. 1A) from the SBCAA (No. 1A) special fund

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Y RESOLUTION NO. 1040 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO PAY CERTAIN EXPENSES INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR SERVING THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) FROM THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) SPECIAL FUND WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the City of South Bend Department of Redevelopment ( "Department "), on May 10, 1985, adopted Resolution No. 737 declaring the South Bend Central Development Area to be a blighted area within the meaning of IC 36 -7 -14 (the "Act "); and WHEREAS, Resolution No. 737 and the South Bend Central Development Area Plan were confirmed by Resolution No. 739 adopted on June 14, 1985; and WHEREAS, Resolution No. 737 has been amended from time to time pursuant to the provisions of the Act; and WHEREAS, Resolution No. 737 created the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) and the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund ( "Allocation Fund ") for purposes of paying into such fund property tax proceeds in excess of those described in Section 39(b)(1) of the Act for the purposes as described in Section 39 (b) (2) of the Act; and WHEREAS, the Commission desires to pay expenses incurred by it for local public improvements that are in or serving the Allocation Area with property tax proceeds deposited in the Allocation Fund pursuant to the Act; and WHEREAS, such payments are authorized pursuant to Section 39 (b) (2) (J) of the Act and are subject to the provisions of IC 6- 1.1 -18 -5; and WHEREAS, the expenditures incurred by the Commission proposed to be paid with property tax proceeds deposited in the Allocation Fund are described on the attached Exhibit "A"; and WHEREAS, the Commission desires to approve said payments from the Allocation Fund in the total amount as described on Exhibit "A"; and WHEREAS, the Commission, with the advice of its financial advisor, has determined that such expenditure will not endanger the interests of the holders of any obligations heretofore issued or incurred by the Commission and payable from the Allocation Fund; and WHEREAS, the proposed payment from the Allocation Fund as provided for herein is not for the operating expenses of the Commission. NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission, governing body of the City of South Bend, Department of Redevelopment, as follows: 1. The Commission hereby approves the use of funds in the Allocation Fund in the amount of Two Hundred and Forty Thousand Dollars ($240,000.00) for purposes of paying the expenditures as described on Exhibit "A ". The Secretary of the Commission is hereby authorized and directed to take all necessary steps to obtain the approval of the expenditure of such funds pursuant to IC 6- 1.1 -18 -5, including the publication in accordance with IC 5 -3 -1 of notice of a hearing on the appropriation of such funds to be