No. 1009 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. 1009 to 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; WHEREAS, under Commission Resolution No. 847, adopted June 17, 1988, the Commission must levy a special tax payable in 1992 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, 1991, is insufficient to pay all lease rental payments under the Lease in ® the 12 -month period beginning January 1, 1992; WHEREAS, in order to eliminate the need to impose such a special tax, the Commission proposes to appropriate the amount of Two Hundred Seventy Three Thousand One Hundred Ninety Two Dollars ($273,192.00) 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 as follows: 1. The Commission authorizes and appropriates Two Hundred Seventy -Three Thousand One Hundred Ninety -Two Dollars ($273,192.00) and said amount shall be and the same hereby is appropriated 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 1992 on the Lease.