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No. 0958 a final bond resolution of the SBRC authorizing the issuance of the COSB redevelopment district tax increment revenue bonds of 1990 for purpose of raising money for property acquisition/redevelopment in the AEDA allocation area No. 1
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No. 0958 a final bond resolution of the SBRC authorizing the issuance of the COSB redevelopment district tax increment revenue bonds of 1990 for purpose of raising money for property acquisition/redevelopment in the AEDA allocation area No. 1
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Redevelopment, Airport Economic Development Area, Allocation Area <br />No. 1 Allocation Fund (the "Allocation Fund "); and <br />WHEREAS, with regard to taxes levied on real property in <br />the Allocation Area, property tax proceeds in excess of those <br />attributable to the lesser of: <br />(a) The assessed value of the property for the assessment <br />date with respect to which the allocation and <br />distribution is made; or <br />(b) The base assessed value as defined in the Act; <br />shall be allocated to the Redevelopment District and, when <br />collected, paid into the Allocation Fund, and may be used by the <br />Commission only to do one or more of the following: <br />(a) pay the principal of and interest on any obligations <br />payable solely from allocated tax proceeds which are <br />incurred by the Redevelopment District for the purpose <br />of financing or refinancing the redevelopment of the <br />Allocation Area; <br />(b) establish, augment, or restore the debt service reserve <br />for bonds payable solely or in part from allocated tax <br />proceeds in the Allocation Area; <br />(c) pay the principal of and interest on bonds payable from <br />allocated tax proceeds in the Allocation Area and from <br />the special tax levied under Section 27 of the Act; <br />(d) pay the principal of and interest on bonds issued by the <br />City to pay for local public improvements in or serving <br />the Allocation Area; <br />(e) pay premiums on the redemption before maturity of bonds <br />payable solely or in part from allocated tax proceeds in <br />the Allocation Area; <br />(f) make payments on leases payable from allocated tax <br />proceeds in the Allocation Area under Section 25.2 of the <br />Act; <br />(g) reimburse the City for expenditures made by it for local <br />public improvements (which include buildings, parking <br />facilities, and other items described in Section 25.1(a) <br />of the Act) in or serving the Allocation Area; <br />(h) reimburse the City for rentals paid by it for a building <br />or parking facility in or serving the Allocation Area <br />under any lease entered into under IC 36 -1 -10; <br />-2- <br />\rlhill \sthbnd\ airport \general \finalbd;lh;August 31, 1990 <br />
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