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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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The Commission shall approve and confirm the findings and estimates <br />set forth in the above - described certificate in any supplemental <br />resolution authorizing the issuance of the Parity Bonds. <br />Except as otherwise provided in this Section, so long as <br />any of the Bonds are outstanding, no additional bonds or other <br />obligations pledging any portion of the Tax Increment shall be <br />authorized, executed or issued by the City acting for and on behalf <br />of the Redevelopment District except such as shall be made <br />subordinate and junior in all respects to the Bonds, unless all of <br />the Bonds are redeemed and retired coincidentally with the delivery <br />of such additional bonds or other obligations, or, as provided in <br />Section 15 hereof, funds sufficient to effect such redemption are <br />available and set aside for that purpose at the time of issuance <br />of such additional bonds. <br />6. Proceeds received from the sale of the Bonds shall <br />be deposited as follows: <br />(a) all accrued interest received at the time of the <br />delivery of the Bonds and an additional amount equal to <br />the interest coming due on the Bonds on February 1, 1991, <br />August 1, 1991, and February 1, 1992, shall be placed in <br />the Bond Principal and Interest Account; <br />(b) an amount equal to the Debt Service Reserve <br />Requirement shall be placed in the Reserve Account; and <br />(c) the remaining proceeds from the sale of the Bonds <br />shall be deposited in a special fund to be designated as <br />the "City of South Bend Redevelopment District (Airport <br />Economic Development Area Allocation Area No. 1) 1990 <br />Capital Fund" (the "Capital Fund "). <br />7. Proceeds of the Capital Fund shall be deposited with <br />a legally qualified depository or depositories for funds of the <br />City as now provided by law and shall be segregated and kept <br />separate and apart from all other funds of the City and may be <br />invested as permitted by law. The proceeds in the Capital Fund <br />shall be expended only for the purpose of paying the cost of <br />property acquisition and redevelopment in the Allocation Area <br />together with a sum sufficient to pay the estimated cost of all <br />expenses reasonably incurred in connection with the acquisition and <br />redevelopment of the Allocation Area, including the total cost of <br />all land, rights -of -way and other property to be acquired and <br />redeveloped, all reasonable and necessary architectural, <br />engineering, legal, financing, accounting, advertising, bond <br />discount and supervisory expenses, and expenses the Commission may <br />be required or permitted to pay as "relocation assistance" under <br />IC 8 -23 -7, together with the expenses in connection with or on <br />account of the issuance of the Bonds. Any balance or balances <br />-22- <br />\rlhill \sthbnd\ airport \general \finalbd;lh;August 31, 1990 <br />
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