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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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(i) pay all or a portion of a property tax replacement credit <br />to taxpayers in the Allocation Area as determined by the <br />Commission, pursuant to Section 39 of the Act; or <br />(j) pay expenses incurred by the Commission for local public <br />improvements that are in the Allocation Area or serving <br />the Allocation Area. Public improvements include <br />buildings, parking facilities, and other items described <br />in Section 25.1(a) of the Act; <br />provided however, that if further uses of property tax proceeds <br />allocated to the Allocation Fund are authorized or permitted by <br />amendment to the Act, including IC 36- 7- 14 -39, those uses shall <br />also be authorized or permitted for property tax proceeds allocated <br />to the Allocation Fund; and <br />WHEREAS, the Act authorizes the issuance of bonds of the <br />Redevelopment District payable solely from allocated tax proceeds; <br />and <br />WHEREAS, on June 27, 1990, the Commission adopted its <br />Resolution No. 945 (the "Preliminary Bond Resolution ") authorizing <br />the issuance and sale of the negotiable bonds of the City of South <br />Bend Redevelopment District, in one or more series or issues, the <br />principal of and interest on which are payable solely from taxes <br />on real property in the Allocation Area allocated and deposited in <br />the Allocation Fund pursuant to Section 39 of the Act and proceeds <br />from the sale or leasing of property in the Allocation Area under <br />Section 22 of the Act deposited into the Allocation Fund as <br />required by Section 26 of the Act (the "Tax Increment ") , which <br />bonds shall be issued in the name of the City, for and on behalf <br />of the Redevelopment District, in an aggregate principal amount <br />not to exceed Nine Hundred Fifty Thousand Dollars ($950,000) (the <br />"Bonds ") and which amount (together with investment earnings <br />thereon in the approximate amount of $15,000) does not exceed the <br />cost of property acquisition and redevelopment in the Allocation <br />Area, together with a sum sufficient to pay the estimated cost of <br />all expenses reasonably incurred in connection with the acquisition <br />and redevelopment of the Allocation Area, including the total cost <br />of 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, capitalized interest and a debt <br />service reserve for the Bonds as provided herein and expenses the <br />Commission may be required or permitted to pay as "relocation <br />assistance" under IC 8- 23 -17, together with the expenses in <br />connection with or on account of the issuance of bonds therefor; <br />and <br />-3- <br />\rlhill \sthbnd \airport \general \finalbd;lh;August 31, 1990 <br />
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