No. 0965 amending resolution No. 919 to expand the AEDA and amend the economic development plan for the AEDA

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hereby confirmed in all respects with respect to the Original Allocation Area. 12. Any property taxes levied on property in Expansion Areas No. 1 and No. 2 in 1991 for collection in 1992, and thereafter, except as otherwise provided in Section 39 of the Act, by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in Expansion Areas No. 1 and No. 2 shall be allocated and distributed as follows: a. the proceeds of the taxes attributable to the lesser of: (i) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (ii) the net assessed value of all the property as finally determined for the assessment date immediately preceding the effective date of these allocation provisions (as adjusted under Section 39(h) of the Act) , which assessment date is March 1, 1990; shall be allocated to, and when collected, paid into the funds of the respective taxing units; b. property tax proceeds in excess of those described in clause (a) shall be allocated to the Redevelopment District and, when collected, paid into the Allocation Fund (as defined below). C. the proceeds distributed to the Redevelopment District s pursuant to Paragraph 12(b) hereof, shall be deposited in the allocation fund created by Resolution No. 919, and designated as the "City of South Bend, Department of Redevelopment, Airport Economic Development Area, Allocation Area No. 1 Allocation Fund" (the "Allocation Fund "), and may be used only as provided for in the Act, and more particularly to (i) pay the principal of and interest on any obligations payable solely E from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of Allocation Area No. 1; (ii) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 1; (iii) pay the principal of and interest on bonds payable from allocated tax proceeds in Allocation Area No. 1 and from the special tax levied under Section 27 of the Act; (iv) pay the principal of and interest on bonds issued by the City to pay for local public improvements in or serving Allocation Area No. 1; (v) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 1; (vi) make payments on leases payable from allocated tax proceeds in Allocation Area No. 1 under Section 25.2 of the Act; (vii) reimburse the City for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in Section 25.1(a) of the Act) in or -9- tapitman \bonds \airport \res#965;11 /08/90