My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
No. 0965 amending resolution No. 919 to expand the AEDA and amend the economic development plan for the AEDA
sbend
>
Public
>
Redevelopment Commission
>
Resolutions
>
No. 0965 amending resolution No. 919 to expand the AEDA and amend the economic development plan for the AEDA
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/18/2012 3:06:26 PM
Creation date
1/12/2012 1:39:06 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
44
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
hereby confirmed in all respects with respect to the Original <br />Allocation Area. <br />12. Any property taxes levied on property in Expansion Areas <br />No. 1 and No. 2 in 1991 for collection in 1992, and thereafter, <br />except as otherwise provided in Section 39 of the Act, by or for the <br />benefit of any public body entitled to a distribution of property <br />taxes on taxable property in Expansion Areas No. 1 and No. 2 shall <br />be allocated and distributed as follows: <br />a. the proceeds of the taxes attributable to the lesser of: <br />(i) the assessed value of the property for the assessment date <br />with respect to which the allocation and distribution is made; <br />or (ii) the net assessed value of all the property as finally <br />determined for the assessment date immediately preceding the <br />effective date of these allocation provisions (as adjusted <br />under Section 39(h) of the Act) , which assessment date is <br />March 1, 1990; shall be allocated to, and when collected, paid <br />into the funds of the respective taxing units; <br />b. property tax proceeds in excess of those described in <br />clause (a) shall be allocated to the Redevelopment District <br />and, when collected, paid into the Allocation Fund (as defined <br />below). <br />C. the proceeds distributed to the Redevelopment District <br />s pursuant to Paragraph 12(b) hereof, shall be deposited in the <br />allocation fund created by Resolution No. 919, and designated <br />as the "City of South Bend, Department of Redevelopment, <br />Airport Economic Development Area, Allocation Area No. 1 <br />Allocation Fund" (the "Allocation Fund "), and may be used only <br />as provided for in the Act, and more particularly to (i) pay <br />the principal of and interest on any obligations payable solely <br />E from allocated tax proceeds which are incurred by the <br />Redevelopment District for the purpose of financing or <br />refinancing the redevelopment of Allocation Area No. 1; (ii) <br />establish, augment, or restore the debt service reserve for <br />bonds payable solely or in part from allocated tax proceeds in <br />Allocation Area No. 1; (iii) pay the principal of and interest <br />on bonds payable from allocated tax proceeds in Allocation Area <br />No. 1 and from the special tax levied under Section 27 of the <br />Act; (iv) pay the principal of and interest on bonds issued by <br />the City to pay for local public improvements in or serving <br />Allocation Area No. 1; (v) pay premiums on the redemption <br />before maturity of bonds payable solely or in part from <br />allocated tax proceeds in Allocation Area No. 1; (vi) make <br />payments on leases payable from allocated tax proceeds in <br />Allocation Area No. 1 under Section 25.2 of the Act; (vii) <br />reimburse the City for expenditures made by it for local public <br />improvements (which include buildings, parking facilities, and <br />other items described in Section 25.1(a) of the Act) in or <br />-9- <br />tapitman \bonds \airport \res#965;11 /08/90 <br />
The URL can be used to link to this page
Your browser does not support the video tag.