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No. 0972 amending Resolution No. 967 in connection with lease dated 8-1-90 between SBRC and SBRA relating to the AEDA public improvement project (taxable improvements)
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No. 0972 amending Resolution No. 967 in connection with lease dated 8-1-90 between SBRC and SBRA relating to the AEDA public improvement project (taxable improvements)
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the Commission pursuant to said Lease pursuant to Resolution <br />No. 967, adopted on December 21, 1990 and entitled "Resolution of <br />the South Bend Redevelopment Commission Establishing Certain Funds <br />and Accounts in Connection with the Lease Dated as of August 1, <br />1990 Between the South Bend Redevelopment Commission and the South <br />Bend Redevelopment Authority Relating to the Airport Economic <br />Development Area Public Improvement Project (Taxable Improvements) <br />and Other Related Matters" (the "Pledge Resolution "); and <br />WHEREAS, the Commission now finds it necessary to make <br />a certain amendment to the Pledge Resolution; <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend <br />Redevelopment Commission as follows: <br />Section 1. The first sentence of Section 2 of the Pledge <br />Resolution is hereby amended to read as follows: <br />Section 2. The Commission shall levy in each <br />calendar year beginning in the year prior to the first <br />calendar year in which the Commission is required to pay lease <br />rentals pursuant to the Lease, a special tax upon all of the <br />taxable property in the City of South Bend Redevelopment <br />District in a total amount sufficient, together with all funds <br />in the Airport Economic Development Area Public Improvement <br />Project Principal and Interest Account deposited into such <br />account from any other sources (other than such special taxes) <br />or anticipated to be deposited into such account from any <br />other sources (other than such special taxes) through the end <br />of the following calendar year, to pay all lease rental <br />payments payable in the 12 -month period beginning on July 1 <br />of the following calendar year pursuant to Section 4 of the <br />Lease. <br />Section 2. All other terms and conditions of the Pledge <br />Resolution shall remain in full force and effect. <br />Section 3. This Resolution shall be in full force and <br />effect after its adoption by the Commission. <br />-2- <br />\restarke \sobend \reso1.972;1 /9/91 <br />
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