No. 0968 establishing certain funds/accounts in connection with the lease dated as of 8-1-90 between the SBRC and SBRA relating to the AEDA public improvement project (tax exempt improvements) and other related matters

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RESOLUTION NO. 968 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF AUGUST 1, 1990 BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE AIRPORT ECONOMIC DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT (TAX EXEMPT IMPROVEMENTS) AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been created pursuant to IC 36 -7 -14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission "); and WHEREAS, the Authority intends to issue bonds in the aggregate amount of Two Million Three Hundred Fifty Five Thousand Dollars ($2,355,000) pursuant to IC 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project) (the "Bonds "), the proceeds of which are to be used to finance certain land and public improvements (the "Improvements "), and to pay the costs of issuance of the Bonds; and WHEREAS, the Authority intends to lease the Improvements to the Commission pursuant to a lease dated as of August 1, 1990 (the "Lease "), which Lease was heretofore approved by this Commission; and WHEREAS, it is necessary for the Commission to establish certain funds and accounts for the payment of the rentals owed by the Commission pursuant to said Lease;