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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NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Commission as follows: Section 1. There is hereby created and established a Redevelopment District Bond Fund to consist of an Airport Economic Development Area Public Improvement Project Principal and Interest Account and such other accounts as the Commission shall from time to time establish. Section 2. The Commission shall levy in each calendar year beginning in the year prior to the first calendar year in which the Commission is required to pay lease rentals pursuant to the Lease, a special tax upon all of the taxable property in the City of South Bend Redevelopment District in a total amount sufficient, together with all other funds in the Airport Economic Development Area Public Improvement Project Principal and Interest Account deposited into such account from any other sources (other than such special taxes) during the previous 12 calendar months prior to August 1 of such calendar year, to pay all lease rental payments payable in the 12 -month period beginning on July 1 of the following calendar year pursuant to Section 4 of the Lease. Such taxes shall be deposited in the Airport Economic Development Area Public Improvement Project Principal and Interest Account and such taxes and any other funds in the Airport Economic Development Area Public Improvement Project Principal and Interest Account shall be irrevocably pledged for the purposes set forth in this Resolution. Section 3. This Resolution shall be in full force and effect after its adoption by the Commission. -2- \rlhill \sthbnd\ airport\ resoluti \rcestab.te;tmg;12- 19 -90;