HomeMy WebLinkAboutNo. 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 mattersRESOLUTION 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;
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.
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ADOPTED at a meeting of the South Bend Redevelopment
Commission held on December 21, 1990 at the office of the
Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
SOUTH BEAD REDEVELOPMENT COMMISSION
• Paula N. Auburn, Vice President
ATTES
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Roman Piaseck.i, Secretary
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