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No. 0967 establishing certain funds/accounts in connection with the lease dated as of 8-1-90 between the SBRC and the SBRA relating to the AEDA public improvement project (taxable improvements) and other related matters
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No. 0967 establishing certain funds/accounts in connection with the lease dated as of 8-1-90 between the SBRC and the SBRA relating to the AEDA public improvement project (taxable improvements) and other related matters
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RESOLUTION NO. 967 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION <br />WITH THE LEASE DATED AS OF AUGUST 1, 1990 BETWEEN <br />THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE <br />SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA PUBLIC IMPROVEMENT <br />PROJECT (TAXABLE IMPROVEMENTS) AND OTHER RELATED MATTERS <br />WHEREAS, the South Bend Redevelopment Authority (the <br />"Authority ") has been created pursuant to IC 36 -7 -14.5 as a <br />separate body, corporate and politic, and as an instrumentality of <br />the City of South Bend to finance local public improvements for <br />lease to the South Bend Redevelopment Commission (the <br />"Commission "); and <br />WHEREAS, the Authority intends to issue bonds in the <br />aggregate amount of Four Million Two Hundred Thousand Dollars <br />($4,200,000) pursuant to IC 36 -7- 14.5 -19 to be known as the "South <br />Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds <br />(Airport Economic Development Area Public Improvement Project) (the <br />"Taxable Bonds "), the proceeds of which are to be used to finance <br />certain land and public improvements (the "Taxable Improvements "), <br />and to pay the costs of issuance of the Taxable Bonds; and <br />WHEREAS, the Authority intends to lease the Taxable <br />Improvements to the Commission pursuant to a lease dated as of <br />August 1, 1990 (the "Lease "), which Lease was heretofore approved <br />by this Commission; and <br />WHEREAS, it is necessary for the Commission to establish <br />certain funds and accounts for the payment of the rentals owed by <br />the Commission pursuant to said Lease; <br />
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