No. 0942 determining tax increment needed to satisfy obligations of the commission regarding the Studebaker Corridor Allocation Area (No. 6)

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(South Bend Allocation Area No. 6) Special Fund (the "Allocation Fund "); and WHEREAS, 50 IAC 8 contains rules adopted by the Indiana State Board of Tax Commissioners concerning tax increment finance (the "Regulations "); and WHEREAS, Section 39 of the Act and 50 IAC 8 -2 -4 require the Commission to determine before July 15, 1990 whether the sum of the balance in the Allocation Fund plus estimated future investment earnings on that balance is sufficient to satisfy obligations of the Commission over the terms of those obligations, and whether the capture of only a portion of the potential captured assessment (as defined in the Regulations) will result in a balance in the Allocation Fund in 1991 that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in 1991, will be sufficient to satisfy the obligations of the Commission over the term of those obligations. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby determines that the sum of the current balance in the Allocation Fund plus estimated future investment earnings on that balance is not sufficient to meet the anticipated obligations of the Commission over the term or terms of those anticipated obligations. 2. The Commission further determines that the capture of only a portion of the potential captured assessment in 1991 will result in a balance in the Allocation Fund in 1991 that, when -2- \rlhill\studbakr\resoluti\ludeterm.tif;cl;June 25, 1990;