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No. 0941 determining tax increment needed to satisfy obligations of the commission regarding the SBCAA (No. 1A)
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No. 0941 determining tax increment needed to satisfy obligations of the commission regarding the SBCAA (No. 1A)
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South Bend Allocation Area No. lA Allocation Fund (the "Allocation <br />Fund "); and <br />WHEREAS, 50 IAC 8 contains rules adopted by the Indiana <br />State Board of Tax Commissioners concerning tax increment finance <br />(the "Regulations "); and <br />WHEREAS, Section 39 of the Act and 50 IAC 8 -2 -4 require <br />the Commission to determine before July 15, 1990 whether the sum <br />of the balance in the Allocation Fund plus estimated future <br />investment earnings on that balance is sufficient to satisfy <br />obligations of the Commission over the terms of those obligations, <br />and whether the capture of only a portion of the potential captured <br />assessment (as defined in the Regulations) will result in a balance <br />in the Allocation Fund in 1991 that, when combined with future <br />investment earnings on that balance and the resultant tax increment <br />to be collected in 1991, will be sufficient to satisfy the <br />obligations of the Commission over the term of those obligations. <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend <br />Redevelopment Commission as follows: <br />1. The Commission hereby determines that the sum of the <br />current balance in the Allocation Fund plus estimated future <br />investment earnings on that balance is not sufficient to meet the <br />obligations of the Commission over the term or terms of those <br />obligations. <br />2. The Commission further determines that the capture <br />of only a portion of the potential captured assessment in 1991 will <br />result in a balance in the Allocation Fund in 1991 that, when <br />-2- <br />\rlhill \sthbnd \central \ludeterm;cl;June 26, 1990; <br />
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