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WHEREAS, the aforementioned Resolutions were adopted by the
<br />Commission after the Plan Commission adopted Resolution No. 93 on
<br />May 19, 1987, and Resolution No. 94 on September 15, 1987,
<br />respectively; and
<br />WHEREAS, the aforementioned Resolutions were adopted by the
<br />Commission after the Common Council adopted its Resolution
<br />No. 1511 -87 on May 26, 1987, and Resolution No. 1536 -87 on
<br />September 28, 1987; respectively; and
<br />WHEREAS, the Act authorizes the issuance of bonds of the
<br />District payable from a special tax to be levied upon all of the
<br />taxable property in the District; and
<br />WHEREAS, a petition has been filed under the provisions of
<br />IC 6- 1.1 -20 -3 by more than fifty (50) owners of real property
<br />subject to taxation in the District to authorize and issue bonds
<br />of the District payable from a special tax to be levied upon all
<br />of the taxable property in the District in one or more series or
<br />issues, in an aggregate principal amount not to exceed Four
<br />Million Nine Hundred Thousand Dollars ($4,900,000), for the
<br />purpose of procuring funds to pay for the cost of property
<br />acquisition and redevelopment in the Area, together with a sum
<br />sufficient to pay the estimated cost of all expenses reasonably
<br />incurred in connection with the acquisition and redevelopment of
<br />the Area, including the total cost of all land, rights -of -way and
<br />other property to be acquired and redeveloped, all reasonable and
<br />necessary architectural, engineering, legal, financing,
<br />accounting, advertising, bond discount and supervisory expenses,
<br />capitalized interest and expenses the Commission may be required
<br />to pay as "relocation assistance" under IC 8 -13 -18.5, together
<br />with the expenses in connection with or on account of the
<br />issuance of bonds therefor, all in and with respect to the Area;
<br />and
<br />WHEREAS, on December 27, 1989, the Commission adopted a
<br />Preliminary Bond Resolution (Resolution No. 903) authorizing the
<br />issuance and sale of the negotiable bonds of the District, in one
<br />or more series or issues, the principal of and interest on which
<br />are payable from a special tax to be levied upon all of the
<br />taxable property of the District and deposited in the
<br />Redevelopment District Bond Fund, which bonds shall be issued in
<br />the name of the City, for and on behalf of the District, in an
<br />aggregate principal amount not to exceed Four Million Nine
<br />Hundred Thousand Dollars ($4,900,000), and which amount does not
<br />exceed the cost of property acquisition and redevelopment in the
<br />Area, together with a sum sufficient to pay the estimated cost of
<br />all expenses reasonably incurred in connection with the
<br />acquisition and redevelopment of the Area, including the total
<br />cost of all land, rights -of -way and other property to be acquired
<br />and redeveloped, all necessary architectural, engineering, legal,
<br />-2-
<br />\ rlhill\ studbakr \corrproj \lufnlbnd;la;Apri1 6, 1990;
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