No. 0925 authorizing the issuance/sale of special taxing district bonds of the SB redevelopment district for purpose of raising money for property acquisition and redevelopment in the Studebaker Corridor Dev Area

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financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and expenses the Commission may be required or permitted to pay as "relocation assistance" under IC 8 -13 -18.5, together with the expenses in connection with or on account of the issuance of bonds therefor. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION THAT: SECTION 1. For the purpose of procuring funds to pay for the cost of property acquisition and redevelopment in the Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the acquisition and redevelopment of the Area, including the total cost of all land, rights -of -way and other property to be acquired and redeveloped, all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and expenses the Commission may be required or permitted to pay as "relocation assistance" under IC 8 -13 -18.5, together with the expenses in connection with or on account of the issuance of bonds therefor, all in and with respect to the Area that has been found and declared to be blighted by the Commission pursuant to the Declaratory Resolution of the Commission, and which Area was the subject of a petition requesting the issuance of bonds by the Commission to procure funds for the above - described activities, filed with the Commission, and which petition the Commission has found to be sufficient and in compliance with IC 6- 1.1 -20 -3, the City acting for and on behalf of the District, shall make a loan in the amount of Four Million Nine Hundred Thousand Dollars ($4,900,000). In order to procure the funds for said loan, the Controller of the City is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the District, the principal of and interest on which are payable solely from a special tax to be levied upon all of the taxable property in the District and deposited in the Redevelopment District Bond Fund, which bonds shall be issued in the name of the City, for and on behalf of the District, and which shall be designated "City of South Bend Redevelopment District Bonds of 1990," in an aggregate principal amount of Four Million Nine Hundred Thousand Dollars ($4,900,000) (the "Bonds "), and which amount (together with investment earnings thereon in the approximate amount of $300,000) does not exceed the cost of property acquisition and redevelopment in the Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the acquisition and redevelopment of the Area, including the total cost of all land, rights -of -way and other property to be acquired and redeveloped, all reasonable and necessary architectural, engineering, legal, financing, -3- \rlhill\studbakr\corrproj\lufnlbnd;la;Apri1 6, 1990;