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No. 0915 establishing certain funds/accounts in connection with the lease dated 11-1-89 between the SBRC and SBRA relating to the SBCDA public improvement project and other related matters
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No. 0915 establishing certain funds/accounts in connection with the lease dated 11-1-89 between the SBRC and SBRA relating to the SBCDA public improvement project and other related matters
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10/18/2012 3:14:12 PM
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1/17/2012 11:23:16 AM
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WHEREAS, it is necessary for the Commission to establish certain <br />funds and accounts for the payment of the rentals owed by the <br />Commission pursuant to said Lease; <br />Y <br />k <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment <br />Commission as follows: <br />Section 1. There is hereby created and established a <br />p Redevelopment District Bond Fund to consist of a South Bend Central <br />Development Area Public Improvement Project Principal and Interest <br />I <br />Account and such other accounts as the Commission shall from time to <br />i <br />time establish. <br />Section 2. The Commission shall levy in each calendar <br />Y ear beginning in the year prior to the first calendar year in which <br />the Commission is required to pay lease rentals pursuant to the <br />Lease, a special tax upon all of the taxable property in the City of <br />South Bend Redevelopment District in a total amount sufficient, <br />5 <br />together with all other funds in the South Bend Central Development <br />I <br />Area Public Improvement Project Principal and Interest Account <br />deposited into such account from any other sources (other than such <br />special taxes) during the previous 12 calendar months prior to August <br />1 of such calendar year, to pay all lease rental payments payable in <br />a <br />the 12 -month period beginning on July 1 of the following calendar <br />year. Such taxes shall be deposited in the South Bend Central <br />Development Area Public Improvement Project Principal and Interest <br />i <br />Account and such taxes and any other funds in the South Bend Central <br />Development Area Public Improvement Project Principal and Interest <br />-2- <br />
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