Laserfiche WebLink
RESOLUTION NO. 877B <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />A RESOLUTION APPROPRIATING MONEY FROM THE SOUTH BEND <br />CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) <br />SPECIAL FUND TO THE PARKING GARAGE PRINCIPAL AND INTEREST <br />ACCOUNT OF THE REDEVELOPMENT DISTRICT BOND FUND <br />WHEREAS, the South Bend Redevelopment Commission (the <br />"Commission ") entered into an agreement on June 1, 1988 (the <br />"Lease "), to lease a parking garage facility from the South Bend <br />Redevelopment Authority (the "Authority "), which Lease requires <br />semiannual lease rental payments by the Commission to the <br />Authority; <br />WHEREAS, under Commission Resolution No. 847, adopted <br />June 17, 1988, the Commission must levy a special tax payable in <br />1990 upon all the taxable property in the Redevelopment District <br />if the balance in the Parking Garage Principal and Interest <br />Account of the Redevelopment District Bond Fund as of August 1, <br />1989 (other than funds necessary to make the lease rental payment <br />due in December, 1989), is insufficient to pay all lease rental <br />payments under the Lease in the 12 -month period beginning <br />January 1, 1990; <br />WHEREAS, in order to eliminate the need to impose such a <br />special tax, the Commission proposes to appropriate the amount of <br />Four Hundred Sixty -three Thousand Dollars ($ 463,000 ) <br />from the South Bend Central Allocation Area (South Bend <br />Allocation Area No. lA) Special Fund (the "Allocation Fund ") to <br />the Parking Garage Principal and Interest Account of the <br />Redevelopment District Bond Fund; <br />WHEREAS, the use of money in the Allocation Fund for the <br />purpose of making payments on the Lease is permitted under <br />IC 36-7-14-39 (b) (2) (F) ; <br />WHEREAS, the amount proposed to be appropriated from the <br />Allocation Fund has not been included in any regular budget; <br />WHEREAS, the Secretary of this Commission has caused <br />notice of a hearing on said appropriation to be published as <br />required by law; <br />WHEREAS, such public hearing was held on July 14, 1989, <br />at 10:00 a.m. (local time) in the office of the Commission <br />concerning said appropriation at which all taxpayers and <br />interested persons had an opportunity to appear and express their <br />views as to such additional appropriation; and <br />