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No. 0851 finding/determining that payments of property tax proceeds from the allocation fund to the respective taxing units shall not be authorized
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No. 0851 finding/determining that payments of property tax proceeds from the allocation fund to the respective taxing units shall not be authorized
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RESOLUTION NO. 851 <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />err COMMISSION FINDING AND DETERMINING THAT PAYMENTS OF <br />PROPERTY TAX PROCEEDS FROM THE ALLOCATION FUND TO THE <br />RESPECTIVE TAXING UNITS SHALL NOT BE AUTHORIZED <br />WHEREAS, the South Bend Redevelopment Commission (the "Commis- <br />sion") on the 23rd day of August, 1985, adopted a Resolution entitled <br />"A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING <br />THE ISSUANCE OF TAX INCREMENT REVENUE BONDS FOR THE PURPOSE OF <br />RAISING MONEY FOR PROPERTY ACQUISITION AND REDEVELOPMENT IN THE SOUTH <br />BEND CENTRAL DEVELOPMENT AREA" (the "Series 1985 Bond Resolution ") <br />authorizing the issuance of "Tax Increment Revenue Bonds of 1985" <br />(the "Series 1985 Bonds ") pursuant to I.C. 36 -7 -14 (the "Act "); and <br />WHEREAS, the Commission on the 23rd day of May, 1986 adopted a <br />Resolution entitled "A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION AUTHORIZING THE ISSUANCE OF BONDS ON PARITY WITH THE CITY <br />OF SOUTH BEND REDEVELOPMENT TAX INCREMENT REVENUE BONDS OF 1985 FOR <br />THE PURPOSE OF RAISING MONEY FOR PROPERTY ACQUISITION AND REDEVELOP- <br />MENT IN THE SOUTH BEND CENTRAL ALLOCATION AREA" (the "Series 1986 <br />Bond Resolution ") authorizing the issuance of "Tax Increment Revenue <br />Bonds of 1986" (the "Series 1986 Bonds ") pursuant to the Act and as <br />provided for in Section 6 of the Series 1985 Bond Resolution on a <br />parity with the Series 1985 Bonds; and <br />WHEREAS, the Commission on the 12th day of November, 1987, <br />adopted a Resolution entitled "A RESOLUTION OF THE SOUTH BEND REDE- <br />VELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF BONDS ON PARITY WITH <br />THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE <br />BONDS OF 1985 AND THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX <br />INCREMENT REVENUE BONDS OF 1986 FOR THE PURPOSE OF RAISING MONEY FOR <br />PROPERTY ACQUISITION AND REDEVELOPMENT IN THE SOUTH BEND CENTRAL <br />ALLOCATION AREA" (the "Series 1988 Bond Resolution ") authorizing the <br />issuance of "Tax Increment Revenue Bonds of 1988" (the "Series 1988 <br />Bonds ") pursuant to the Act and as provided for in Section 6 of the <br />Series 1988 Bond Resolution and the Series 1986 Bond Resolution on a <br />parity with the Series 1985 Bonds and the Series 1986 Bonds; and <br />WHEREAS, the Series 1985 Bond Resolution created an Allocation <br />Fund in which certain property tax proceeds in excess of those des- <br />cribed in Section 39(b)(1) of the Act, from an Allocation Area pre - <br />viously created by a declaratory resolution of the Commission, in <br />accord with the Act, would be deposited to be used by the Commission <br />for the purposes provided for in Section 39(b)(2) of the Act; and <br />-1- <br />
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