No. 0851 finding/determining that payments of property tax proceeds from the allocation fund to the respective taxing units shall not be authorized

Home Browse Search

WHEREAS, the Series 1985 Bond Resolution, the Series 1986 Bond Resolution and the Series 1988 Bond Resolution (collectively referred to hereafter as the "Bond Resolutions ") provide that such tax pro- ceeds shall be held in trust for the benefit of the holders of the Series 1985 Bonds, the Series 1986 Bonds and the Series 1988 Bonds and shall be applied, used and withdrawn only for the purposes authorized in Section 5 of the Bond Resolutions; and WHEREAS, the Commission may issue additional Tax Increment Reve- nue Bonds on parity with the Series 1985 Bonds, the Series 1986 Bonds and the Series 1988 Bonds pursuant to the provisions of the Act and in accord with Section 6 of the Bond Resolutions; and WHEREAS, Section 39(b)(3)(B) of the Act provides that before July 15 of each year, the Commission shall notify the County Auditor of the amount, if any, of the property tax proceeds as described in Section 39(b)(1) of the Act that the Commission has determined may be paid to the respective taxing units as provided for in said Section 39 (b) (1) of the Act; and WHEREAS, said Section 39(b)(3)(B) further provides that the Com- mission may not authorize a payment to the respective taxing units if to do so would endanger the interest of the holders of Bonds des- cribed in Section 39(b)(2) of the Act; and WHEREAS, the Commission has received an opinion from its finan- cial consultant, Springsted, Incorporated, that states that the authorization of payment of such tax proceeds to the respective taxing units would endanger the interest of the holders of the Series 1985 Bonds, the Series 1986 Bonds, the Series 1988 Bonds and other Bonds issued on a parity with such Bonds, a copy of which opinion is attached hereto, made a part of this Resolution and marked as Exhibit "A". NOW THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission as follows: SECTION 1. The Commission hereby finds and determines that the authorization of payments to the respective taxing units pursuant to Section 39(b)(3)(B) of the Act would endanger the interest of the holders of the Series 1985 Bonds, the Series 1986 Bonds, the Series 1988 Bonds and other Bonds issued on parity with such Bonds. SECTION 2. The Commission hereby finds and determines that, in accord with Section 39 (b) (3) (B) of the Act, no such payment shall be made. SECTION 3. The Secretary is directed to provide a certified copy of this Resolution to the County Auditor. Adopted at a regular meeting of the Commission held on July 8, -2-