No. 0849 establishing certain funds/accounts in connection with the lease dates as of 6-1-1988 between the SBRC and the SBRA relating to the Stanley Coveleski Regional Stadium and other related matters

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I RESOLUTION NO. 849 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF JUNE 1, 1988, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE STANLEY COVELESKI REGIONAL STADIUM, AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been created pursuant to I.C. 36 -7 -14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission "); and WHEREAS, the Authority intends to issue bonds in the aggregate amount of $5,685,000 pursuant to I.C. 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Bonds (Coveleski Stadium Project)" (the "Bonds "), the proceeds of which are to be used to finance the acquisition of a stadium facility known as the "Stanley Coveleski Regional Stadium" (the "Facility "), including the site thereof, and to pay the costs of issuance of the Bonds; and WHEREAS, the Authority intends to lease the Facility to the Commission pursuant to a lease dated as of June 1, 1988 (the "Lease "), which Lease was heretofore approved by this Authority; and WHEREAS, it is necessary for the Commission to establish certain funds and accounts for the payment of the rentals owed by the Commission pursuant to said Lease; NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment Commission as follows: