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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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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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14 <br />Section 1. There is hereby created and established a <br />Redevelopment District Bond Fund to consist of a Stadium <br />Principal and Interest Account and such other accounts as the <br />Commission shall from time to time establish. <br />Section 2. The Commission shall levy in 1988 a special <br />tax upon all of the taxable property in the City of South Bend <br />Redevelopment District in a total amount sufficient, together <br />with all other funds in the Stadium Principal and Interest <br />Account deposited into such account from any other sources (other <br />than such special taxes) during the previous 12 calendar months <br />prior to August 1, 1988, to pay all lease rental payments payable <br />in the 18 -month period beginning on January 1, 1989. The <br />Commission shall levy in each calendar year beginning in 1989 a <br />special tax upon all of the taxable property in the City of South <br />Bend Redevelopment District in a total amount sufficient, <br />together with all other funds in the Stadium Principal and <br />Interest Account deposited into such account from any other <br />sources (other than such special taxes) during the previous 12 <br />calendar months prior to August 1 of such calendar year, to pay <br />all lease rental payments payable in the 12 -month period <br />beginning on July 1 of the following calendar year. Such taxes <br />shall be deposited in the Stadium Principal and Interest Account <br />and such taxes and any other funds in the Stadium Principal and <br />Interest Account shall be irrevocably pledged for the purposes <br />set forth in this Resolution. <br />-2- <br />
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