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RESOLUTION NO. 821 <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION FINDING AND DETERMINING THAT <br />PAYMENTS OF PROPERTY TAX PROCEEDS FROM THE <br />ALLOCATION FUND TO THE RESPECTIVE <br />TAXING UNITS SHALL NOT BE AUTHORIZED. <br />WHEREAS, the South Bend Redevelopment Commission (the <br />"Commission ") on the 23rd day of August, 1985 adopted a Resolution <br />entitled "A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />AUTHORIZING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS FOR THE <br />PURPOSE OF RAISING MONEY FOR PROPERTY ACQUISITION AND REDEVELOPMENT <br />IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA" (the "Series 1985 Bond <br />Resolution ") authorizing the issuance of "Tax Increment Revenue Bonds <br />of 1985" (the "Series 1985 Bonds ") pursuant to I.C. 36 -7 -14 (the <br />"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 <br />REDEVELOPMENT IN THE SOUTH BEND CENTRAL ALLOCATION AREA" (the "Series <br />1986 Bond Resolution ") authorizing the issuance of "Tax Increment <br />Revenue Bonds of 1986" (the "Series 1986 Bonds ") pursuant to the Act <br />and as provided for in Section 6 of the Series 1985 Bond Resolution <br />on a parity with the Series 1985 Bonds; and <br />WHEREAS, the Series 1985 Bond Resolution created an Allocation <br />Fund in which certain property tax proceeds in excess of those <br />described in Section 39(b)(1) of the Act, from an Allocation Area <br />previously 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 />WHEREAS, the Series 1985 Bond Resolution and the Series 1986 Bond <br />Resolution provide that such tax proceeds shall be held in trust for <br />the benefit of the holders of the Series 1985 and the Series 1986 <br />Bonds and shall be applied, used and withdrawn only for the purposes <br />authorized in Section 5 of the Series 1985 Bond Resolution and the <br />Series 1986 Bond Resolution; and <br />WHEREAS, the Commission intends to issue additional Tax Increment <br />Revenue Bonds on parity with the Series 1985 Bonds and the Series <br />1986 Bonds pursuant to the provision of the Act and in accord with <br />Section 6 of the Series 1985 Bond Resolution and the Series 1986 Bond <br />CW Resolution; and <br />WHEREAS, Section 39(b)(3)(B) of the Act provides that before July <br />15 of each year, the Commission shall notify the County Auditor of <br />the amount, if any, of the property tax proceeds as described in <br />Section 39(b)(1) of the Act that the Commission has determined may be <br />paid to the respective taxing units as provided for in said Section <br />39(b)(1) of the Act; and <br />ki <br />