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No. 0813 authorizing reimbursement to the COSB for expenditures made within the Rum Village Industrial Park (state loan)
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No. 0813 authorizing reimbursement to the COSB for expenditures made within the Rum Village Industrial Park (state loan)
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b. The Commission's pledge of its payment of reimbursement to <br />the City for the Scheduled Repayments is limited in each year to <br />the extent and in the amount that funds are available in the <br />Special Fund. <br />c. In the event that funds available in the Special Fund for <br />reimbursement to the City are less than the Scheduled Repayment for <br />any year (Deficiency), the Commission pledges to reimburse the City <br />an amount equal to the available funds, if any. <br />d. In the event of a Deficiency, any Deficiency shall be <br />reimbursed in full to the City in the next succeeding year in which <br />available funds are sufficient to make up any portion of any <br />Deficiency accruing to date. <br />3. The Commission pledges that it will not pledge tax proceeds <br />from the Special Fund under a circumstance where such pledge would have <br />a greater priority than the pledge contained in this resolution; <br />provided, however, that in the event the Commission issues tax <br />incremental revenue bonds which pledge revenue from the Special Fund, <br />any such bonds would be issued on parity with this pledge, and the <br />Commission would establish a reserve fund funded at least at a minimum <br />level of twenty five percent (25 %) of the next Scheduled Repayment. <br />Adopted at a regular meeting of the South Bend Redevelopment <br />Commission held on September 25, 1987, at the office of the Commission, <br />1200 County -City Building, 227 W. Jefferson Blvd., South Bend, Indiana <br />46601. <br />ATTEST: <br />ROMAN PIASECKI, SECRETARY <br />R3ES <br />N <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />F. JAY AIMTZ, RESIDENT <br />
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