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No. 0819 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985 & 1986 for purpose of raising money for property acquisition and redevelopment in SBCAA
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No. 0819 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985 & 1986 for purpose of raising money for property acquisition and redevelopment in SBCAA
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0! <br />H <br />(7) reimburse the City for rentals paid by it <br />for a building or parking facility in the <br />Allocation Area under any lease entered into <br />under IC 36 -1 -10; <br />provided, however, that if further uses of property <br />tax proceeds allocated to the Allocation Fund are <br />authorized or permitted by amendment to the Act, <br />including IC 36- 7- 14 -39, those uses shall also be <br />authorized or permitted for property tax proceeds <br />allocated to the Allocation Fund; and <br />(d) When the money in the Allocation Fund is suf- <br />ficient to pay when due all principal and interest <br />payments for that year on bonds (including the <br />Series 1988 Bonds) described in subsection (c), and <br />is not needed for that year for the other purposes <br />described in subsection (c) (including without limi- <br />tation the maintaining of property taxes collected <br />in a given year in the Allocation Fund as a reserve <br />to pay principal and interest on the Series 1988 <br />Bonds payable in the year following such year of <br />collection in the manner and at the times specified <br />herein), money in the Allocation Fund in excess of <br />that amount (the "Excess Funds ") shall be paid to <br />the Controller who shall, during the time a part of <br />the Allocation Area is located in an enterprise zone <br />created under IC 4- 4 -6.1, deposit such Excess Funds <br />in a special fund created for the enterprise zone <br />and used as required by law; provided, however, to <br />the extent portions of the Allocation Area are not <br />within the enterprise zone, the Excess Funds <br />deposited into the special fund shall be reduced on <br />a pro rata basis based on the percentage of the <br />enterprise zone contained in the Allocation Area as <br />provided in Section 39(g) of the Act. When no part <br />of the Allocation Area is located in an enterprise <br />zone then the Excess Funds shall be deposited as <br />provided in subsection (e). <br />(e) Except as provided in subsection (d), before <br />July 15 of each year, the Commission shall (1) <br />determine the amount, if any, of Excess Funds in the <br />following year and (2) notify the Auditor of St. <br />Joseph County of the amount, if any, of the Excess <br />Funds that the Commission has determined may be paid <br />to the respective taxing units entitled thereto, <br />provided that the Commission may not authorize a <br />payment to the respective taxing units under this <br />subsection if to do so would endanger the interests <br />0141C <br />
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