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South Bend Redevelopment Commission <br />Regular Meeting —May 31, 2012 <br />3. APPROVAL OF CLAIMS (CONT.) <br />amended claims list submitted May 31, 2012, and <br />ordered checks to be released. <br />4. COMMUNICATIONS <br />There were no Communications. <br />5. OLD BUSINESS <br />There was no Old Business. <br />6. NEW BUSINESS <br />THERE WERE NO COMMUNICATIONS <br />THERE WAS NO OLD BUSINESS <br />A. South Bend Central Development Area <br />(1) Resolution No. 3040 setting a public <br />hearing on the appropriation of South <br />Bend Central Development Area tax <br />increment financing revenues for the <br />payment of certain obligations and <br />expenses related to their respective <br />allocation areas and other related matters. <br />(Public hearing to be held 9:30 a.m., June <br />28, 2012.) <br />Mr. Inks noted that the additional funding <br />available for this appropriation is from debt <br />service reserves released upon payoff of the <br />SBCDA bonds of 1990/1996 in February of <br />2012. The majority of the money will be <br />used to cover a correction in the 2012 debt <br />service calculation for the 2003/2011 <br />SBCDA bonds. <br />Mr. Varner asked if these are additional cash <br />resources. Mr. Inks responded that they are. <br />The earlier appropriation was based on <br />estimates. Now that we have the tax <br />disbursement, there is more money than <br />anticipated. Also, due to bond refundings, <br />4 <br />