No. 0779 amending Res. No. 775 of the COSBRC

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RESOLUTION NO. 779 A RESOLUTION AMENDING RESOLUTION NO. 775 OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION WHEREAS, on May 23, 1986, the South Bend Redevelopment Commission ( "Commission ") adopted Resolution No. 775 ( "Series 1986 Bond Resolution "), authorizing the issuance of tax increment bonds in the aggregate principal amount of Two Million Five Hundred Sixty Five Thousand Dollars ($2,565,000) for the purpose of raising money for property acquisition and redevelopment in the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) (the "Allocation Area "), which has boundaries coterminous with the South Bend Central Development Area; WHEREAS, the Commission received a certificate, attached to the Series 1986 Bond Resolution (the "Certificate ") as Exhibit K, prepared by SPRINGSTED, Incorporated (the "Certifier "), an independant financial consultant that is acting as the certifier pursuant to Section 6 of Resolution No. 747 and amending Resolutions 752, 755 and 756 ( "Series 1985 Bond Resolution ") adopted by the Commission on the 23rd day of August, 1985, the 18th day of November, 1985, the 22nd day of November, 1985 and the 20th day of December, 1985, respectively, which authorized the issuance of bonds in the amount of Four Million Two Hundred Thousand Dollars ($4,200,000) ( "Series 1985 Bonds "), which provided an estimate of the taxes on real property located in the Allocation Area allocated and deposited in the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") pursuant to the provisions of IC 36- 7 -14 -39 and proceeds from sale or leasing of property in the Allocation Area under IC 36- 7 -14 -22 and deposited in the Allocation Fund (these sources of revenues that will be used for payments of the bonds shall hereinafter be referred to as the "Tax Increment ") that would allow the issuance of bonds in the amount of Two Million Five Hundred Sixty Five Thousand Dollars ($2,565,000) pursuant to Section 6 of the Series 1985 Bond Resolution which in part provides that in order to issue bonds on parity ( "Parity Bonds ") with the Series 1985 Bonds, the amount of the Tax Increment estimated to be received in each succeeding year must equal or exceed at least one hundred fifty percent (150 %) of the principal of the Series 1985 Bonds and the Parity Bonds; WHEREAS, the Certifier has revised its estimate of the Tax Increment, which is contained in the Certifier's amended certificate (the "Amended Certificate ") attached hereto and incorporated herein as Exhibit A, and therefore requires a reduction of the principal amount of the bonds authorized by the Series 1986 Bond Resolution;