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

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WHEREAS, the Commission now determines that the Amended Certificate be substituted for the Certificate; WHEREAS, the Commission now approves and confirms the findings and estimates set forth in the Amended Certificate; WHEREAS, the Commission now determines that based on the representation of the Controller, approved and confirmed in the Series 1986 Bond Resolution, and the Amended Certificate, the conditions precedent as provided for in Section 6 of the Series 1985 Bond Resolution are met. and it is authorized to issue bonds (the "Series 1986 Bonds ") in an aggregate principal amount of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) which shall be payable solely out of the Tax Increment; WHEREAS, the Commission further determines that the issuance of Series 1986 Bonds in the aggregate principal amount of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) is necessary in order to provide funds for payment of part of the cost of property acquisition and redevelopment in the Allocation Area; and WHEREAS, certain amendments are necessary to decrease the amount of the Bonds issued pursuant to the provisions of Resolution No. 775; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION, as follows: SECTION I. Section 1 of the Series 1986 Bond Resolution shall be deleted in its entirety and a new Section 1 shall be and hereby is adopted to read in its entirety as follows: SECTION 1. For the purpose of raising money for property acquisition or redevelopment in the Allocation Area together with expenses incidental thereto and expenses in connection with the issuance of the Series 1986 Bonds, the City acting for and on behalf of the Redevelopment District, shall make a loan in the amount of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000). In order to procure funds for said loan, the Controller is hereby authorized and directed to have prepared and issue and sell negotiable bonds of the Redevelopment District, which bonds shall be issued in the name of the City and which shall be designated "City of South Bend Redevelopment District Tax Increment Revenue Bonds of 1986" in an aggregate principal amount of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) which amount does not exceed the total, as estimated by the Commission, of all expenses reasonably incurred in connection with the property acquisition and redevelopment of the Allocation Area, including all costs related thereto as set out by IC 36 -7 -14 -25.1 and excluding those costs paid -2-