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No. 0752 amending Section 6 of Res. No. 747 of the COSBRC
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No. 0752 amending Section 6 of Res. No. 747 of the COSBRC
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RESOLUTION NO. 752 <br />A RESOLUTION AMENDING SECTION 6 OF RESOLUTION NO. 747 <br />OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION <br />WHEREAS, on August 23, 1985, the South Bend Redevelopment <br />Commission adopted Resolution No. 747, authorizing the issuance of <br />tax increment bonds in the amount of Four Million Two Hundred <br />Thousand Dollars ($4,200,000.00) to finance property acquisition <br />and redevelopment in the South Bend Central Development Area, which <br />has boundaries co- terminous with the South Bend Allocation Area No. <br />1A; and <br />WHEREAS, certain amendments are necessary to adjust <br />requirements concerning parity bond provisions in Section 6 of <br />Resolution No. 747. <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMENT COMMISSION, as follows: <br />SECTION I. Section 6 of Resolution No. 747 shall be <br />deleted in its entirety and a new Section 6 shall be and hereby is <br />adopted to read in its entirety as follows: <br />SECTION 6. The Redevelopment District reserves the right <br />to authorize and issue additional bonds ( "Parity Bonds "), payable <br />out of the Tax Increment, ranking on a parity with the Bonds <br />authorized by this Resolution for the purpose of raising money for <br />future property acquisition or redevelopment in the Allocation <br />Area. In the event any Parity Bonds are issued pursuant to this <br />Section 6, the term "Bonds" in this Resolution shall be deemed to <br />refer to the bonds authorized to be issued by this Resolution and <br />such Parity Bonds. The authorization and issuance of Parity Bonds <br />shall be subject to the following conditions precedent: <br />(a) All interest and principal payments with respect to <br />all bonds payable from the Tax Increment shall be <br />current to date in accordance with the terms thereof <br />with no payment in arrears. <br />(b) The balance in the Reserve Account shall equal the <br />Debt Service Reserve Requirement. <br />(c) The Commission shall have received a certificate <br />prepared by an independent certified public <br />accountant or an independent financial consultant <br />( "Certifier ") certifying that the Tax Increment <br />estimated to be received in each succeeding year, <br />adjusted as provided below, is estimated to be equal <br />to at least 150% of the principal and interest <br />requirements for each respective year during the term <br />
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