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No. 0755 amending Section 19 of and adding Section 20 to Res. No. 747 on the COSBRC
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No. 0755 amending Section 19 of and adding Section 20 to Res. No. 747 on the COSBRC
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RESOLUTION NO. 755 <br />A RESOLUTION AMENDING SECTION 19 OF AND ADDING SECTION <br />1"W 20 TO RESOLUTION NO. 747 OF THE CITY OF SOUTH BEND <br />REDEVELOPMENT COMMISSION <br />WHEREAS, on August 23, 1985, the South Bend Redevelopment <br />Commission (Commission) adopted Resolution No. 747, authorizing the <br />issuance of tax increment bonds in the amount of Four Million Two <br />Hundred Thousand Dollars ($4,200,000.00) to finance property <br />acquisition and redevelopment in the South Bend Central Development <br />Area, which has boundaries co- terminous with the South Bend <br />Allocation Area No. 1A; and <br />WHEREAS, on November 18, 1985, the Commission adopted <br />Resolution No. 752, amending Section 6 of Resolution No. 747; and <br />WHEREAS, certain additional amendments to Resolution No. <br />747 are necessary to address bond insurance requirements. <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />�- REDEVELOPMENT COMMISSION, as follows: <br />SECTION I. Section 19 of Resolution No. 747 shall be <br />deleted in its entirety and a new Section 19 shall be and hereby is <br />adopted to read in its entirety as follows: <br />SECTION 19. Without notice to or consent of the owners <br />of the Bonds, the Commission may, from time to time and at any <br />time, adopt such resolutions supplemental hereto as shall not be <br />inconsistent with the terms and provisions hereof (which <br />supplemental resolutions shall thereafter form a part hereof): <br />(a) to cure any ambiguity or formal defect or omission <br />in this Resolution or in any supplemental <br />resolution; or <br />(b) to grant to or confer upon the owners of the Bonds <br />any additional rights, remedies, powers, authority <br />or security that may lawfully be granted to or <br />conferred upon the owners of the Bonds. <br />This Resolution, and the rights and obligations of the <br />Commission and the owners of the Bonds may be modified or amended <br />at any time by supplemental resolutions adopted by the Commission <br />with the consent of the owners of the Bonds holding sixty percent <br />(60 %) in aggregate principal amount of the outstanding Bonds <br />(exclusive of Bonds, if any, owned by the Commission or the City); <br />provided, however that no such modification or amendment shall, <br />
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