No. 0756 amending Section 5 of and adding Section 21 to Res. No. 747 of the COSBRC

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RESOLUTION NO. 756 A RESOLUTION AMENDING SECTION 5 OF AND ADDING SECTION 21 TO RESOLUTION NO. 747 OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION WHEREAS, on August 23, 1985, the South Bend Redevelop- ment Commission (Commission) adopted Resolution No. 747, authorizing the issuance of tax increment bonds in the amount of Four Million Two Hundred Thousand Dollars ($4,200,000.00) to finance property acquisition and redevelopment in the South Bend Central Development Area, which has boundaries co- terminous with the South Bend Allocation Area No. 1A; and WHEREAS, on November 18, 1985, the Commission adopted Resolution No. 752, amending Section 6 of Resolution No. 747; and WHEREAS, on November 22, 1985, the Commission adopted Resolution No. 715, amending Section 19 and adding Section 20 to Resolution No. 747; WHEREAS, certain additional amendments to Resolution No. 747 are necessary. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION, as follows: SECTION I. Section 5 of Resolution No. 747 shall be deleted in its entirety and a new Section 5 shall be and hereby is adopted to read in its entirety as follows: "SECTION 5. There are hereby created and established a Tax Increment Revenue Account, to which all Tax Increments received shall be deposited, a Bond Principal and Interest Account, a Reserve Account and a General Account in the Allo- cation Fund (each of which the Controller, the Commission and the Department hereby covenants and agrees to cause to be kept and maintained). On the date of original issuance the Bonds and on January 15, 1987 and each January 15th thereafter, all moneys in the Tax Increment Revenue Account shall be set aside in the following respective special accounts within the Allocation Fund, in the following order of priority: (1) Bond Principal and Interest Account. (2) Reserve Account. (3) General Account. ac 12/19/85 KDB /tms 072024293 -City of South Bend -i -85.1