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14509G91 <br />Development Allocation Area (South Bend Allocation Area No. 3) <br />Special Fund) shall be and hereby are merged for purposes of the Act <br />and this Resolution into a special fund, hereby created, for the <br />South Bend Central Allocation Area to be known as South Bend Central <br />Allocation Area (South Bend Allocation Area No. 1A) Special Fund <br />(Special Fund). <br />24. With regard to taxes levied on property in the South <br />Bend Central Allocation Area (South Bend Allocation Area No. 1A), <br />property tax proceeds in excess of those attributable to the lesser <br />of: <br />(a) the assessed value of the property for the assessment <br />date with respect to which the allocation and distribution <br />is made; or <br />(b) the assessed value of all property as finally <br />determined for the assessment date immediately preceeding <br />the effective date (as listed in paragraph 21, above) of <br />the allocation provisions of the pertinent declaratory <br />resolutions establishing the former allocation areas, now <br />individual parcels within South Bend Central Allocation <br />Area (South Bend Allocation Area No. 1A), <br />shall be allocated to the South Bend redevelopment district and, <br />when collected, paid into the Special Fund, that may be used by the <br />Commission only to: <br />(A) pay the principal of and interest on any obligations <br />payable solely from allocated tax proceeds which are <br />incurred by the redevelopment district for the purpose of <br />financing or refinancing the redevelopment of that <br />allocation area; <br />(B) restore the debt service reserve for bonds payable <br />solely or in part from allocated tax proceeds in that <br />allocation area; <br />(C) pay the principal of and interest on bonds payable <br />from allocated tax proceeds in that allocation area and <br />from the special tax levied under IC 36- 7- 14 -27; <br />(D) pay the principal of and interest on bonds issued by <br />the City to pay for local public improvements within the <br />-22- <br />