No. 0718 amending Res. No. 650, redeclaring the Rum Village Industrial Park to be blighted and amending tax allocation provisions therein

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• ) YO► . (a) The proceeds of such taxes attributed to the lesser of (1) the assessed value of the Personal Property for the assessment date with respect to which the allocation and distribution is made or (2) the assessed value of all such property as finally determined for the assessment date immediately proceeding the effective date of these allocation provisions, which assessment date is March 1, 1984, shall be allocated to, and when collected, shall be paid into the funds of the respective taxing units entitled to a distribution of such taxes; (b) The proceeds of such taxes in excess of those described in Clause (a) above shall be allocated to the Department and when collected shall be paid into the special fund created by Resolution No. 690 and designated South Bend Department of Redevelopment Allocation Area (South Bend Allocation Area No. 4) Special Fund (Special Fund). 5. Proceeds of such taxes distributed to the Department Irw pursuant to paragraphs 3 and 4 (b) hereof shall be deposited in the Special Fund and may be used only as provided in the Act, and more particularly: (a) to pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the redevelopment district for the purpose of financing or refinancing the redevelopment of South Bend Allocation Area No. 4; (b) to restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in South Bend Allocation Area No. 4; (c) to pay the principal and interest of bonds payable from allocated tax proceeds in South Bend Allocation Area No. 4 and from a special tax levied by the Commission under I.C. 36- 7- 14 -27; (d) To pay principal and interest of bonds issued by the City of South Bend to pay for local public improvements in South Bend Allocation Area No. 4, to reimburse the City for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in I.C. 36- 7- 14- 25.1(a)) in South Bend Allocation No. 4, or for rentals paid by it for a building or parking facility in South Bend Allocation No. 4 under any lease entered into under I.C. 36 -1 -10. 6. When money in the Special Fund shall be sufficient to pay when due all principal and interest on bonds described in subsections (a), (c) and (d) above and is not needed for the other purposes described in subsections (b) and (d) above, any money in the Special Fund in excess of such amount shall be paid to the resepctive taxing units entitled thereto in the matter provided in paragraph 4(a) hereof, and thereafter the allocation and distribution -3-