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South Bend edevelopment Commission <br />Regular Meeting - May 23, 1986 <br />6. NEW BUSINESS (Cont.) <br />d. Continued... <br />issue will be used for capitalized <br />est, which in effect, reduces the debt <br />ce requirements during the first three <br />of the 1986 bond issue. <br />Mr. Treptow identified two unresolved issues <br />that may reduce the amount of tax increment <br />available to make payments on the bonds. <br />The Se issues relate to the handling of the <br />State tax replacement credit as it applies to <br />tax allocation areas and the treatment of <br />assessed valuation growth which is due to the <br />reduction in abatement granted prior to the <br />creition of tax allocation areas. <br />Upon a motion made by Ms. Auburn, seconded by <br />Mr. Combs and unanimously carried, the <br />Comriission approved Resolution No. 775 <br />authorizing the issuance of bonds on parity <br />with the City of South Bend Redevelopment <br />District Tax Increment Revenue Bonds of 1985 <br />for the purpose of raising money for property <br />accpiisition and redevelopment in the South <br />Bend Central Development Area and further <br />autliorizing publication and posting of notice <br />of dete. 'nation to issue such bonds, with <br />publication to take place May 23 and May 30, <br />1986. <br />e. Fil$ng of Resolution No. 776 <br />ation Resolution One City of South <br />evelopment District Tax Increment <br />Bonds of 1986, and authorizing <br />ion of notice of proposed supplementa <br />ation and setting a public hearing on <br />thelproposed supplemental appropriation. <br />Mrs Kolata noted that Resolution No. 776 is <br />not being acted upon at this time but is being <br />filed with the Commission for action at the <br />June 13th Commission meeting. The Commission <br />is also being asked to set June 13, 1986 as <br />the date of the public hearing on the proposed <br />appropriation and to authorize publication and <br />posting of notice of the proposed <br />appropriation of bond proceeds and public <br />he ing with publication date to be May 30, <br />1986. <br />-6- <br />COMMISSION APPROVED RESOLUTION <br />NO. 775 AUTHORIZING THE <br />ISSUANCE OF BONDS ON PARITY <br />WITH THE CITY OF SOUTH BEND <br />REDEVELOPMENT DISTRICT TAX <br />INCREMENT REVENUE BONDS OF <br />1985 FOR THE PURPOSE OF RAISING <br />MONEY FOR PROPERTY ACQUISITION <br />AND REDEVELOPMENT IN THE <br />SOUTH BEND CENTRAL DEVELOPMENT <br />AREA <br />