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South Bend edevelopment Commission <br />Reschedule(I Regular Meeting - November 12, 1987 <br />6. NEW BUSINESS (Cont.) <br />a. (1) Continued... <br />Mrs. Schwartz requested that this item be <br />added to the agenda prior to <br />consideration of Item 6a. This <br />resolution is related to a new provision <br />in the State Law that allows the <br />Redevelopment Commission to permit extra <br />tax proceeds to go to other taxing <br />jurisdictions if they are not needed by <br />the Commission for eligible TIF purposes <br />and if it would not endanger existing <br />bonds. We have received a letter from <br />Spr'ngsted, Inc., our financial advisor, <br />stating that since our bonds are payable <br />solely from revenues, and since the <br />Co ssion intends to issue a new bond <br />payable solely from TIF revenues, it is <br />Spr'ngsted's opinion that all tax <br />increment must be allowed to accumulate <br />as security for the bonds. Resolution <br />No. 821 states that the Commission will <br />not authorize payments of excess TIF tax <br />pro eeds to the other taxing <br />Jurisdictions because to do so would <br />end er the interest of the bond <br />hol ers. <br />Mr. Richard Treptow of Springsted, Inc., <br />added that without this resolution, we <br />wou d have a difficult time marketing our <br />new bonds. <br />Upo a motion by Mr. Combs, seconded by COMMISSION APPROVED RESOLUTION NO. 821 <br />Mr. Donoho and unanimously carried, the <br />Comaission approved Resolution No. 821. <br />a. Commission approval requested for <br />iss !nce of bonds on parity with the City <br />of outh Bend Redevelopment District Tax <br />Increment Revenue Bonds of 1985 and the <br />City of South Bend Redevelopment District <br />Tax Increment Revenue Bonds of 1986 for <br />ition and redevelopment in tY <br />Bend Central Allocation Area. <br />-7- <br />