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South Bend <br />Regular Meg <br />5. OLD BU <br />There <br />6. NEW BU' <br />a. Ca <br />elopuezt Commission <br />- August 9, 1991 <br />no old business. <br />THERE WAS NO OLD BUSINESS <br />Mrs Kolata explained that this <br />resolution is related to the St. <br />Joseph/Wayne Garage. When the Commission <br />ent red into the financing for the <br />garage, the Redevelopuelt Authority sold <br />a hxmd issue. The Redevelopment <br />Caniission is leasing the garage fran the <br />Redevelopnent, Authority and mist make <br />s -annual lease payments. The <br />requirement in the bond docm -eats is that <br />you must have a certain amount of money <br />in the fund by a specific date or you <br />have to levy taxes in order to cover the <br />1 e payments. at this resolution <br />doe i Wh <br />s transfer $273,192.00 fran the Tax <br />Inc t General Fund over to the <br />Par g Garage Fund so that a tax levy <br />R winot be necessary. The Cannon <br />cil will take a similar action where <br />will be appropriating approDd oately <br />$75,000 of One Michiana. Square loan <br />repayments. They will take that action <br />on Ikugust 26, 1991. These two <br />transactions, added to what is already in <br />the Fund, mean it will it will not be <br />nec scary to levy a tax. <br />Mr. Piasecki asked Mrs. Kolata what the <br />balance was in the Allocation Fund now. <br />Mrs Kolata answered that twice a year <br />are collected and the money goes <br />into the TIF Revenue Account. We have to <br />certain there is enough to pay the <br />revenue bands and that there is enough in <br />the debt service reserve account. <br />Anytking left after those two accounts <br />goes into the General Account. The <br />witIrlyawal being made today is frcin <br />-3- <br />