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South Bend <br />Regular Meg <br />6. NEW BiT <br />a. coy <br />Pol <br />elogrelt Cmu ission <br />- August 9, 1991 <br />(Cont.) <br />the General Account. There is <br />app tely $1,000,000 in the account <br />at this time. Our financial advisor has <br />looked at all of the r mnbers and has <br />looked at the cash flow, and we are in <br />gocxi shape and can afford to make the <br />transfer. We must keep a fairly large <br />balance in the General Account because we <br />will need to make additional transfers in <br />ear y 1992 for the revenue bond. <br />Mr. Donoho asked if there was a certain <br />sum or percentage that has to be in the <br />account. Mrs. Kolata answered that this <br />furxi contains what is left over after <br />welve put money in the debt service and <br />debt service reserve account. Mr. Donaho <br />asked if the Commission would have to do <br />this every year. Mrs. Kolata answered <br />that yes, it would have to be done every <br />year. You can use any source of money <br />you want to make the lease payments; but <br />whem the garage was financed, we said we <br />would use three revenue sources: the net <br />renvmnues from the garage, the One <br />Mi 'ana Square loan repayments, and the <br />taX increment. <br />LTpaj a motion by Mr. Faccenda, seconded <br />by Mr. Donoho and unanimously carried, <br />the Camlission approved Resolution <br />No. 1009, approving an appropriation of <br />fran the South Bend Central <br />Allocation. Fund (South Bend Allocation <br />No. 1A) Special Fund to the Parking <br />Garage Principal and Interest Account of <br />the Redevelogrent District Bond Fund. <br />-4- <br />�• <br />fool . ... • , <br />• :�i� • A • <br />• I RIM IMM 1 <br />■.• r� �.. .. ■. . In <br />