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RM 07-16-93
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RM 07-16-93
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South Bend Redevelopment Commission <br />Regular Meeting - July 16, 1993 <br />6. NEW BUSINESS (Cont.) <br />j. Commission approval requested for <br />Resolution No. 1181 establishing certain <br />funds and accounts in connection with <br />the Lease dated as of August 1, 1990, <br />as amended and restated by an <br />Addendum dated as of December 21. <br />1990, as further amended by an <br />Addendum dated as of January 29. <br />1991, and as further amended by an <br />Addendum to Lease dated February 5. <br />1993 between the South Bend <br />Redevelopment Commission and the <br />South Bend Redevelopment Authority. <br />Mrs. Kolata explained that Resolution <br />No. 1181 is called a pledge resolution <br />in which the Commission promises to <br />make the lease payments, based on the <br />new lease, and in which the <br />Commission promises that if there are <br />not enough funds to make the payments <br />the Commission will levy a tax to get <br />the funds necessary to make the <br />payments. These bonds are structured <br />to be paid from tax increment so a tax <br />levy should not be necessary. A similar <br />resolution is already on file related to <br />the former lease. This resolution <br />amends that to reflect the new lease. <br />Upon a motion by Mr. Donoho, <br />seconded by Mr. Piasecki and <br />unanimously carried, the Commission <br />approved Resolution No. 1181 <br />establishing certain funds and accounts <br />in connection with the Lease dated as of <br />August 1, 1990, as amended and <br />restated by an Addendum dated as of <br />-19- <br />
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