1988-07-08 Resolution 10 - Laserfiche WebLink

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South Bend Redevelopment Authority Stadium Facility Expense Fund. A portion of Bond proceeds will be set aside in the Expense Fund for the purpose of paying all costs related to the Issuance of the Bonds. Remaining funds, after payment of issuance costs, •' will- be transferred to the Sinking Fund. The Trustee shall invest all funds, or so much as is practicable in Qualified Securities as permitted by law. Whenever the amounts contained in the Funds are sufficient to redeem all outstanding Bonds, the Trustee shall apply the amounts in the Funds, except the. Rebate Fund, to ,the redemption of the Bonds. Funds and Accounts of the Commission Per Resolution No. 849 The Commission has established certain funds and accounts for the payment of the rentals owed by the Commission as set forth in Resolution No. 849, summarized as follows. (A copy of Resolution No. 849 is exhibited in Appendix E of this Official Statement). Redevelopment District Bond Fund.. This Fund will consist of a Principal and Interest Account and such other accounts as the Commission may establish. Parking Garage Principal and Interest Account. The Commission shall levy in 1988 a special tax upon all taxable property in the District in a total amount sufficient, together with all funds in the Stadium Principal and Interest Account deposited into such Account from any other sources during the previous 12 calendar months prior to August I, 1988, to pay all lease rental payments payable in the 18-month period beginning on January I, 1989. The Commission shall levy in each calendar. year beginning in 1989 a special tax upon all taxable property in the District in a total amount sufficient, together with all other funds in the Stadium Principal and Interest Account deposited into such Account from any other sources during the previous 12 calendar months prior to August I of such calendar year. Such taxes shall be deposited in the Stadium Principal and Interest Account and pledged for purposes set forth in the Resolution. Procedures for Property Assessment, Tax Levy and Collection, and Tax Abatements Real Property in the State is assessed each year as of March I. On or before August I each year, the County Auditor must submit to each underlying unit a statement of (i) the estimated assessed value of the unit as of March I of that year, and (ii) an estimate of the taxes to be distributed to the unit during the last six months of the current budget year. The estimated assessed value is based on abstracts delivered to the Auditor. by the Township Assessor or his designee on or before July 15. The estimated value is used when the Common Council meets to establish its budget for the next fiscal year (January I through December 31), and to set tax rates and levies. By statute, this must be done not later than the last Monday in Avgust. The .budget, tax levy and tax rate is subject to review and revision by the State Board of Tax Commissioners. On or before December 31, the County Auditor prepares and delivers the final abstract. The County Treasurer mails tax statements the following April. Property taxes are due and payable to the County Treasurer in two installments on May 10 and November 10. If an installment of taxes is not completely paid on or before the due date, a penalty of _ 10% of the amount delinquent is added to the amount due. On May 10 and November 10 of each year thereafter, an additional penalty equal to 10% of any taxes remaining -S -