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1990-12-21 Resolution 29
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1990-12-21 Resolution 29
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7/17/2008 3:05:07 PM
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<br />~,. . <br />SOUTH. BEND (INDIANA) REDEVELOPMENT AUTHORITY <br />GENERAL COMMENTS <br />Analysis of Debt Service and Estimated-Tax Increment - Page 7 <br />(Cont'd) <br />The Redevelopment Commission anticipates that tax increment revenues will be <br />sufficient to meet the debt service payments when due. Capitalized interest in <br />the amount of $798,.216 will be available to augment the tax increment revenue in <br />the early years, so that the two sources combined will be sufficient to meet the <br />debt service. Estimated annual. tax increment revenues and capitalized interest <br />will provide a bond coverage ratio ranging from 1.00 to 1.11. To the extent <br />that tax increment revenues and capitalized interest are available to make debt <br />payments, no debt service tax levy will be required. It should be noted, <br />however, if none of the projected tax increment revenue were received, a debt <br />service tax levy would be required resulting in a ma:{imam debt service tax rate <br />of $.14 per $100 of net assessed value assuming a net assessed value of <br />$406,763,605 for the South Bend Redevelopment District. <br />Bond Year Schedule - Pa~e~8 <br />The calculation of the bond years for the Lease Rental Bonds is presented in <br />this schedule. It is assumed that the Bonds will be dated January 1, 1991. <br />-3- <br />
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