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1 <br />WHEREAS, the Authority desires to establish its intent <br />to reimburse such preliminary expenditures as may be incurred prior <br />to the issuance of bonds, all pursuant to IC 5-1-14-6(b) and in <br />compliance with Section 1.103-18 of the Treasury Regulations; <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend <br />Redevelopment Authority as follows: <br />1. The Authority hereby declares that it reasonably <br />expects to reimburse certain preliminary expenditures as may be <br />incurred in connection with the construction of the Project prior <br />to the issuance of bonds should the Authority issue bonds to <br />finance construction of the Project, with proceeds of any such <br />bonds to be used for reimbursement purposes in a maximum amount of <br />Three Million Dollars ($3,000,000). <br />• 2. The Authority hereby declares that no funds from. <br />sources other than bonds to be issued are, or reasonably expected <br />to be, reserved, allocated or otherwise set aside by the Authority <br />(or any other member of the same controlled group) on a long-term <br />basis for payment of such expenditures to be reimbursed pursuant <br />to its budget or financial policies with respect to the expenditure <br />to be reimbursed. <br />3. The Authority hereby directs the Secretary of the <br />Board of Directors of the Authority to file this Resolution in the <br />records of the Authority, and to make a copy of this Resolution <br />available for inspection within thirty (30) days after adoption <br />hereof until the date of issue of bonds issued by the Authority for <br />the construction of the Project. <br />i• <br />-2- <br />