1994-05-17 Resolution 91 - Laserfiche WebLink

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Redevelopment District, for the purpose of financing local public improvements which promote economic • development within the Redevelopment District. The Commission is composed of five members, with three being appointed by the Mayor of the City and two being appointed by the South Bend Common Council, the legislative body of the City. Pursuant to the Redevelopment Act, each member of the Commission serves for a one year term and until his/her successor is appointed and qualified. The current members of the Commission are listed below: [To be provided by City Attorney's Office.] The Authority The Authority is a body corporate and politic, separate from the City pursuant to Indiana Code 36 -7 -14.5, as amended (the "Act "), which serves solely as an instrumentality of the City to finance local public improvements for lease to the Commission. The Authority has no taxing power. The Authority is comprised of three members which are appointed by the Mayor of the City. Pursuant to the Act, each member of the Authority serves for a term of three years, and may be reappointed to subsequent terms. The current members of the Authority are listed below: [To be provided by City Attorney's Office.] Outstanding Bonded Indebtedness As of the date of the delivery of the Bonds, the Redevelopment District, through bonds or other • indebtedness issued or incurred by either the Authority or the Commission, has $ in aggregate principal amount of special taxing district bonds outstanding (excluding unpaid, matured bonds for which funds are on deposit to pay such bonds upon presentment), which are payable from ad valorem property taxes levied within the Redevelopment District. The Redevelopment District, through either the Authority or the Commission, may issue additional bonds to finance or refinance projects in furtherance of the purposes set forth in the Act and the Redevelopment Act. However, the amount and timing of the issuance of any such additional bonds are subject to a number of conditions that cannot be predicted at this time. • LITIGATION There is not now pending or, to the best of the knowledge of the Authority or the Commission, threatened any litigation restraining or enjoining the issuance, sale, execution or delivery of the Bonds or the payment of rent under the Lease, or in any way contesting, questioning or affecting the validity of the Bonds or the Lease, or the proceedings or authority of the Authority or the Commission taken with respect to the issuance or sale of the Bonds, the execution or delivery of the Lease, or the pledge or application of any moneys or security provided for the payment of the Bonds. Neither the creation, organization or existence of the Authority or the Commission nor the title of any of the present members of the Authority or the Commission or other Authority or Commission officers to their respective offices is being contested. -11-