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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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1/29/2013 8:33:50 AM
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Redevelopment District, for the purpose of financing local public improvements which promote economic <br />• development within the Redevelopment District. <br />The Commission is composed of five members, with three being appointed by the Mayor of the City and <br />two being appointed by the South Bend Common Council, the legislative body of the City. Pursuant to the <br />Redevelopment Act, each member of the Commission serves for a one year term and until his/her successor is <br />appointed and qualified. <br />The current members of the Commission are listed below: <br />[To be provided by City Attorney's Office.] <br />The Authority <br />The Authority is a body corporate and politic, separate from the City pursuant to Indiana Code 36 -7 -14.5, <br />as amended (the "Act "), which serves solely as an instrumentality of the City to finance local public improvements <br />for lease to the Commission. The Authority has no taxing power. The Authority is comprised of three members <br />which are appointed by the Mayor of the City. Pursuant to the Act, each member of the Authority serves for a term <br />of three years, and may be reappointed to subsequent terms. <br />The current members of the Authority are listed below: <br />[To be provided by City Attorney's Office.] <br />Outstanding Bonded Indebtedness <br />As of the date of the delivery of the Bonds, the Redevelopment District, through bonds or other <br />• indebtedness issued or incurred by either the Authority or the Commission, has $ in aggregate <br />principal amount of special taxing district bonds outstanding (excluding unpaid, matured bonds for which funds are <br />on deposit to pay such bonds upon presentment), which are payable from ad valorem property taxes levied within <br />the Redevelopment District. <br />The Redevelopment District, through either the Authority or the Commission, may issue additional bonds <br />to finance or refinance projects in furtherance of the purposes set forth in the Act and the Redevelopment Act. <br />However, the amount and timing of the issuance of any such additional bonds are subject to a number of conditions <br />that cannot be predicted at this time. <br />• <br />LITIGATION <br />There is not now pending or, to the best of the knowledge of the Authority or the Commission, threatened <br />any litigation restraining or enjoining the issuance, sale, execution or delivery of the Bonds or the payment of rent <br />under the Lease, or in any way contesting, questioning or affecting the validity of the Bonds or the Lease, or the <br />proceedings or authority of the Authority or the Commission taken with respect to the issuance or sale of the Bonds, <br />the execution or delivery of the Lease, or the pledge or application of any moneys or security provided for the <br />payment of the Bonds. Neither the creation, organization or existence of the Authority or the Commission nor the <br />title of any of the present members of the Authority or the Commission or other Authority or Commission officers <br />to their respective offices is being contested. <br />-11- <br />
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