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~,: <br />• <br />RESOLUTION NO. ~~_ <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY <br />REGARDING USE OF SURPLUS BOND PROCEEDS FROM SOUTH BEND <br />REDEVELOPMENT AUTHORITY TAXABLE LEASE RENTAL REVENUE BOND <br />(COVELESKI STADIUM REFUNDING) <br />WHEREAS, the South Bend Redevelopment Authority previously <br />issued its South Bend Redevelopment Authority Taxable Lease Rental <br />Revenue Bond (Coveleski Stadium Refunding)(Bonds), the proceeds of <br />which were used for property acquisition and public improvements in <br />the South Bend Central Development Area (SBDCA); and <br />WHEREAS, the purpose for which the Bonds were issued has been <br />accomplished and completed; and <br />WHEREAS, the Bonds .have been paid in full; and <br />WHEREAS, a surplus of $9,032.76 exists on deposit with Norwest <br />Bank Indiana, N.A. (Trustee) in various funds (Funds) from taxes <br />levied to make principal and interest payment on such Bonds; and <br />. WHEREAS,. The South Bend City Controller has certified that the <br />surplus was not anticipated and is not needed in connection with <br />the Bonds, a copy of which certification is attached hereto; and <br />WHEREAS, the South Bend Redevelopment Authority deems it <br />advisable to use said surplus to reduce the tax levy to make <br />principal and interest. payments on bonds of the South Bend <br />Redevelopment Commission issued for purposes similar to those for <br />which the Bonds were issued. <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT <br />AUTHORITY as follows: <br />1. That the determinations set forth in the certifications of <br />the Controller are hereby approved. <br />2. That the South Bend Redevelopment Authority hereby approves <br />the use of said surplus to reduce the tax levy to make principal <br />and interest payments on bonds of the South Bend Redevelopment <br />Commission issued for purposes similar to those for which the Bonds <br />were issued. <br />3. That the South Bend Redevelopment Authority hereby <br />authorizes and directs the trustee to close the accounts and that <br />• all deposits therein be paid to the City of South Bend for use as <br />stated herein. <br />Adopted at the rescheduled meeting of the South Bend <br />Redevelopment Commission held August 14, 1997, 1308 County-City. <br />Building 46601. <br />SOUTH BEND <br />REDEVELOPMENT AUTHORITY <br />An re mma e, Presi ent <br />ATTEST: <br />~~ <br />Secretary <br />