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1988-06-14 Minutes
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1988-06-14 Minutes
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7/24/2008 12:01:45 PM
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~r~ <br />(b) Net Revenue Account. Revenues of the Facility <br />shall next be set apart and paid into the Net Revenue Account. <br />Section 2. There is hereby created and established a <br />Redevelopment District Bond Fund to consist of a Parking Garage <br />Principal and Interest Account and such other accounts as the <br />Commission shall from time to time establish. All moneys set <br />apart and held in the Net Revenue Account shall, on each August 1 <br />during the Term of the Lease, be deposited in the.Parking Garage <br />Principal and Interest Account (a "Required Deposit") and such <br />Required Deposit shall be used to pay Lease rental payments in <br />the 12-month period beginning on January 1 of the following <br />calendar year; provided, however, that no deposit shall be made <br />from the Net Revenue Account into the Parking Garage Principal <br />and Interest Account on any August 1 if on such date the balance <br />in the Parking Garage Principal and Interest Account is <br />sufficient to pay all Lease rental payments payable in the <br />12-month period beginning on January 1 of the following calendar <br />year. Any funds in the Net Revenue Account remaining immediately <br />after such Required Deposit shall be deemed Excess Funds and be <br />paid to the Commission for appropriation and use as permitted by <br />law. The revenues of the Facility, other than Excess Funds, and <br />the funds in the Parking Garage Principal and Interest Account, <br />shall be irrevocably pledged for the purposes set forth in this <br />Resolution. <br />Section 3. The Commission shall levy in each calendar <br />year beginning in 1988 a special tax upon all of the taxable <br />property in the City of South Bend Redevelopment District in a <br />total amount sufficient, together with any Required Deposit made <br />-3- <br />
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