Laserfiche WebLink
WHEREAS, it is necessary for the Commission to establish certain <br />funds and accounts for the payment of th"e rentals owed by the <br />Commission pu~Atant to said Lease; • <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment <br />Commission as follows: <br />Section 1. There is hereby created and established a <br />Redevelopment District Bond Fund to consist of a South Bend Central <br />Development Area Public Improvement Project Principal and Interest <br />Account and such other accounts as the Commission shall from time to <br />time establish. <br />Section 2. The- Commission shall levy in each calendar <br />year beginning in the year prior to the first calendar year in which <br />the Commission is required to pay lease rentals pursuant to the <br />Lease, a special tax upon all of the taxable property in the City of <br />South Bend Redevelopment District in a total amount sufficient, • <br />together with all other funds in the South Bend Central Development <br />Area Public Improvement Project Principal and Interest Account <br />deposited into such account from any other sources (other than such <br />special taxes) during the previous 12 calendar months prior to August <br />1 of such calendar year, to pay all lease rental payments payable in <br />the 12-month period beginning on July 1 of the following calendar <br />year. Such taxes shall be deposited in the South Bend Central <br />Development Area Public Improvement Project Principal and Interest <br />Account and such taxes and any other funds in the South Bend Central <br />Development Area Public Improvement Project Principal and Interest <br />• <br />V-2 <br />