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Patrick M. McMahon <br />Executive Director <br />Ann Kolata <br />Dep. Dir. Redev. <br />Kevin Horton <br />Dep. Dir. Ec. Dev. <br />CITY of SOUTH BEND <br />ROGER O. PARENT, Mayor <br />DEPARTMENT OF ECONOMIC DEVELOPMENT AND REDEVELOPMENT <br />1200 COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 <br />(219) 284 -9371 <br />January 27, 1982 <br />Members of the Common Council <br />441 County -City Building <br />South Bend, IN 46601 <br />RE: Redevelopment Ordinance Transferring $1,472.47 <br />to Meet Bond Retirement and Interest Obligations <br />Dear Council Members: <br />Redevelopment Commission <br />F. Jay Nimtz <br />President <br />Lloyd E. Robinson, Sr. <br />Vice President <br />A. Peter Donaldson <br />Secretary <br />Robert J. Clra <br />Assistant Secretary <br />Paula N. Auburn <br />Member <br />The attached ordinance addresses the needs of the Urban Redevelopment <br />Bond Redemption Fund as they relate to current interest obligations on <br />the District Capital Bonds of '72. The retirement and interest obliga- <br />tions on these bonds were to be met by projected property tax revenues. <br />These projected revenues have not been realized, thus other funding sources <br />are required. This ordinance proposes to transfer $1,472.47 from the Re- <br />development District Capital Fund '72 to the Urban Redevelopment Bond <br />Redemption Fund in order to meet the current interest obligations. <br />If you have any questions regarding this ordinance, please contact me at <br />your convenience. <br />Very truly yours, <br />Donald E. Inks <br />Fiscal Officer <br />DEI:amc <br />Attachment <br />