Regarding use of Surplus Bond Proceeds and/or Earnings from the South Bend Civic Center Building Authority Bonds of 1975 & Refunding Bonds of 1977

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RESOLUTION NO. ! -q-q/ RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND REGARDING USE OF SURPLUS BOND PROCEEDS AND /OR EARNINGS FROM THE SOUTH BEND CIVIC CENTER BUILDING AUTHORITY BONDS OF 1975 AND REFUNDING BONDS OF 1977 WHEREAS, the Civic Center Building Authority previously issued its 1975 Bonds and 1977 Refunding Bonds (collectively, the Bonds), the proceeds of which were used for the acquisition and construction of the Century Center Civic Center; and WHEREAS, the purpose for which the Bonds were issued has been accomplished and completed; and WHEREAS, the Bonds have been paid in full; and WHEREAS, a surplus of $11,562.06 exists in the City bond trustee accounts (Funds) from the proceeds and /or investment earnings of the Bonds; and WHEREAS, I.C. 5 -1 -13 allows for the expenditure of surplus bond proceeds or investment earnings for the same purpose or type of project for which the bonds were originally issued upon: 1. the certification of the fiscal officer before or at the time of that use that the surplus was not anticipated at the time of issuance of the bonds; and 2. action of the legislative body responsible for issuing the bonds approving the use of surplus bond proceeds or investment earnings for the same purpose or type of project for which the bonds were originally issued; and; WHEREAS, the City Controller has made certifications regarding surplus monies in the Fund, a copy of which certification is attached hereto; and WHEREAS, the Common Council of the City of South Bend deems it advisable to use said surplus for the repayment of the South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project). NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION as follows: 1. That the determinations set forth in the certifications of the Controller are hereby approved.