Approving & Authorizing the Execution of a Cooperation Agreement Between City of South Bend and Housing Authority of City of South Bend

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-snow removal; garbage; trash and ash collection and disposal; street lighting on-public streets within any Project and on the boundaries thereof; and .sewer services. The term "useful life of such Project" as used in this paragraph, shall mean the period of physical usefulness of the particular Project for the purpose of providing dwelling accommodations, but in no event less than the number of years during which any of the bonds issued to aid in financing the development of such Project or any bonds issued to refund such bonds shall remain outstanding: (4) It is agreed that the Authority shall pay to the City.` annually in lieu of taxes and assessments on or with respect to the Project; a sum equal to but not in excess of three per eentum (%) of the aggregate income derived by the Authbrity from shelter rents (being the total of all rents chargeable and collected but exclud- ing charges for utilities such as heat; electricity, gas and water); provided that :such payments shall be made by the Authority on the 1st day of of each year, so long as the local annual contribution for that year is more than twenty per eentum (20%) of the federal annual contribution for that year: The City agrees that each such annual payment in lieu of taxes and assessments received by it will be distributed by the City to the taxing bodies in suoh proportion that each taxing body will receive from the total payment by the Authority hereunder the same proportion as said taxing bodyts ad valorem tag rate bears to the total ad valorem tax rate which would be levied against the Project if it were operated by private enterprise and subject to normal taxation. The following terms as used in the foregoing shall have the following meaning- (a) The term "taxing bodies" shall mean the State of Indiana and every political sub - division or taxing unit thereof; including the City, which shall have authority to levy taxes, or to certify taxes to a taxing body or public officer to be levied i for its use and benefit; and n which the Project is situated. (b) The term "local annual contribution for an year" shall mean an amount equal tot (I) The amount which the taxing bodies would levy for that year by means of taxes and special assessments on or with respect to the project, if the Project were operated by private enterprise and subject to normal taxation and assessment, less (II) the payment in lieu of taxes and assessments which the Authority may make for that year: (o) The term "federal annual contribution" shall mean the fixed amount of annual eon- - tribution payable to the Authority by the United States Housing Authority for the purpose of aiding the Authority in achieving and maintaining the low -rent character of the Project. 3.