No. 2406 appropriating tax increment financing revenues from Allocation Area No. 3 fund for the payment of certain obligations and expenses related to the South Side Developemnt Area Allocation Area No. 3

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WHEREAS, the Secretary of the Commission has caused notice of said hearing on said appropriations to be published in accordance with law; and WHEREAS, such public hearing was held at the Commission's meeting at 10:00 a.m. on December 19, 2007, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601, at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriations; and WHEREAS, the Commission now desires to approve said appropriations in a total amount estimated not to exceed Eight Hundred Thousand and 00/100 Dollars ($800,000.00); NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby finds that there are insufficient funds available or provided for in the existing budget and tax levy which maybe applied to debt service payments on the EDC Bonds, in accordance with the Pledge Resolution and Indiana Code ~ 36-7-14~39(b)(2)(A). 2. The Commission hereby appropriates that all fiends in Allocation Area No. 3 Fund and/or the Principal and Interest Account for the debt service payments on the EDC Bonds, in accordance with the Pledge Resolution and Indiana Code ~ 36-7-1439(b)(2)(A), which amount is not expected to exceed the amount owed on the Bonds and required to be deposited with the Trustee under the Pledge Resolution and the Indenture and which amount is not anticipated to exceed Eight Hundred Thousand and 00/100 Dollars ($800,000.00) this year. 3. Such appropriations shall be in addition to all the appropriations provided for in the existing budget and levy and shall continue in effect until the completion of the activities described herein. Any surplus of such proceeds shall be credited to the proper fluid as provided by law. 4. The President and/or the Secretary of the Commission are hereby authorized and directed to certify a copy of this Resolution together with such other proceedings and actions as may be necessary to the St. Joseph County Auditor for certification to the Indiana Department of Local Government Finance for the purpose of obtaining its approval of the appropriations herein made. *~** •