HomeMy WebLinkAbout5A k Resolution No. 3358RESOLUTION NO. 3358
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING AND TRANSFERRING MONIES FOR THE PURPOSE OF
FUNDING CERTAIN PROJECTS FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 2017, AND ENDING DECEMBER 31, 2017
(2003 Airport Bond)
WHEREAS, the South Bend Redevelopment Commission (the "Commission ") has caused
to be issued several bonds funding the development of certain local public improvements located
within the various development areas in the City of South Bend; and
WHEREAS, to provide for the repayment of such bonds, the Commission has established
several Debt Service Funds and has deposited monies into those funds for the purpose of repaying
those bonds; and
WHEREAS, the Debt Service Funds earn interest income over the course of the year which
can be appropriated and transferred for the use of the Commission pursuant to IC 36- 7- 14 -39,
during calendar year 2013; and
WHEREAS, the Debt Service Funds also contain monies held in reserve to guarantee that
payments can be made on said bonds, which, at the end of the life of the bonds are no longer
required to be held in the Debt Service Fund and become available for the Commission's use in
accordance with IC 36- 7- 14 -39; and
WHEREAS, the Commission has determined it is necessary and desirable to appropriate
the interest income and other available monies of the various Debt Service Funds and to transfer
those monies to the appropriate fund as specified in Exhibit A for the use of the Commission in
accordance with the uses specified in IC 36- 7- 14 -39.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. For the expenditures of the River West TIF Revenue Fund 324, for the fiscal year
2017, the sums of money, as set forth in Exhibit A, attached hereto and made a part hereof, are
hereby appropriated and ordered transferred out of the Airport 2003 Debt Reserve Fund 315 and
into the River West TIF Revenue Fund 324, and for the purposes hereinafter specified, subject to
the laws governing the same. The sums hereby appropriated and transferred shall be deemed to
include all expenditures authorized to be made in said year, unless otherwise expressly stipulated
or provided by law.
2. For the fiscal year ending December 31, 2017, the above referenced appropriations
are made within the Airport Economic Development Area.
3. The above referenced funds herein appropriated are hereby ordered transferred to
the River West TIF Revenue Fund 324.
4. This resolution shall be in full force and effect from and after its adoption.
Adopted at the Regular Meeting of the South Bend Redevelopment Commission held
Thursday, October 13, 2016, at 9:30 a.m., 1308 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601
ATTEST:
Signature
Donald E. Inks, Secretary
Printed Name and Title
SOUTH BEND REDEVELOPMENT
COMMISSION
Signature
Marcia I. Jones, President
Printed Name and
EXHIBIT A
Appropriated and transferred from:
Airport 2003 Debt Reserve Fund 315 $14,000.00
Transferred to:
River West TIF Revenue Fund 324 $14,000.00