HomeMy WebLinkAboutNo. 2806 appropriating the proceeds (including investment earnings thereon) of the SB Redevelopment District Revenue Bonds to the applied to the cost of redevelopment/economic development in or serving the CDAC, RESOLUTION NO. 2806
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROPRIATING THE PROCEEDS (INCLUDING
INVESTMENT EARNINGS THEREON) OF THE SOUTH BEND
REDEVELOPMENT DISTRICT REVENUE BONDS TO BE APPLIED TO
THE COST OF REDEVELOPMENT AND ECONOMIC DEVELOPMENT
IN OR SERVING THE CENTRAL DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission (the "Commission "),
on November 19, 2010, adopted its Resolution No. 2805 entitled "A BOND RESOLUTION OF
THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE
OF REVENUE BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT FOR THE
PURPOSE OF RAISING MONEY FOR REDEVELOPMENT AND ECONOMIC
DEVELOPMENT IN THE CENTRAL DEVELOPMENT AREA" (the "Bond Resolution "), the
provisions of which Bond Resolution are hereby included herein by this reference thereto,
determined to issue bonds of the South Bend Redevelopment District (the "District ") payable
from certain "covered taxes" as such term is defined by I.C. 36 -7- 31.3 -4 of the Professional
Sports and Convention Development Area (the " PSCDA Revenues "), and to the extent the
PSCDA Revenues are insufficient therefor, from County Option Income Tax Revenues ( "COIT
Revenues ") pledged by the Common Council of the City of South Bend, Indiana, for the purpose
of procuring funds to pay for the cost of redevelopment and economic development in or serving
the Central Development Area (the "Area "), including without limitation, certain local public
improvements to Coveleski Stadium (the "Project "), together with a sum sufficient to pay the
estimated cost of all expenses reasonably incurred in connection with the redevelopment and
economic development in the Area, including the total cost of all reasonable and necessary
architectural, engineering, legal, financing, accounting, advertising, bond discount and
supervisory expenses, capitalized interest and a debt service reserve for the bonds to the extent
that the Commission determines that a reserve is reasonably required, together with the expenses
in connection with or on account of the completion of the Project and the issuance of the bonds;
and
WHEREAS, the Commission did not include the proceeds (including investment
earnings thereon in an estimated amount of Twenty Thousand and 00 /100 Dollars ($20,000.00)
of said bonds of the District in the regular budget for the year 2010; and
WHEREAS, there are insufficient funds available or provided in the existing
budget and tax levy which may be applied to the cost of the redevelopment and economic
development in the Area, the completion of the Project, and the issuance of said bonds has been
authorized to procure the necessary funds and an extraordinary emergency and necessity exists
for the making of the additional appropriation set out herein; and
WHEREAS, the Secretary of this Commission has caused notice of a hearing on
said appropriation to be published as required by law; and
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WHEREAS, such public hearing was held on November 19, 2010, at 10:00 a.m.
(local time) in the City- County Building located at 227 West Jefferson Boulevard, South Bend,
Indiana, Room 1308, concerning said appropriation at which all taxpayers and interested persons
had an opportunity to appear and express their views as to such additional appropriation;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The proceeds derived from the sale of the bonds heretofore authorized to
be issued and all investment earnings thereon in the approximate amount of $20,000 shall be,
and are, hereby appropriated by the Commission for the purpose of providing funds to be applied
to the cost of the redevelopment and economic development in the Area, including without
limitation the Project, together with a sum sufficient to pay the estimated cost of all expenses
reasonably incurred in connection with the redevelopment and economic development in the
Area, including all reasonable and necessary architectural, engineering, legal, financing,
accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt
service reserve for the bonds to the extent that the Commission determines that a reserve is
reasonably required, together with expenses in connection with the completion of the Project and
the issuance of bonds not provided for in the existing budget and tax levy.
2. Such appropriation shall be in addition to all appropriations provided for
in the existing budget and levy and shall continue in effect until the completion of the activities
described in Paragraph No. 1 above. Any surplus of such proceeds (including investment
earnings thereon) shall be credited to the proper fund as provided by law.
3. The President and Secretary of the Commission shall be, and hereby are,
authorized and directed to certify a copy of this Resolution together with such other proceedings
and actions as may be necessary to the Department of Local Government Finance.
Commission.
4. This Resolution shall be in full force and effect after its adoption by the
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ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment
Commission held on November 19, 2010.
SOUTH BEND
REDEVELOPMENT COMMISSION
ATTEST:
Llo'e' q1 2 -
Nancy King, Se etary
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arner, Vice - President