HomeMy WebLinkAboutNo. 1874 establishing its intent to reimburse certain preliminary costs from the proceeds of bondsRESOLUTION NO. 0 %
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PRELIMINARY COSTS
FROM THE PROCEEDS OF BONDS
WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the
governing body of the South Bend Redevelopment District (the "District ");
WHEREAS, the Commission has determined that it may be necessary to issue revenue
bonds of the District (the 'Bonds ") for the purpose of financing all or any portion of the expenses of
the redevelopment of the Sample -Ewing Development Area (the "Area "), including property
acquisition and environmental remediation (the "Project "); and
WHEREAS, certain preliminary costs associated with the Project have been or will be
incurred by or on behalf of the Commission prior to the issuance of the Bonds; and
WHEREAS, the Commission reasonably expects to reimburse such costs of the Project
with proceeds of the Bonds when and if issued; and
WHEREAS, the Commission expects that any Bonds that may be issued will not exceed
an aggregate principal amount of Six Million and 00 /100 Dollars ($6,000,000.00); and
WHEREAS, Commission desires to declare its official intent, pursuant to I.C. 5- 1- 14 -6(b)
and §1.150-2 of the Treasury Regulations promulgated by the Internal Revenue Service (the
"Treasury Regulations "), that said preliminary costs be reimbursed from the proceeds of the Bonds
when and if issued;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission hereby declares its official intent, pursuant to I.C. 5- 1- 14 -6(b) and
§1.150-2 of the Treasury Regulations, that costs incurred by or on behalf of the Commission in
financing the Project be reimbursed from the proceeds of the Bonds when and if issued.
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2. This resolution shall be in full force and effect from and after its adoption by the
Commission.
ADOPTED at a meeting of the South. Bend Redevelopment Commission held on March 1,
2002, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
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SOUTH BEND REDEVELOPMENT COMMISSION
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Robert W. Hunt, President
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