HomeMy WebLinkAboutNo. 1954 establishing its intent to reimburse certain preliminary costs from the proceeds of bondsC: RESOLUTION NO. 1954
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 ") to pay for the expenses related to the acquisition and
construction of a surface parking lot adjacent to Sycamore Street (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 to pay for
the Project will not exceed an aggregate principal amount of One Million Two Hundred Fifty
Thousand and 00 /100 Dollars ($1,250,000.00); and
WHEREAS, the 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:
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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.
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
February 7, 2003, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
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SBIMAN 1 144270v 1
SOUTH BEND REDEVELOPMENT COMMISSION
Marcia I. Jones, Vtc resident
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