HomeMy WebLinkAboutNo. 1971 establishing its intent to reimburse certain preliminary expenditures related to property acquisition to accommodate power line relocation from the prodeeds of bondsRESOLUTION NO. 1971
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PRELIMINARY
EXPENDITURES RELATED TO PROPERTY ACQUISITION TO ACCOMMODATE
POWER LINE RELOCATION 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 ") which may include sales tax increment revenues to pay
for the expenses related to the acquisition of property to accommodate the relocation of a power
line owned by American Electric Power (the "Project "); and
WHEREAS, certain preliminary costs associated with the Project have been or will
Lo� - be incurred by or on behalf of the Commission prior to the issuance of the Bonds; and
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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 Hundred Twelve Thousand Five
Hundred and 00 /100 Dollars ($112,500.00); 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;
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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 b or on behalf of the
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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
April 17 2003, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana
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SOUTH BEND REDEVELOPMENT COMMISSION
By:
Robert W. Hunt, President
ATTEST:
Marcia I. Jones, Vice President
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