HomeMy WebLinkAboutNo. 1646 establishing certain funds and accounts in connection with the lease dated as of 7/1/92 as amended between the SBRC and the SBRA for the Blackthorn Golf Course projectc
RESOLUTION NO. 1646
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
WITH THE LEASE DATED AS OF JULY 1, 1992, AS AMENDED,
BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION
AND THE SOUTH BEND REDEVELOPMENT AUTHORITY FOR THE
BLACKTHORN GOLF COURSE PROJECT
WHEREAS, the South Bend Redevelopment Authority (the "Authority ") has been
created pursuant to IC 36 -7 -14.5 as a separate body, corporate and politic, and as an instrumentality
of the City of South Bend to finance local public improvements for lease to the South Bend
Redevelopment Commission (the "Commission ");
WHEREAS, the Authority intends to issue bonds in an aggregate principal amount
not to exceed Seven Million and 00 /100 Dollars ($7,000,000.00) pursuant to IC 36 -7- 14.5 -19 and
IC 5 -1 -5 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue
Refunding Bonds of 1998 (Blackthorn Golf Course Project)" (the "Bonds "), the proceeds of which
are to be used to refund the South Bend Redevelopment Authority Lease Rental Revenue Bonds
(Blackthorn Golf Course Project) issued by the Authority in 1992, and to pay the costs of issuance
of the Bonds;
WHEREAS, the Authority previously entered into a lease between the Authority and
the Commission dated as of July 1, 1992, which lease was amended by the Addendum to Lease
entered into between the Authority and the Commission and dated as of October 2, 1992,
(collectively, the "Lease "), which Lease was heretofore approved by this Commission, and pursuant
to which the Authority leases to the Commission certain local public improvements, namely the
Blackthorn Golf Course and related improvements;
WHEREAS, the Commission anticipates it will consider for approval an addendum
to the Lease (the "Addendum ") following the sale of the Bonds to reflect lower rental payments
under the Lease; and
WHEREAS, the Commission, by Resolution No. 1088 adopted at a meeting on
August 7, 1992, established certain funds and accounts for the payment of the rentals owed by the
Commission pursuant to said Lease (the "Pledge Resolution ");
NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Commission as follows:
Section 1. The Commission hereby covenants and agrees to keep and maintain
those funds and accounts created by the Pledge Resolution, such funds and accounts consisting of
a Blackthorn Golf Course Project Principal and Interest Account (the "Blackthorn Golf Course
Principal and Interest Account ") and such other accounts as the Commission may from time to time
establish to pay the rentals owed by the Commission pursuant to the Lease as the same may be
amended by the Addendum.
Section 2. The Commission hereby acknowledges and restates its obligation
pursuant to the Pledge Resolution to levy in each calendar year a special tax upon all of the taxable
property in the City of South Bend Redevelopment District in a total amount sufficient, together with
any Required Deposit made on August 1 of such calendar year and all other funds in the Blackthorn
Golf Course Project Principal and Interest Account deposited into such account from any other
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sources (other than such special taxes) during the previous twelve (12) calendar months prior to
August 1 of such calendar year, to pay all lease rental payments payable in the twelve (12) month
period beginning on July 1 of the following calendar year. Such taxes shall be deposited in the
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Blackthorn Golf Course Project Principal and Interest Account and such taxes and any other funds
in the Blackthorn Golf Course Project Principal and Interest Account shall be irrevocably pledged
for the purposes set forth in this Resolution.
Section 3. This Resolution shall be in full force and effect after its adoption by
the Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
November 6, 1998, in Room 1308, County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
ATT ST:
Euge is Schwartz, Secretary
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'MQ REDEVF�I MENT COMMISSION
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Robert Hunt, President
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