HomeMy WebLinkAboutNo. 1627 amending resolution No. 1258 establishing certain funds/accounts with connection with lease dated 11/1/93 between the SBRC and SBRA relating to Century Center project/related mattersRESOLUTION NO. 1627
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AMENDING RESOLUTION NUMBER 1258 ENTITLED "RESOLUTION OF THE
SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING CERTAIN
FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF
NOVEMBER 1, 1993, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION
AND THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO
THE CENTURY CENTER PROJECT AND OTHER RELATED MATTERS"
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 "); and
WHEREAS, the Authority issued bonds pursuant to IC 36 -7- 14.5 -19 known as the
"South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project)"
(the 'Bonds "), the proceeds of which were used to finance the costs of (i) acquiring the existing
Century Center facility and constructing certain improvements thereto and (ii) issuance of the Bonds
(the "Project "); and
WHEREAS, the Authority has leased the Project to the Commission pursuant to a lease
dated as of November 1, 1993 (the "Lease "), which Lease was heretofore approved by this
Commission; and
WHEREAS, the State Board of Tax Commissioners issued its order approving the Lease
pursuant to IC 6 -1.1- 18.5 -8 on November 24, 1993;
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WHEREAS, the President and Secretary of the Commission executed and attested,
respectively, the Lease, and Notice of Execution and Approval of the Lease was published on Friday,
December 3, 1993, in accordance with IC 36 -7 -14 -25.2; and
WHEREAS, no petition objecting to the execution of the Lease was filed with the
County Auditor within the time period provided by law;
WHEREAS, the Commission adopted Resolution Number 1258 entitled "Resolution of
the South Bend Redevelopment Commission Establishing Certain Funds and Accounts in Connection
with the Lease Dated as of November 1, 1993, Between the South Bend Redevelopment Commission
and the South Bend Redevelopment Authority Relating to the Century Center Project and Other
Related Matters" ( "Resolution Number 1258 ") to establish certain funds and accounts for the payment
of the rentals owed by the Commission pursuant to said Lease; and
WHEREAS, the Commission now desires to amend Resolution Number 1258; and
NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Commission as follows:
Section 1. Section 2 of Resolution Number 1258 is hereby amended to read as follows:
The Commission shall levy in each calendar year beginning in the year prior to
the first calendar year in which the Commission is required to pay lease rentals
pursuant to the Lease, a special tax upon all of the taxable property in the City of
South Bend Redevelopment District in a total amount sufficient, together with all
other funds in the Century Center Project Principal and Interest Account
deposited into such account from any other sources (other than such special
taxes) during the previous 12 calendar months prior to August 1 of such calendar
year, to pay all lease rental payments payable in the 12 -month period beginning
on July 1 of the following calendar year pursuant to Section 4 of the Lease. In
determining the amount of the special tax required to pay such lease rental
payments as described herein, the Commission may also take into account and
may correspondingly offset the amount of such special tax by the amount of the
funds on deposit in the Reserve Fund and the Operation and Reserve Fund
established pursuant to the Trust Agreement between the Authority and Norwest
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Commission.
Bank Indiana, N.A., dated as May 15, 1994 (the "Trust Agreement "), only to the
extent such funds have not been previously used to offset the amount of the
special tax or will not otherwise have to be applied by the Authority to meet its
obligations under the Trust Agreement for the next following twelve (12) month
period. Such taxes shall be deposited in the Century Center Project Principal and
Interest Account and such taxes and any other funds in the Century Center
Project Principal and Interest Account shall be irrevocably pledged for the
purposes set forth in this Resolution.
Section 2 This Resolution shall be in full force and effect after its adoption by the
ADOPTED at a meeting of the South Bend Redevelopment Commission held on August
7, 1998, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND ��PTLOPMENT COMMISSION
By:
President
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