HomeMy WebLinkAboutNo. 1614 supplemental appropriation resolution of the COSBRC (SBCDA)ti
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RESOLUTION NO. 1614
SUPPLEMENTAL APPROPRIATION RESOLUTION
OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
(SOUTH BEND CENTRAL DEVELOPMENT AREA)
WHEREAS, the South Bend Redevelopment Commission (the "Commission "), has
heretofore on June 19, 1998, adopted Resolution No. 1611, the provisions of which Resolution
are hereby included herein by this reference thereto, determining to make lease payments for local
public improvements that are in or serving the South Bend Central Allocation Area (South Bend
Allocation Area No. 1A) (the "Allocation Area "), to pay expenses incurred by the Commission
for local public improvements that are in or serving the Allocation Area, and to redeem a portion
of the bonds associated with the South Bend Redevelopment Authority Variable Rate Demand
Lease Rental Revenue Bonds of 1994 with property tax proceeds that have been paid into the South
Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation
Fund ") pursuant to IC 36- 7- 14- 39(b)(2)(F) and with funds received from the State of Indiana's
Build Indiana Fund; and
WHEREAS, the amount of funds in the Allocation Fund proposed to be expended for said
expenses incurred by the Commission is Three Million Dollars ($3,000,000.00); and
WHEREAS, the Commission did not include said funds in any regular budget for the year
1998; and
WHEREAS, there are insufficient funds available or provided for in the existing budget
and tax levy which may be applied to such expenses and the expenditure of such amount from the
Allocation Fund has been authorized by the Commission to procure the necessary funds and an
extraordinary emergency and necessity exists for the making of the additional appropriation set
out herein; and
WHEREAS, the Secretary of the Commission has caused notice of a hearing on said
appropriation to be published as required by law; and
Coll WHEREAS, such public hearing was held on July 2, 1998, at 10:00 a. m., E.S.T., at 1200
County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601, on said
appropriation at which all taxpayers and interested persons had an opportunity to appear and
express their views as to such additional appropriation.
NOW, THEREFORE, BE IT RESOLVED by the Commission that:
1. Funds from the Allocation Fund in the amount of Two Million Five Hundred
Thousand Dollars ($2,500,000.00) be, and they are hereby, appropriated by the Commission for
the purpose of providing funds to make lease rental payments and to pay expenses incurred by the
Commission for local public improvements that are in or serving the AllocationArea as more fully
described in Exhibit "A" hereto.
2. Funds from the Allocation Fund in the amount of $500,000 be, and they are hereby,
appropriated by the Commission for redemption of bonds associated with the South Bend
Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994.
3. Such appropriation shall be in addition to all appropriations provided for in the existing
co budget and levy and shall continue in effect until the completion of the activities described in
Section 1 above. Any surplus of such proceeds shall be credited to the proper fund as provided
by law.
4. The President and Secretary of the Commission be and they are hereby authorized and
directed to certify a copy of this Resolution together with such other proceedings and actions as
may be necessary to the St. Joseph County Auditor for certification to the Indiana State Board of
APIN
appropriation herein made.
ADOPTED at a rescheduled regular meeting of the South Bend Redevelopment
Commission held on July 2, 1998, at 1200 County -City Building, 227 West Jefferson Boulevard,
South Bend, Indiana 46601.
SOUTH DEVELOPMENT COMMISSION
By:
Robert W. Hunt, President
ATTEST:
Eugenia S. Schwartz, Secretary
vb: Res 1614
C9
RESOLUTION NO. 1614
EXHIBIT "A"
Appropriation of funds in the South Bend Central Development Area Allocation Area Special Fund
(South Bend Allocation Area No. 1A) for:
1. Lease payments payable for local public improvements in or serving the Allocation
Area payable pursuant to IC 36- 7- 14- 39(b)(2)(F) and for paying expenditures incurred by the
Commission for local public improvements in or serving the South Bend Central Allocation Area
as may be authorized by IC 36- 7- 14- 39(b)(2)(J) and IC 36- 7- 14- 25.1(a)in an amount not -to- exceed
$2,500,000.00; and
2. Redemption of bonds associated with the South Bend Redevelopment Authority
Variable Rate Demand Lease Rental Revenue Bonds of 1994 in an amount not -to- exceed
$500,000.00