HomeMy WebLinkAboutNo. 1544 regarding use of excess funds in the redevelopment district (stadium) fund (fund 311) and authorizing the closing of the sameRESOLUTION NO. 1544
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
REGARDING USE OF EXCESS FONDS IN THE REDEVELOPMENT
DISTRICT (STADIUM) FOND (FUND 311) AND
AUTHORIZING THE CLOSING OF THE SAME
WHEREAS, the South Bend Redevelopment Authority previously
issued its South Bend Redevelopment Authority Taxable Lease Rental
Revenue Bond (Coveleski Stadium Refunding) (Bonds), the proceeds of
which were used for property acquisition and public improvements in
the South Bend Central Development Area (SBDCA); and
WHEREAS, the South Bend Redevelopment Commission (Commission)
levied a tax for the repayment of the Bonds; and
WHEREAS, the Bonds have been paid in full; and
WHEREAS, a surplus of approximately $45,817.57 exists on
account in Fund 311 (Funds) from taxes levied to make principal and
IL interest payment on such Bonds; and
WHEREAS, the Commission deems it advisable to use said excess
funds to reduce the tax levy to make principal and interest
payments on bonds of the South Bend Redevelopment Commission issued
for purposes similar to those for which the Bonds were issued.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION as follows:
1. That the South Bend Redevelopment Commission hereby
approves the use of said excess funds to reduce the tax levy to
make principal and interest payments on bonds of the South Bend
Redevelopment Commission issued for purposes similar to those for
which the Bonds were issued.
2. That the South Bend Redevelopment Commission hereby
authorizes the closing of Fund 311 and directs that all deposits
therein be transferred to Fund 310 for use as stated herein.
CW Adopted at the regularly scheduled meeting of the South Bend
Redevelopment Commission held October 3, 1997, 1308 County -City
Building 46601.
SOUTH BEND
M /ME /N C MMISSION
Robert W. Hunt, President
ATTEST:
Paula N. Auburn, Secretary