HomeMy WebLinkAboutNo. 1493 establishing certain funds and accounts in connection with the amended and restated lease dated 8/1/90 and as amended by an addendum thereto dated 1/29/91 and as further amended by an addendum to lease between SBRC and SBRARESOLUTION NO. 1493
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN
CONNECTION WITH THE AMENDED AND RESTATED LEASE DATED
AS OF AUGUST 1, 1990, AND AS AMENDED BY AN ADDENDUM
THERETO DATED AS OF JANUARY 29, 1991, AND AS FURTHER
AMENDED BY AN ADDENDUM TO LEASE BETWEEN THE SOUTH
BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND
REDEVELOPMENT AUTHORITY
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
Linstrumentality 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 intends to issue bonds in an aggregate principal amount
not to exceed Two Million Five Hundred Forty Thousand and 00 /100 Dollars ($2,540,000.00)
pursuant to IC 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Lease
Rental Refunding Revenue Bonds of 1997 (Airport Economic Development Area Public
Improvement Project) (the 'Bonds "), the proceeds of which are to be used to refund the South
Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development
Area Public Improvement Project) issued by the Authority in 1991, and to pay the costs of
issuance of the Bonds; and
WHEREAS, the Authority previously entered into an Amended and Restated Lease
between the Authority and the Commission dated as of August 1, 1990, which lease was amended
by the Addendum to Lease entered into between the Authority and the Commission and dated
as of January 29, 1991, (collectively, the "Lease "), which Lease was heretofore approved by this
Commission, and pursuant to which the Authority leases to the Commission certain land and
public improvements located thereon in the Airport Economic Development Area (the "Project ");
and
WHEREAS, the Commission has approved and authorized the execution of an
addendum to the Lease (the "Addendum ") to reflect lower rental payments under the Lease; and
WHEREAS, the Commission, by Resolution No. 968, adopted at a meeting on
December 21, 1990, 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 Redevelopment District Bond Fund and an Airport Economic Development Area Public
Improvement Project Principal and Interest Account (the "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 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 all other funds in the Principal and Interest Account deposited into such account
from any other 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 Principal and Interest Account and such taxes and any other funds in the
Principal and Interest Account shall be irrevocably pledged for the purposes set forth in this
Resolution.
Section 3. The Commission shall deposit or cause to be deposited into the
Principal and Interest Account on or before the issuance of the Bonds (to the extent said amount
is not currently on deposit) an amount sufficient to pay the lease rental payments payable
pursuant to the Lease as amended by the Addendum on July 28, 1997, and January 28, 1998.
Section 4. 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
February 7, 1997, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
President
ATTEST:
Secretary
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