HomeMy WebLinkAboutNo. 1455 regarding use of surplus revenues from urban redevelopment bonds of 1972RESOLUTION NO. 1455
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
REGARDING USE OF SURPLUS REVENUES FROM URBAN
REDEVELOPMENT BONDS OF 1972
WHEREAS, the South Bend Redevelopment Commission previously
issued its Urban Redevelopment Bonds of 1972 (Bonds), the proceeds
of which were used for property acquisition and public improvements
in the South Bend Central Development Area (SBDCA); and
WHEREAS, the purpose for which the Bonds were issued has been
accomplished and completed; and
WHEREAS, the Bonds have been paid in full; and
WHEREAS, a surplus of $8,789.93 exists in the City of South
Bend Urban Redevelopment Bond Fund 303 (Fund) from taxes levied to
make principal and interest payment on Bonds; and
WHEREAS, the South Bend City Controller has certified that the
surplus was not anticipated and is not needed in connection with
the Bonds a copy of which certification is attached hereto; and
WHEREAS, the South Bend Redevelopment Commission deems it
advisable to use said surplus 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 for additional property acquisition and
public improvements in the SBCDA.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION as follows:
1. That the determinations set forth in the certifications of
the Controller are hereby approved.
2. That the South Bend Redevelopment Commission hereby
approves the use of said surplus in the Fund 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 Bond was issued.
3. That the South Bend Redevelopment Commission hereby
authorizes and directs that the Fund be closed and that all
deposits therein be transferred to the 1990 Redevelopment District
Bond Fund.
Adopted at the regular meeting of the South Bend Redevelopment
Commission held August 16, 1996, 1308 County -City Building 46601.
SOUTH BEND
RED VELOPMENT COMMISSION
7
Paula N. Auburn, President
ATTEST:
CI--ti i�!l
William P, jvtcfcki, Secretary
The undersigned, the duly acting Controller of the City of
South Bend, Indiana, hereby certifies as follows:
1. A surplus exists from the taxes levied to make principal
and interest payments on the Urban Redevelopment Bonds of 1972
(Bonds) in the City of South Bend Urban Redevelopment Bond Fund 303
(Fund) .
2. The purpose for which the Bonds were issued has been
completed.
3. The Bonds have been repaid in full.
4. There remains on deposit in the Fund the sum of $8,789.93.
5. Said surplus was not anticipated in connection with the
Bonds.
WITNESS my hand this 15, day of Cis , 1996.
V
RESO /SURPLUS.RDV
ASWA
Kevin C. Horton