HomeMy WebLinkAboutNo. 1268 establishing certain funds and accounts in connection with the lease dated as of 11/1/93 between the SBRC and the SBRA relating to the Hall of Fame project and other related mattersRESOLUTION NO. 1268
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
HALL OF FAME 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 intends to issue bonds pursuant
to IC 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment
Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994
(College Football Hall of Fame Project)" (the "Bonds ") , the
proceeds of which are to be used to finance the costs of: (i)
constructing the College Football Hall of Fame and (ii) issuing of
the Bonds (the "Project "); and
WHEREAS, the Authority intends to lease 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; and
WHEREAS, the President and Secretary of the Commission
have 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; and
WHEREAS, it is necessary for the Commission to establish
certain funds and accounts for the payment of the rentals owed by
the Commission pursuant to said Lease;
NOW, THEREFORE, BE IT RESOLVED, by this South Bend
Redevelopment Commission as follows:
Section 1. There is hereby created and established
a Redevelopment District Bond Fund to consist of a Hall of Fame
Project Principal and Interest Account and such other accounts as
the Commission shall from time to time establish.
Section 2. 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 Hall of Fame
Project Principal and Interest Account deposited into such account
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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 (the "Three Payment Test ") . In
determining the amount of the special tax required to pay such
lease rentals 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
Capitalized Interest Account of the Sinking Fund, the Reserve Fund
and the Operation and Reserve Fund (except funds in the Expense
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Sub - account thereof) established pursuant to the Trust Indenture
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between the Authority and Norwest Bank Indiana, N.A, dated as of
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June 1 1994 the "Trust Indenture" only to the extent such u
( ), y 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 Indenture for the next
following twelve (12) month period. Such taxes shall be deposited
in the Hall of Fame Project Principal and Interest Account and such
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taxes and any other funds in the Hall of Fame Project Principal and
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Interest Account shall be irrevocably pledged for the purposes set
forth in this Resolution.
Section 3. This Resolution shall be in full force and
effect after its adoption by the Commission.
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ADOPTED at a meeting of the South Bend Redevelopment
Commission held on June 17, 1994, at 1308 County -City Building, 227
West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Paula N. Auburn, President
ATTEST:
Theo F. Sh p; Secr ary
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