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HomeMy WebLinkAboutNo. 1181 extablishing certain funds and accounts in connection with the lease dated 8/1/90 and amended and restated by an addendum dated as of 12/21/90 and further amended by an addendum dated 1/29/91 and further amended by an addendum to lease 2/5/93RESOLUTION NO. 1181 % RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF AUGUST 1, 1990, AS AMENDED AND RESTATED BY AN ADDENDUM DATED AS OF DECEMBER 21, 1990, AS FURTHER AMENDED BY AN ADDENDUM DATED AS OF JANUARY 29, 1991, AND AS FURTHER AMENDED BY AN ADDENDUM TO LEASE DATED FEBRUARY 5, 1993 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 instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission (the AM "Commission "); and WHEREAS, the Authority intends to issue bonds in an aggregate principal amount not to exceed Five Million and 00 /100 Dollars ($5,000,000) pursuant to IC 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Lease Rental Acquisition and Refunding Revenue Bonds of 1993 (Airport Economic Development Area Public Improvement Project)" (the "Bonds "), the proceeds of which are to be used to: (i) refund the South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project) issued by the Authority in 1991, (ii) acquire additional land in the Airport Economic Development Area; and (iii) pay the costs of issuance of the Bonds; and WHEREAS, the Authority previously entered into a lease ASK between the Authority and the Commission dated as of August 1, 1990, which lease was amended and restated by the Addendum to Lease i! entered into between the Authority and the Commission and dated as of December 21, 1990, and which lease was further amended by the Addendum to Lease dated as of January 29, 1991, and further amended by the Addendum to Lease dated as of February 5, 1993, (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 (the "Taxable 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. 967, adopted at a meeting of the Commission held on December 21, 1990, established certain funds and accounts for the payment of the rentals owed by the Commission pursuant to said Lease which resolution was subsequently amended by the Commission with the adoption of Resolution No. 972, adopted at a meeting of the Commission held on January 11, 1991, (collectively the "Pledge 5 Resolution "); NOW, THEREFORE, BE IT RESOLVED, by this South Bend r Redevelopment Commission as follows: Section 1. The Commission hereby covenants and agrees to keep and maintain those funds and accounts created by the Pledge -2- Resolution, such funds and accounts consisting of a Redevelopment ' District Bond Fund (the "Bond Fund ") and an Airport Economic Development Area Taxable 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) or anticipated to be deposited into such account from any other sources (other than such special taxes) through the end of the following calendar year, to pay all lease rental payments for the Taxable Project payable in the twelve (12) month period beginning on July 1 of the following calendar year pursuant to Section 4 of the Lease. 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 4. This Resolution shall be in full force and AVON effect after its adoption by the Commission. -3- Im ADOPTED at a meeting of the South Bend Redevelopment Commission held on July 16, 1993, 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. Shar ,'Secret y rrrompola \sthbend \airpttax .ref \lurcesta.bli;drf;7 -15 -93 -4-