HomeMy WebLinkAboutNo. 1126 amending resolution No. 1124 "amending resolution No. 1118 - the issuance of bonds on parity with the COSB redevelopment district tax increment revenue bonds of 1985, 1985, 1988 for the purpose of raising money for redevelopment in the SBCAARESOLUTION NO. 1126
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION AMENDING RESOLUTION NO. 1124
ENTITLED $'A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION AMENDING RESOLUTION NO. 1118 ENTITLED
'A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION AUTHORIZING THE ISSUANCE OF BONDS
ON PARITY WITH THE CITY OF SOUTH BEND
REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE
BONDS OF 1985, THE CITY OF SOUTH BEND REDEVELOPMENT
DISTRICT TAX INCREMENT REVENUE BONDS OF 1986
AND THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS OF 1988 FOR THE
PURPOSE OF RAISING MONEY FOR REDEVELOPMENT IN
THE SOUTH BEND CENTRAL ALLOCATION AREA"'
WHEREAS, the South Bend Redevelopment Commission (the
"Commission ") , governing body of the City of South Bend Department
of Redevelopment (the "Department ") and the Redevelopment District
of the City of South Bend, Indiana, exists and operates under the
provisions of IC 36 -7 -14, as amended from time to time (the "Act ");
and
WHEREAS, on December 4, 1992, the Commission adopted and
approved Resolution No. 1118 entitled "A RESOLUTION OF THE SOUTH
BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF BONDS ON
PARITY WITH THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX
INCREMENT REVENUE BONDS OF 1985, THE CITY OF SOUTH BEND
REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS OF 1986 AND THE
CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE
BONDS OF 1988 FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT
IN THE SOUTH BEND CENTRAL ALLOCATION AREA" (the "Final Bond
Resolution "); and
WHEREAS, the Final Bond Resolution sets forth the terms
and conditions for the issuance of the City of South Bend
Redevelopment District Tax Increment Revenue Bonds of 1993 in an
aggregate principal amount not to exceed Two Million Nine Hundred
Thousand and 00 /100 Dollars ($2,900,000.00) (the "Series 1993
Bonds "); and
WHEREAS, on December 18, 1992, the Commission adopted and
approved Resolution No. 1124 entitled "A RESOLUTION OF THE SOUTH
BEND REDEVELOPMENT COMMISSION AMENDING RESOLUTION NO. 1118 ENTITLED
'A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AUTHORIZING THE ISSUANCE OF BONDS ON PARITY WITH THE CITY OF SOUTH
BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS OF 1985,
THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE
BONDS OF 1986 AND THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX
INCREMENT REVENUE BONDS OF 1988 FOR THE PURPOSE OF RAISING MONEY
FOR REDEVELOPMENT IN THE SOUTH BEND CENTRAL ALLOCATION AREA"' (the
"Amending Resolution "); and
WHEREAS, the Amending Resolution provided certain
amendments to the Final Bond Resolution including authorizing the
issuance of the City of South Bend Redevelopment District Tax
Increment Revenue Bond Anticipation Notes of 1992 in an aggregate
principal amount not to exceed Two Million Nine Hundred Thousand
and 00/100 Dollars ($2,900,000.00) (the "BANS "); and
WHEREAS, the Amending Resolution provides that the
interest on the BANs will be payable on February 1 and August 1
until maturity; and
E
WHEREAS, the Commission desires to amend the amending
Resolution to provide that interest on the BANS will be payable on
{ December 31, 1993, and at maturity on December 31, 1994; and
WHEREAS, the Amending Resolution provides that, if the
BANs are issued, that portion of the proceeds of the Series 1993
Bonds required to be deposited into the Redevelopment District
(South Bend Central Development Allocation Area) 1993 Capital Fund
shall be used to refund the BANs; and
WHEREAS, the Commission desires to establish a "BAN
Redemption Account" into which such proceeds of the Series 1993
Bonds shall be deposited and used to refund the BANS (the "Bond
Redemption Account "); and
f
WHEREAS, the Commission desires further to amend the
Amending Resolution to change the references to the BANs from the
"City of South Bend Redevelopment District Tax Increment Revenue
Bond Anticipation Notes of
1992" to
the "City of
South Bend
Redevelopment District Tax
Increment
Revenue Bond
Anticipation
Notes of 1993 ";
NOW THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Commission, as follows:
Section 1. The Amending Resolution is hereby amended
to provide that the interest on the BANS shall be payable on
December 31, 1993, and at maturity on December 31, 1994.
Section 2. The Amending Resolution is further amended
to provide that all references to the "City of South Bend
Redevelopment District Tax Increment Revenue Bond Anticipation
Notes of 1992" are hereby changed to the "City of South Bend
Anticipation
� Redevelopment District Tax Increment Revenue Bond Antici p
Notes of 1993."
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Section 3. The Amending Resolution is further amended
to provide that the BAN Redemption Account is hereby created and
established for the purpose of receiving funds from which the
principal of and interest on the BANS shall be paid.
Section 4. This resolution shall be in full force and
effect after its adoption by the Commission.
ADOPTED at a special meeting of the South Bend
Redevelopment Commission held on January 4, 1993, at the office of
the Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana, 46601.
SOUTH BEND REDE7E MENT COMMISSION
By: '
Roman J. Piaskkj, Vicp President
ATTEST:`
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Theo F. Sharp ,
Secretary
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