HomeMy WebLinkAboutNo. 1105 appropriating the proceeds (including investment earnings thereon) of the COSB Redevelopment District tax increment revenue bonds of 1992 to be applied to the cost of redevelopment in the SBCDA allocation area No. 1ARESOLUTION NO. 1105
RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING THE PROCEEDS (INCLUDING INVESTMENT EARNINGS
THEREON) OF THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT
TAR INCREMENT REVENUE BONDS OF 1992 TO BE APPLIED TO THE COST
OF REDEVELOPMENT IN THE SOUTH BEND CENTRAL DEVELOPMENT
AREA, SOUTH BEND ALLOCATION AREA NO. lA
WHEREAS, the City of South Bend Redevelopment Commission (the
"Commission ") , on September 18, 1992, in its Resolution No. 1098
entitled "A PRELIMINARY BOND RESOLUTION OF THE CITY OF SOUTH BEND
REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF TAX INCREMENT
REVENUE BONDS OF THE REDEVELOPMENT DISTRICT OF THE CITY OF SOUTH
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BEND, INDIANA, FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT
PURPOSES IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA, SOUTH BEND
ALLOCATION AREA NO. 1A," the provisions of which resolution are
hereby included herein by this reference thereto, determined to
issue special taxing district bonds (the "Bonds ") of the
Redevelopment District of the City of South Bend, Indiana (the
"Redevelopment District "), payable solely out of taxes on real
property located in the South Bend Central Development Area, South
Bend Central Allocation Area (Allocation Area No. 1A) (the
"Allocation Area ") allocated and deposited in the-City of South
Bend, Department of Redevelopment, South Bend Central Development
Area, South Bend Central Allocation Area (South Bend Allocation
Area No. 1A) Special Fund (the "Allocation Fund ") pursuant to the
provisions of IC 36- 7 -14 -39 and proceeds from the sale or leasing
of property in the Allocation Area under IC 36- 7 -14 -22 deposited
in the Allocation Fund as required by IC 36- 7 -14 -26 in an amount
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not to exceed Three Million and 00/100 Dollars ($3,000,000.00) for
the purpose of raising money to pay for the cost of redevelopment
in the Allocation Area consisting of financing certain costs
associated with the construction of the College Football Hall of
Fame, which will be located in the Allocation Area, together with
a sum sufficient to pay the estimated cost of all expenses
reasonably incurred in connection with such redevelopment in the
Allocation Area, including all reasonable and necessary
architectural, engineering, financing, legal, accounting,
advertising, bond discount, and supervisory expenses, capitalized
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interest and a debt service reserve for the Bonds to the extent
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that the Commission determines that a reserve is reasonably
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required together with the expenses in connection with or account
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of the issuance of the Bonds; and
WHEREAS, the Commission did not include the proceeds
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(including investment earnings thereon) of said Bonds of the
Redevelopment District in the regular budget for the year 1992; and
WHEREAS, there are insufficient funds available or provided
in the existing budget and tax levy which may be applied to the
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cost of redevelopment in the Allocation Area, and the issuance of
said Bonds has been authorized to procure the necessary funds and
an extraordinary emergency and necessity exists for the making of
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WHEREAS, the Secretary of this Commission has caused notice
? of a public hearing on said appropriation to be published as
required by law; and
WHEREAS, such public hearing was held on November 20, 1992,
at 10:00 a.m. (local time) at 1308 County -City Building, 227 W.
Jefferson Boulevard, South Bend, Indiana, concerning said
appropriation at which all taxpayers and interested persons had an
opportunity to appear and express their views as to such additional
appropriation; and
WHEREAS, the Commission desires to appropriate the proceeds
derived from the sale of the Bonds and all investment earnings
thereon in the approximate amount of Twenty -Five Thousand Six
a Hundred and 00 /100 Dollars ($25,600.00) pending receipt of approval
of the issuance of the Bonds by the State Board of Tax
Commissioners (the "Board ");
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The proceeds derived from the sale of the Bonds
heretofore authorized to be issued and all investment earnings
thereon in the approximate amount of Twenty Five Thousand Six
Hundred and 00/100 Dollars ($25,600.00) shall be, and are, hereby
appropriated by the Commission pending receipt of approval of the
issuance of the Bonds by the Board for the purpose of providing
funds to be applied to the cost of redevelopment in the Allocation
Area together with a sum sufficient to pay the estimated cost of
all expenses reasonably incurred in connection with redevelopment
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in the Allocation Area, including all reasonable and necessary
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architectural, financing, engineering, legal, accounting,
advertising, bond discount and supervisory expenses, capitalized
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interest and a debt service reserve for the Bonds to the extent
that the Commission determines that a reserve is reasonably
required, together with expenses in connection or account of the
issuance of the Bonds not provided for in the existing budget and
tax levy.
2. Such appropriation shall be in addition to all
appropriations provided for in the existing budget and levy, and
shall continue in effect until the completion of the activities
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described in Paragraph No. 1 above. Any surplus of such proceeds
(including investment earnings thereon) shall be credited to the
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proper fund as provided by law.
3. The President and Secretary of the Commission shall be,
and hereby are, authorized and directed to certify a copy of this
Resolution together with such other proceedings and actions as may
be necessary to the Indiana State Board of Tax Commissioners (the
"Board ") for the purpose of informing the Board of the additional
appropriation herein made.
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ADOPTED at a regular meeting of the South Bend Redevelopment
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Commission, held on November 20, 1992, at 1308 County -City
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Building, 227 West Jefferson Boulevard, South Bend, Indiana.
CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
gy :
Paula N. Auburn, President
A T: '
Michael Donoho, Secretary
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