HomeMy WebLinkAboutNo. 1090 appropriating money from the SBCAA (No. 1A) special fund to the Palais Royale acquisition project principal and interest account of the redevelopment district bond fundRESOLUTION NO. 1090
SOUTH BEND REDEVELOPMENT COMMISSION
A RESOLUTION APPROPRIATING MONEY FROM THE SOUTH BEND
CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A)
SPECIAL FUND TO THE PALAIS ROYALE ACQUISITION PROJECT
PRINCIPAL AND INTEREST ACCOUNT OF THE REDEVELOPMENT
DISTRICT BOND FUND
WHEREAS, the South Bend Redevelopment Commission (The
"Commission ") entered into an agreement on June 5, 1992 (the
"Lease "), to lease the Palais Royale building from the South Bend
Redevelopment Authority (the "Authority "), which Lease requires
semiannual lease rental payments by the Commission to the
Authority; and
WHEREAS, the Commission adopted Resolution No. 1067, on
June 5, 1992, pursuant to which the Commission pledged to deposit
or cause to be deposited into the Palais Royale Acquisition Project
Principal and Interest Account on or before the issuance of the
Bonds an amount sufficient to pay the lease rental payments payable
pursuant to the Lease on January 28, 1993; July 28, 1993; and
January 28, 1994; and
WHEREAS, the Commission desires to appropriate an amount
equalling Two Hundred Ninety -Five Thousand Five Hundred Dollars
($295,500.00), which amount equals the amount required to make such
lease rental payments, from the South Bend Central Allocation Area
(South Bend Allocation Area No. 1A) Special Fund (the "Allocation
Fund ") to the Palais Royale Acquisition Project Principal and
Interest Account of the Redevelopment District Bond Fund; and
WHEREAS, the use of money in the Allocation Fund for the
purpose of making payments on the Lease is permitted under IC
36- 7 -14 -39 (b) (2) (F) .
NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment
Commission that the sum of Two Hundred Ninety -Five Thousand Five
Hundred Dollars ($295,500.00) is hereby appropriated and ordered
set apart from the Allocation Fund to the Palais Royale Acquisition
Project Principal and Interest Account of the Redevelopment
District Bond Fund for the purpose of making the lease rental
payments described hereinabove.
Adopted at the regular meeting of the South Bend Redevelopment
Commission, held on September 4, 1992, at 1308 County -City
Building, 227 West Jefferson Boulevard, South Bend, Indiana.
SOUTH BEft REDEVELOPMENT COMMISSION
By:
ATTEST:
Michael Donoho, Secretary
ML:Res1090
Paula N. Auburn, President