HomeMy WebLinkAboutNo. 1088 establishing certain funds/accounts in connection w/ dease dated 7/1/92 between the SBRC and SBRA relating to Blackthorn Golf Course project and other related mattersRESOLUTION NO. 1088
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
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ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
p WITH THE LEASE DATED AS OF JULY 11 1992, BETWEEN
THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE
SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE
BLACKTHORN GOLF COURSE 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 Taxable Lease Rental Revenue Bonds ( "Blackthorn Golf
Course Project ") (the "Bonds "), the proceeds of which are to be
used to finance the construction and equipping of a golf course to
be known as Blackthorn Golf Course (the "Project "), and to pay the
costs of issuance of the Bonds; and
WHEREAS, the Authority intends to lease the Project to
the Commission pursuant to a lease dated as of July 1, 1992 (the
"Lease "), which Lease was heretofore approved by this Commission;
and
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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; and
WHEREAS, the State Board of Tax Commissioners issued its
Order approving the lease pursuant to IC 6 -1.1- 18.5 -8 on July 24,
AWN t
F 1992; and
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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 August 1,
1992, in accordance with IC 36 -7 -14 -25.2;
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NOW, THEREFORE, BE IT RESOLVED, by this South Bend
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Redevelopment Commission as follows:
Section 1. There is hereby created and established
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a Redevelopment District Bond Fund to consist of a Blackthorn Golf
Course Project Principal and Interest Account and such other
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I 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
j the Lease, a special tax upon all of the taxable property in the
City of South Bend Redevelopment District in a total amount
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sufficient, together with all other funds in the Blackthorn Golf
Course Project Principal and Interest Account deposited into such
account from any other sources (other than such special taxes)
during the previous 12 calendar months prior to August 1 of such
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calendar year, to pay all lease rental payments payable in the
s 12 -month period beginning on July 1 of the following calendar year
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pursuant to Section 4 of the Lease. Such taxes shall be deposited
in the Blackthorn Golf Course Project Principal and Interest
Account and such taxes and any other funds in the Blackthorn Golf
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Course Project Principal and Interest Account shall be irrevocably
pledged for the purposes set forth in this Resolution.
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Section 3. The Commission hereby ratifies the action
taken by the President and Secretary of the Commission to execute
and attest, respectively, the Lease and also to publish the Notice
of Execution and Approval of the Lease on August 1, 1992.
Section 4. This Resolution shall be in full force and
effect after its adoption by the Commission.
ADOPTED at a meeting of the South Bend Redevelopment
Commission held on August 7, 1992, at 1308 County -City Building,
227 West Jefferson Boulevard, South Bend, Indiana 46601.
ATTEST:
Michael Donoho, Secretary
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SOUTH BEND REDEVELOPMENT COMMISSION
By: AJ
Paula N. Auburn, President
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