HomeMy WebLinkAboutNo. 1086 appropriating money from the SBCAA (No. 1A) special fund to the SBCDA public improvement project principal and interest account of the redevelopment district bond fundRESOLUTION NO. 1086
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 SOUTH BEND CENTRAL DEVELOPMENT AREA
PUBLIC IMPROVEMENT PROJECT PRINCIPAL AND INTEREST ACCOUNT
OF THE REDEVELOPMENT DISTRICT BOND FUND
WHEREAS, the South Bend Redevelopment Commission (The
"Commission ") entered into an agreement on November 1, 1989 (the
"Lease "), to lease certain land and public improvements in the
South Bend Central Development Area from the South Bend
Redevelopment Authority (the "Authority "), which Lease requires
semiannual lease rental payments by the Commission to the
Authority; and
WHEREAS, under Commission Resolution No. 915, adopted February
16, 1990, the Commission must levy a special tax payable in 1993
upon all the taxable property in the Redevelopment District if the
balance in the South Bend Central Development Area Public
Improvement Project Principal and Interest Account of the
Redevelopment District Bond Fund as of August 1, 1992, is
insufficient to pay all lease rental payments under the Lease in
the 12 -month period beginning July 1, 1993; and
WHEREAS, in order to eliminate the need to impose such a
special tax, the Commission proposes to appropriate the amount of
Two Hundred Thirty -Nine Thousand Five Hundred Dollars ($239,500.00)
from the South Bend Central Allocation Area (South Bend Allocation
Area No. 1A) Special Fund (the "Allocation Fund ") to the South Bend
Central Development Area Public Improvement 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 Thirty -Nine Thousand Five
Hundred Dollars ($239,500.00) is hereby appropriated and ordered
set apart from the Allocation Fund to the South Bend Central
Development Area Public Improvement Project Principal and Interest
Account of the Redevelopment District Bond Fund for the purpose of
making lease rental payments due during the twelve month period
beginning July 1, 1993 on the Lease.
Adopted at the regular meeting of the South Bend Redevelopment
Commission, held on August 21, 1992, at 1308 County -City Building,
227 West Jefferson Boulevard, South Bend, Indiana.
SOUTH ND RED�E)VELO MENT COMMISSION
By : = /V .
Paula N. Auburn, President
ATTEST:
Michael Donoho, Secretary
ML:Res1086