HomeMy WebLinkAboutNo. 1085 appropriating money from the SBCAA (No. 1A) special fund to the parking garage principal and interest account of the redevelopment district bond fundRESOLUTION NO. 1085
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 PARKING GARAGE PRINCIPAL AND INTEREST
ACCOUNT OF THE REDEVELOPMENT DISTRICT BOND FUND
WHEREAS, the South Bend Redevelopment Commission (The
"Commission ") entered into an agreement on June 1, 1988 (the
"Lease "), to lease a parking garage facility 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. 847, adopted June 17,
1988, the Commission must levy a special tax payable in 1993 upon
all the taxable property in the Redevelopment District if the
balance in the Parking Garage 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 January 1, 1993; and
WHEREAS, in order to eliminate the need to impose such a
special tax, the Commission proposes to appropriate the amount of
Four Hundred Fifty -Three Thousand Ten Dollars and Thirty -Nine Cents
($453,010.39) from the South Bend Central Allocation Area (South
Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ")
to the Parking Garage Principal and Interest Account of the
Redevelopment District Bond Fund;
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 Four Hundred Fifty -Three Thousand Ten
Dollars and Thirty -Nine Cents ($453,010.39) is hereby appropriated
and ordered set apart from the Allocation Fund to the Parking
Garage Principal and Interest Account of the Redevelopment District
Bond Fund for the purpose of making lease rental payments due
during 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.
SOUT74��2�& ND RED/EV ,ELOPMENT COMMISSION
By ; /y .
Paula N. Auburn, President
ATTEST:
Michael Donoho, Secretary
ML:Res1085