HomeMy WebLinkAboutNo. 1083 establishing certain funds/accounts in connection w/ lease dated 6/1/88 and as amended by an addendum thereto dated 7/29/88 and as further amended by an addendum to lease between the SBRC and the SBRARESOLUTION NO1083
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
WITH THE LEASE DATED AS OF JUNE 1, 1988 AND AS AMENDED
BY AN ADDENDUM THERETO DATED AS OF JULY 29, 1988,
AND AS FURTHER AMENDED BY AN ADDENDUM TO LEASE
BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION
AND THE SOUTH BEND REDEVELOPMENT AUTHORITY
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
a "Commission "); and
WHEREAS, the Authority intends to issue bonds in an
aggregate principal amount not to exceed Four Million Six Hundred
Ninety -Five Thousand Dollars ($4,695,000) pursuant to
IC 36- 7- 14.5 -19 to be known as the "South Bend Redevelopment
Authority Lease Rental Revenue Bonds (Parking Facility Refunding)"
(the "Bonds "), the proceeds of which are to be used to refund the
South Bend Redevelopment Authority Lease Rental Revenue Bonds
(Parking Facility Project) issued by the Authority in 1988, and to
pay the costs of issuance of the Bonds; and
WHEREAS, the Authority previously entered into a lease
between the Authority and the Commission dated as of June 1, 1988,
which lease was amended by the Addendum to Lease entered into
between the Authority and the Commission and dated as of July 29,
1988, (collectively, the "Lease "), which Lease was heretofore
approved by this Commission, and pursuant to which the Authority
leases to the Commission land and the parking facility located
thereon (the "Facility "); and
a
WHEREAS, the Commission has approved and authorized the
execution of an addendum to the Lease (the "Addendum ") to reflect
lower rental payments under the Lease; and
WHEREAS, the Commission, by Resolution No. 847, adopted
at a meeting on June 17, 1988, established certain funds and
accounts for the payment of the rentals owed by the Commission
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pursuant to said Lease (the Pledge Resolution " ).
NOW, THEREFORE, BE IT RESOLVED, by this South Bend
Redevelopment Commission as follows:
Section 1. The Commission hereby covenants and agrees
to keep and maintain those funds and accounts created by the Pledge
Resolution, such funds and accounts consisting of a Parking
Facility Maintenance Account (the "Maintenance Account "), a Parking
Facility Net Revenue Account (the "Net Revenue Account ") and a
Parking Facility Principal and Interest Account (the "Parking
Facility Principal and Interest Account ") and such other accounts
as the Commission may from time to time establish to a the
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rentals owed by the Commission pursuant to the Lease as amended by
I the Addendum.
Section 2. The Commission hereby acknowledges and
restates its obligation pursuant to the Pledge Resolution to first
+' set aside and pay revenues of the Facility into the Maintenance
Account to pay the reasonable expense of operation, repair and
maintenance of the Facility; provided however, that the Commission
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shall not make such payment when the balance therein equals the
estimate of such expenses during the next following six (6)
calendar months. The Commission hereby acknowledges and restates
its obligation pursuant to the Pledge Resolution to next set aside
and pay revenues of the Facility into the Net Revenue Account and,
on each August 1 during the term of the Lease, deposit such
revenues collected in the Net Revenue Account into the Parking
Facility Principal and Interest Account (the "Required Deposit ")
and to use such revenues to pay lease rental payments in the twelve
(12) month period beginning on January 1 of the following calendar
year; provided however, that no deposit from the Net Revenue
Account into the Parking Facility Principal and Interest Account
shall be made on any August 1 if on such date the balance in the
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Parking Facility Principal and Interest Account is sufficient to
pay such lease rentals.
Section 3. The Commission hereby acknowledges and
restates its obligation pursuant to the Pledge Resolution to levy
in each calendar year a special tax upon all of the taxable
property in the City of South Bend Redevelopment District in a
total amount sufficient, together with any Required Deposit made
on August 1 of such calendar year and all other funds in the
Parking Facility Principal and Interest Account deposited into such
account from any other sources (other than such special taxes)
r during the previous twelve (12) calendar months prior to August 1
of such calendar year, to pay all lease,rental payments payable in
the twelve (12) month period beginning on January 1 of the
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following calendar year. Such taxes shall be deposited in the
Parking Facility Principal and Interest Account and such taxes and
any other funds in the Parking Facility Principal and Interest
Account shall be irrevocably pledged for the purposes set forth in
this Resolution.
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 July 10, 1992 at the office of the Commission,
1200 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
Bv:
Paula N. Auburn, President
A.TTEST
Michael Donoho, Secretary
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