HomeMy WebLinkAboutNo. 1067 establishing certain funds/accounts in connection w/ lease dated as of 3/1/92 between the SBRC and SBRA relating to the Palais Royale acquisition project and other related mattersRESOLUTION NO. 1067
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
WITH THE LEASE DATED AS OF MARCH 1, 1992, BETWEEN
THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE
SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE
PALAIS ROYALE ACQUISITION 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 in the
aggregate amount of One Million Four Hundred and Ten Thousand
Dollars ($1,410,000) pursuant to IC 36- 7- 14.5 -19 to be known as the
"South Bend Redevelopment Authority Taxable Lease Rental Revenue
Bonds (Palais Royale Project)" (the "Bonds ") , the proceeds of which
are to be used to finance the acquisition of certain land and a
building located thereon more commonly known as the Palais Royale
(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 March 1, 1992 (the
"Lease "), which Lease was heretofore approved by this Commission;
and
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;
NOW, THEREFORE, BE IT RESOLVED, by this South Bend
MMIk Redevelopment Commission as follows:
Section 1. There is hereby created and established
a Redevelopment District Bond Fund to consist of a Palais Royale
Acquisition Project Principal and Interest Account and such other
accounts as the Commission shall from time to time establish.
Section 2. The Commission shall 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.
Section 3. 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
the Lease, a special tax upon all of the taxable property in the
City of South Bend Redevelopment District in a total amount
sufficient, together with all other funds in the Palais Royale
Acquisition 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
calendar year, to pay all lease rental payments payable in the
12 -month period beginning on July 1 of the following calendar year
pursuant to Section 4 of the Lease. Such taxes shall be deposited
in the Palais Royale Acquisition Project Principal and Interest
Account and such taxes and any other funds in the Palais Royale
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Acquisition Project 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 June 5, 1992, at the office of the Commission,
1200 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
ATTEST:
Michael Donoho, Secretary
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SOUTH BEND REDEVELOPMENT COMMISSION
By:
Paula N. Auburn, President
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