HomeMy WebLinkAboutNo. 1043 preliminarily determining to issue bonds for the purpose of refunding outstanding bondsI? .. . J
RESOLUTION NO. 1043
RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT
COMMISSION PRELIMINARILY DETERMINING TO ISSUE BONDS
FOR THE PURPOSE OF REFUNDING OUTSTANDING BONDS
WHEREAS, this Commission has previously authorized the
issuance of tax increment financing bonds which were issued in
1985, 1986 and 1988, respectively, and remain outstanding today;
and
WHEREAS, Indiana law authorizes the issuance of advance
refunding bonds in order to effect a savings or modify such
restrictive covenants as may impede additional financing; and
WHEREAS, the Department of Redevelopment has studied and
continues to study the benefits of issuing tax increment financing
bonds to refund, in whole or in part, the outstanding 1985 bonds,
1986 bonds and /or 1988 bonds; and
WHEREAS, this Commission preliminarily deems it advisable
to issue such advance refunding bonds and to notify the public of
this preliminary determination.
NOW, THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Commission, governing body of the City of South Bend,
Department of Redevelopment, as follows:
Section 1. This Commission hereby preliminarily decides
to issue tax increment financing bonds in aggregate principal
amount of not to exceed Six Million Five Hundred Thousand Dollars
($6,500,000) for the purpose of refunding, in whole or in part, the
outstanding 1985 bonds, 1986 bonds and /or 1988 bonds, subject to
approval by this Commission of a definitive bond resolution
authorizing the issuance of such refunding bonds. The refunding
bonds will not constitute a general obligation or indebtedness of
the City of South Bend, and the full faith, credit and taxing
powers of the City and its Redevelopment District are not pledged
to the payment of such bonds. The refunding bonds will be
repayable solely from the sources which are available to make
payment on the outstanding 1985 bonds, 1986 bonds and 1988 bonds.
Section 2. Notice of the preliminary decision to issue
bonds shall be given by the Department of Redevelopment by posting
and publication once each week for two weeks in the manner
prescribed by Indiana Code §6- 1.1 -20 -5.
A
Adopted at a regular meeting of the Commission held on
March 13, 1992 in the County -City Building, 227 W. Jefferson Blvd.,
South Bend, Indiana.
ATTEST:
MCK01388
SOUTH BEND REDEVELOPMENT COMMISSION
By
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