HomeMy WebLinkAboutNo. 1040 determining to pay certain expenses incurred for local public improvements in or serving SBCAA (No. 1A) from the SBCAA (No. 1A) special fundY
RESOLUTION NO. 1040
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION DETERMINING TO PAY CERTAIN EXPENSES
INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR
SERVING THE SOUTH BEND CENTRAL ALLOCATION AREA
(SOUTH BEND ALLOCATION AREA NO. 1A) FROM THE
SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND
ALLOCATION AREA NO. 1A) SPECIAL FUND
WHEREAS, the South Bend Redevelopment Commission
( "Commission "), governing body of the City of South Bend Department
of Redevelopment ( "Department "), on May 10, 1985, adopted
Resolution No. 737 declaring the South Bend Central Development
Area to be a blighted area within the meaning of IC 36 -7 -14 (the
"Act "); and
WHEREAS, Resolution No. 737 and the South Bend Central
Development Area Plan were confirmed by Resolution No. 739 adopted
on June 14, 1985; and
WHEREAS, Resolution No. 737 has been amended from time to time
pursuant to the provisions of the Act; and
WHEREAS, Resolution No. 737 created the South Bend Central
Allocation Area (South Bend Allocation Area No. 1A) and the South
Bend Central Allocation Area (South Bend Allocation Area No. 1A)
Special Fund ( "Allocation Fund ") for purposes of paying into such
fund property tax proceeds in excess of those described in Section
39(b)(1) of the Act for the purposes as described in Section
39 (b) (2) of the Act; and
WHEREAS, the Commission desires to pay expenses incurred by it
for local public improvements that are in or serving the Allocation
Area with property tax proceeds deposited in the Allocation Fund
pursuant to the Act; and
WHEREAS, such payments are authorized pursuant to Section
39 (b) (2) (J) of the Act and are subject to the provisions of IC
6- 1.1 -18 -5; and
WHEREAS, the expenditures incurred by the Commission proposed
to be paid with property tax proceeds deposited in the Allocation
Fund are described on the attached Exhibit "A"; and
WHEREAS, the Commission desires to approve said payments from
the Allocation Fund in the total amount as described on Exhibit
"A"; and
WHEREAS, the Commission, with the advice of its financial
advisor, has determined that such expenditure will not endanger the
interests of the holders of any obligations heretofore issued or
incurred by the Commission and payable from the Allocation Fund;
and
WHEREAS, the proposed payment from the Allocation Fund as
provided for herein is not for the operating expenses of the
Commission.
NOW, THEREFORE, BE IT RESOLVED, by the South Bend
Redevelopment Commission, governing body of the City of South Bend,
Department of Redevelopment, as follows:
1. The Commission hereby approves the use of funds in the
Allocation Fund in the amount of Two Hundred and Forty Thousand
Dollars ($240,000.00) for purposes of paying the expenditures as
described on Exhibit "A ". The Secretary of the Commission is
hereby authorized and directed to take all necessary steps to
obtain the approval of the expenditure of such funds pursuant to IC
6- 1.1 -18 -5, including the publication in accordance with IC 5 -3 -1
of notice of a hearing on the appropriation of such funds to be
held at 10:00 a.m., on March 27, 1992 at the office of the
Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
ADOPTED at a regular meeting of the South Bend Redevelopment
Commission held on March 13, 1992, at the office of the Commission,
1200 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
ATTEST:
),A ��' �
Michael Donoho, Secretary
RES1040
96
SOUTH BEND REDEVELOPMENT COMMISSION
By:
ROMAN J. PIASE I, VICE PRESIDENT
EXHIBIT "A"
Descri -tion of Expenditure
For local public improvements in or serving the South Bend Central
Allocation Area (South Bend Allocation Area No. 1A) as may be
authorized by IC 36- 7- 14- 39(b)(2)(J) and IC 36- 7- 14- 25.1(a) in a
total amount not to exceed $240,000.00.
[A