HomeMy WebLinkAboutNo. 1030 establishing certain funds/accounts in connection with the lease dated 6/1/88 and as amended by an addendum thereto dated as of 11/1/91 between the SBRC and SBRARESOLUTION NO. 1030
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
KITH THE LEASE DATED AS OF JUNE 1, 3.988 AND AS AMENDED
BY AN ADDENDUM THERETO DATED AS OF NOVEMBER 1, 1991
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
"Commission "); and
WHEREAS, the Authority intends to issue bonds in the
aggregate principal amount of Four Million Two Hundred Eighty
Thousand Dollars ($4,280,000) pursuant to IC 36- 7- 14.5 -19 to be
known as the "South Bend Redevelopment Authority Taxable Lease
Rental Revenue Bonds (Coveleski Stadium Refunding)" (the "Taxable
Bonds "), the proceeds of which are to be used to refund the South
Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds
(Coveleski Stadium Project) issued by the Authority in 1988, and
to pay the costs of issuance of the Taxable Bonds; and
WHEREAS, the Authority previously entered into a lease
between the Authority and the Commission dated as of June 1, 1988
(the "Lease "), which Lease was heretofore approved by this
Commission, and pursuant to which the Authority leases to the
Commission the land and stadium facility located thereon known as
the "Stanley Coveleski Regional Stadium (the "Facility "); and
WHEREAS, the Commission has approved and authorized the
execution of an addendum to the Lease (the "Addendum ") to reflect
ew lower rental payments under the Lease; and
WHEREAS, the Commission, by Resolution No. 849 (the
"Pledge Resolution "), adopted at a meeting on June 17, 1988,
established 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
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 Stadium
Principal and Interest Account and such other accounts as the
Commission may from time to time establish to pay the rentals owed
by the Commission pursuant to the Lease as amended by the Addendum.
Section 2. 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 all other funds in the
Stadium 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
Ire year, to pay all lease rental payments payable in the 12 -month
period beginning on July 1 of the following calendar year. Such
taxes shall be deposited in the Stadium Principal and Interest
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Account and such taxes and any other funds in the Stadium Principal
and Interest Account shall be irrevocably pledged for the purposes
set forth in this Resolution.
Section 3. 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 November 22, 1991 at the office of the
Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Paula N. Auburn, President
ATTEST:`
Michael Donoho, Secretary
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