HomeMy WebLinkAboutNo. 1010 appropriating money from the SBCAA (No. 1A) special fund to the SBCDA public improvement project principal and interest account of the redevelopment district bond fundRESOLUTION NO. 1010
SOUTH BEND REDEVELOPMENT COMMISSION
A RESOLUTION APPROPRIATING MONEY FROM THE SOUTH BEND
CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A)
SPECIAL FUND TO THE SOUTH BEND CENTRAL DEVELOPMENT AREA
PUBLIC IMPROVEMENT PROJECT PRINCIPAL AND INTEREST ACCOUNT
OF THE REDEVELOPMENT DISTRICT BOND FUND
WHEREAS, the South Bend Redevelopment Commission (The
"Commission ") entered into an agreement on November 1, 1989 (the
"Lease "), to lease certain land and public improvements in the
South Bend Central Development Area from the South Bend
Redevelopment Authority (the "Authority "), which Lease requires
semiannual lease rental payments by the Commission to the
Authority;
WHEREAS, under Commission Resolution No. 915, adopted February
16, 1990, the Commission must levy a special tax payable in 1992
upon all the taxable property in the Redevelopment District if the
balance in the South Bend Central Development Area Public
®Improvement Project Principal and Interest Account of the
Redevelopment District Bond Fund as of August 1, 1991, is
insufficient to pay all lease rental payments under the Lease in
the 12 -month period beginning July 1, 1992;
WHEREAS, in order to eliminate the need to impose such a
special tax, the Commission proposes to appropriate the amount of
One Hundred Nineteen Thousand Five Hundred Dollars ($119,500.00)
from the South Bend Central Allocation Area (South Bend Allocation
Area No. 1A) Special Fund (the "Allocation Fund ") to the South Bend
Central Development Area Public Improvement Project Principal and
Interest Account of the Redevelopment District Bond Fund;
WHEREAS, the use of money in the Allocation Fund for the
purpose of making payments on the Lease is permitted under IC
36- 7 -14 -39 (b) (2) (F) .
NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment
Commission as follows:
1. The Commission authorizes and appropriates One Hundred
®Nineteen Thousand Five Hundred Dollars ($119,500.00) and said
amount shall be and the same hereby is appropriated from the
Allocation Fund to the South Bend Central Development Area Public
Improvement Project Principal and Interest Account of the
Redevelopment District Bond Fund for the purpose of making lease
rental payments due during the twelve month period beginning July
1, 1992 on the Lease.
Adopted at the regular meeting of the South Bend Redevelopment
Commission, held on August 9, 1991, at 1200 County -City Building,
227 West Jefferson Boulevard, South Bend, Indiana.
SOUTH END REDEVELOPMENT COMMISSION
By : k).
Paula N. Auburn, President
ATTEST:
j"4
Michael Donoho, Secretary
ML:Res1010
LE
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