HomeMy WebLinkAboutNo. 1009 appropriating money from the SBCAA (No. 1A) special fund to the parking garage principal and interest account of the redevelopment district bond fundRESOLUTION NO. 1009
to 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 PARKING GARAGE PRINCIPAL AND INTEREST
ACCOUNT OF THE REDEVELOPMENT DISTRICT BOND FUND
WHEREAS, the South Bend Redevelopment Commission (The
"Commission ") entered into an agreement on June 1, 1988 (the
"Lease "), to lease a parking garage facility 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. 847, adopted June 17,
1988, the Commission must levy a special tax payable in 1992 upon
all the taxable property in the Redevelopment District if the
balance in the Parking Garage 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 January 1, 1992;
WHEREAS, in order to eliminate the need to impose such a
special tax, the Commission proposes to appropriate the amount of
Two Hundred Seventy Three Thousand One Hundred Ninety Two Dollars
($273,192.00) from the South Bend Central Allocation Area (South
Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ")
to the Parking Garage 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 Two Hundred
Seventy -Three Thousand One Hundred Ninety -Two Dollars ($273,192.00)
and said amount shall be and the same hereby is appropriated from
the Allocation Fund to the Parking Garage Principal and Interest
Account of the Redevelopment District Bond Fund for the purpose of
making lease rental payments due during 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 LND RED�E V)ELO NT COMMISS ION
By : 6L_ I l/
Paula N. Auburn, President
ATTEST:
Michael Donoho, Secretary
ML:Res1009
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