HomeMy WebLinkAboutNo. 0967 establishing certain funds/accounts in connection with the lease dated as of 8-1-90 between the SBRC and the SBRA relating to the AEDA public improvement project (taxable improvements) and other related mattersRESOLUTION NO. 967
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
WITH THE LEASE DATED AS OF AUGUST 1, 1990 BETWEEN
THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE
SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE
AIRPORT ECONOMIC DEVELOPMENT AREA PUBLIC IMPROVEMENT
PROJECT (TAXABLE IMPROVEMENTS) AND OTHER RELATED MATTERS
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 amount of Four Million Two Hundred Thousand Dollars
($4,200,000) pursuant to IC 36 -7- 14.5 -19 to be known as the "South
Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds
(Airport Economic Development Area Public Improvement Project) (the
"Taxable Bonds "), the proceeds of which are to be used to finance
certain land and public improvements (the "Taxable Improvements "),
and to pay the costs of issuance of the Taxable Bonds; and
WHEREAS, the Authority intends to lease the Taxable
Improvements to the Commission pursuant to a lease dated as of
August 1, 1990 (the "Lease "), which Lease was heretofore approved
by this Commission; and
WHEREAS, it is necessary for the Commission to establish
certain funds and accounts for the payment of the rentals owed by
the Commission pursuant to said Lease;
1. AW
NOW, THEREFORE, BE IT RESOLVED, by this South Bend
Redevelopment Commission as follows:
Section 1. There is hereby created and established
a Redevelopment District Bond Fund to consist of an Airport
Economic Development Area Taxable Public Improvement Project
Principal and Interest Account and such other accounts as the
Commission shall from time to time establish.
Section 2. The Commission shall levy in each calendar
year beginning in the year prior to the first calendar year in
which the Commission is required to pay lease rentals pursuant to
the Lease, 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 Airport Economic
Development Area Taxable Public Improvement Project 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 year, to pay all lease
rental payments payable in the 12 -month period beginning on July
1 of the following calendar year pursuant to Section 4 of the
Lease. Such taxes shall be deposited in the Airport Economic
Development Area Taxable Public Improvement Project Principal and
Interest Account and such taxes and any other funds in the Airport
Economic Development Area Taxable Public Improvement Project
Principal and Interest Account shall be irrevocably pledged for the
purposes set forth in this Resolution.
-2-
\rlhill \sthbnd\ airport\ resoluti \rcestab.tax;tmg;12- 19 -90;
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 December 21, 1990 at the office of the
Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
SOUTH BF,,,ND REDEVELOPMENT COMMISSION
Paula N. Auburn, Vice President
ATTE
G
Roman Piasecki, Secretary
-3-
\rlhill \sthbnd\ airport\ resoluti \rcestab.tax;tmg;12- 19 -90;