HomeMy WebLinkAboutNo. 0946 appropriating the proceeds (including investment earnings thereon) of the COSB Redevelopment District tax increment revenue bonds of 1990 to be applied to the cost of property acquisition and redevelopment in or serving the AEDAAA No. 1RESOLUTION NO. 946
RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING THE PROCEEDS (INCLUDING INVESTMENT EARNINGS
THEREON) OF THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS OF 1990 TO BE APPLIED TO THE COST
OF PROPERTY ACQUISITION AND REDEVELOPMENT IN OR SERVING THE
AIRPORT ECONOMIC DEVELOPMENT AREA, ALLOCATION AREA NO. 1
WHEREAS, the City of South Bend Redevelopment Commission (the
"Commission ") , on June 27, 1990, in its Resolution No. 945 entitled
"A PRELIMINARY BOND RESOLUTION OF THE CITY OF SOUTH BEND
REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF TAX INCREMENT
REVENUE BONDS OF THE REDEVELOPMENT DISTRICT OF THE CITY OF SOUTH
BEND, INDIANA, FOR THE PURPOSE OF RAISING MONEY FOR PROPERTY
ACQUISITION AND REDEVELOPMENT IN OR SERVING THE AIRPORT ECONOMIC
DEVELOPMENT AREA, ALLOCATION AREA NO. 1," the provisions of which
resolution are hereby included herein by this reference thereto,
determined to issue special taxing district bonds of the
Redevelopment District of the City of South Bend, Indiana (the
"Redevelopment District ") , payable solely out of taxes on real
property located in the Airport Economic Development Area,
Allocation Area No. 1 ( "Allocation Area No. 111) allocated and
deposited in the City of South Bend, Department of Redevelopment,
Airport Economic Development Area, Allocation Area No. 1 Allocation
Fund (the "Allocation Fund ") pursuant to the provisions of IC
36- 7 -14 -39 and proceeds from the sale or leasing of property in
Allocation Area No. 1 under IC 36- 7 -14 -22 deposited in the
Allocation Fund as required by IC 36- 7 -14 -26 in an amount not to
exceed Nine Hundred Fifty Thousand Dollars ($950,000) for the
purpose of raising money to pay for the cost of property
acquisition and redevelopment in or serving Allocation Area No. 1
together with a sum sufficient to pay the estimated cost of all
expenses reasonably incurred in connection with property
acquisition and redevelopment in or serving Allocation Area No. 1,
including the total cost of all land, rights -of -way and other
property to be acquired and redeveloped, all reasonable and
necessary architectural, engineering, financing, legal, accounting,
advertising, bond discount, and supervisory expenses, capitalized
interest and a debt service reserve for the bonds to the extent
that the Commission determines that a reserve is reasonably
required and expenses the Commission may be required or permitted
to pay as "relocation assistance" under IC 8 -23 -17 together with
the expenses in connection with the issuance of the bonds; and
WHEREAS, the Commission did not include the proceeds
(including investment earnings thereon) of said bonds of the
Redevelopment District in the regular budget for the year 1990; and
WHEREAS, there are insufficient funds available or provided
in the existing budget and tax levy which may be applied to the
cost of property acquisition and redevelopment in or serving
Allocation Area No. 1, and the issuance of said bonds has been
authorized to procure the necessary funds and an extraordinary
emergency and necessity exists for the making of the additional
appropriation set out herein; and
WHEREAS, the Secretary of this Commission has caused notice
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of a hearing on said appropriation to be published as required by
law; and
WHEREAS, such public hearing was held on July 13, 1990 at
10:00 a.m. (local time) at 1200 County -City Building, 227 W.
Jefferson Boulevard, South Bend, Indiana, concerning said
appropriation at which all taxpayers and interested persons had an
opportunity to appear and express their views as to such additional
appropriation;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The proceeds derived from the sale of the bonds
heretofore authorized to be issued and all investment earnings
thereon in the approximate amount of $15,000 shall be, and are,
hereby appropriated by the Commission for the purpose of providing
funds to be applied to the cost of property acquisition and
redevelopment in or serving Allocation Area No. 1 together with a
sum sufficient to pay the estimated cost of all expenses reasonably
incurred in connection with property acquisition and redevelopment
in or serving Allocation Area No. 1, including the total cost of
all land, rights -of -way and other property to be acquired and
redeveloped, all reasonable and necessary architectural, financing,
engineering, legal, accounting, advertising, bond discount and
supervisory expenses, capitalized interest and a debt service
reserve for the bonds to the extent that the Commission determines
that a reserve is reasonably required and expenses the Commission
may be required or permitted to pay as "relocation assistance"
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under IC 8- 23 -171 together with expenses in connection with the
issuance of the bonds not provided for in the existing budget and
tax levy.
2. Such appropriation shall be in addition to all
appropriations provided for in the existing budget and levy, and
shall continue in effect until the completion of the activities
described in Paragraph No. 1 above. Any surplus of such proceeds
(including investment earnings thereon) shall be credited to the
proper fund as provided by law.
3. The President and Secretary of the Commission shall be,
and hereby are, authorized and directed to certify a copy of this
Resolution together with such other proceedings and actions as may
be necessary to the St. Joseph County Auditor for certification to
the Indiana State Board of Tax Commissioners for the purpose of
obtaining the approval of said Board of the additional
appropriation herein made.
ADOPTED AND APPROVED at a rescheduled regular meeting of the
South Bend Redevelopment Commission, held on July 13, 1990 at 1200
County -City Building,. 227 W. Jefferson Boulevard, South Bend,
Indiana.
CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
By:
ay Ni m z, P sident
A ST: ? ,
1
Roman Piasecki, Secretary
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