HomeMy WebLinkAboutNo. 0926 regarding the insufficiency of a remonstrance relating to the $4,900,000 COSB redevelopment district bonds of 1990RESOLUTION NO. 926
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION REGARDING THE INSUFFICIENCY OF A
REMONSTRANCE RELATING TO THE $4,900,000 CITY OF SOUTH BEND
REDEVELOPMENT DISTRICT BONDS OF 1990
WHEREAS, a petition has been filed under the provisions of
IC 6- 1.1 -20 -3 by more than fifty (50) owners of real property subject
to taxation in the South Bend Redevelopment District (the "District ")
to authorize and issue bonds of the District payable from a special
tax to be levied upon all of the taxable property in the District, in
one or more series or issues, in an aggregate principal amount not to
exceed Four Million Nine Hundred Thousand Dollars ($4,900,000), for
the purpose of procuring funds to pay for the cost of property
acquisition and redevelopment in the Studebaker Corridor Development
Area (the "Area "), together with a sum sufficient to pay the
estimated cost of all expenses reasonably incurred in connection with
the acquisition and redevelopment of the Area, including the total
cost of all land, rights -of -way and other property to be acquired and
redeveloped, all reasonable and necessary architectural, engineering,
legal, financing, accounting, advertising, bond discount and
supervisory expenses, capitalized interest and expenses the
Commission may be required to pay as "relocation assistance" under
IC 8 -13 -18.5, together with the expenses in connection with or on
account of the issuance of bonds therefor, all in and with respect to
the Area; and
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WHEREAS, on December 27, 1989, the Commission adopted a
Preliminary Bond Resolution (Resolution No. 903) authorizing the
issuance and sale of the negotiable bonds of the District (the
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"Bonds "), in one or more series or issues, the principal of and
interest on which are payable from a special tax to be levied upon
all of the taxable property of the District and deposited in the
Redevelopment District Bond Fund, which bonds shall be issued in the
name of the City of South Bend for and on behalf of the District, in
an aggregate principal amount not to exceed Four Million Nine Hundred
Thousand Dollars ($4,900,000), for the purpose of procuring funds to
pay for the cost of property acquisition and redevelopment in the
Area, together with a sum sufficient to pay the estimated cost of all
expenses reasonably incurred in connection with the acquisition and
redevelopment of the Area, including the total cost of all land,
rights -of -way and other property to be acquired and redeveloped, all
reasonable and necessary architectural, engineering, legal,
financing, accounting, advertising, bond discount and supervisory
expenses, capitalized interest and expenses the Commission may be
required to pay as "relocation assistance" under IC 8 -13 -18.5,
together with the expenses in connection with or on account of the
issuance of the Bonds, all in and with respect to the Area; and
WHEREAS, the Secretary of the Commission gave notice of the
petition for the issuance of the Bonds by causing such notice to be
published one time in the Tri- County News and The South Bend Tribune
and to be posted in three public places in the District, all on
December 29, 1989, as provided by IC 6- 1.1 -20 -4; and
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WHEREAS, the Auditor of St. Joseph County certified, by
certificate dated December 27, 1989, that the petition in favor of
the Bonds (the "Petition ") had been signed by 8134 people, 6331 of
whom were owners of taxable real property located within the limits
of the District; and
WHEREAS, a remonstrance (the "Remonstrance ") was filed with the
Commission against the issuance of the Bonds, certified by the
Auditor of St. Joseph County, within the time period provided in
IC 6- 1.1 -20 -4, a copy of which Remonstrance is attached hereto as
Exhibit A; and
WHEREAS, the Remonstrance contains 2826 signatures of owners of
taxable real property located within the boundaries of the District;
NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission hereby finds that the Remonstrance is
insufficient for purposes of IC 6- 1.1 -20 -4 in that it contains fewer
legally verified signatures of owners of real property located within
the boundaries of the District than the Petition in favor of the
issuance of the Bonds.
2. This Resolution shall be in full force and effect after its
adoption by the Commission.
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ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment
Commission held on the 6th day of April, 1990, at the office of the
Commission located at 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
ay Nim z, Pr ' dent
AT ST: �
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Roman J. PiaseAXd, Secretary
4 -06 -90
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