HomeMy WebLinkAboutNo. 0915 establishing certain funds/accounts in connection with the lease dated 11-1-89 between the SBRC and SBRA relating to the SBCDA public improvement project and other related mattersRESOLUTION NO. 915
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
WITH THE LEASE DATED AS OF NOVEMBER 1, 1989 BETWEEN
THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE
SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE
SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC IMPROVEMENT
PROJECT 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 Eight Hundred Ninety -Five Thousand Dollars
($4,895,000) pursuant to IC 36- 7- 14.5 -19 to be known as the "South
Bend Redevelopment Authority Lease Rental Revenue Bonds (South Bend
Central Development Area Public Improvement Project) (the "Bonds "),
the proceeds of which are to be used to finance certain land and
public improvements to be known as the "South Bend Central
Development Area Public Improvement Project" (the "Project "), and to
pay the costs of issuance of the Bonds; and
WHEREAS, the Authority intends to lease the Project to the
Commission pursuant to a lease dated as of November 1, 1989 (the
"Lease "), which Lease was heretofore approved by this Commission; and
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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;
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NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment
Commission as follows:
Section 1. There is hereby created and established a
p Redevelopment District Bond Fund to consist of a South Bend Central
Development Area Public Improvement Project Principal and Interest
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Account and such other accounts as the Commission shall from time to
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time establish.
Section 2. The Commission shall levy in each calendar
Y ear 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,
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together with all other funds in the South Bend Central Development
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Area 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
a
the 12 -month period beginning on July 1 of the following calendar
year. Such taxes shall be deposited in the South Bend Central
Development Area Public Improvement Project Principal and Interest
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Account and such taxes and any other funds in the South Bend Central
Development Area Public Improvement Project Principal and Interest
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Account shall be irrevocably pledged for the purposes set forth in
this Resolution.
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 February 16, 1990 at the office of the Commission, 1200
County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
A ST:
Roman Piasecki, Secretary
2 -13 -90
SOUTH BEND REDEVELOPMENT COMMISSION
By:
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Paula N. Auburn, Vice President
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