HomeMy WebLinkAboutNo. 0904 appropriating the proceeds (including investment earnings thereon) of bonds of the redevelopment district to be applied to the cost of property acquisition and redevelopment in the Studebaker Corridor Development AreaRESOLUTION NO. 904
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING THE PROCEEDS (INCLUDING INVESTMENT EARNINGS
THEREON) OF BONDS OF THE REDEVELOPMENT DISTRICT
TO BE APPLIED TO THE COST OF PROPERTY ACQUISITION
AND REDEVELOPMENT IN THE STUDEBAKER CORRIDOR DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission (the
"Commission "), on December 27, 1989, adopted its Resolution No. 903
entitled "A PRELIMINARY BOND RESOLUTION OF THE SOUTH BEND
REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF REDEVELOPMENT
DISTRICT BONDS FOR THE PURPOSE OF PROCURING FUNDS TO PAY FOR THE COST
OF PROPERTY ACQUISITION AND REDEVELOPMENT IN THE STUDEBAKER CORRIDOR
DEVELOPMENT AREA," the provisions of which resolution are hereby
included herein by this reference thereto, determining to issue
special taxing district bonds of the South Bend Redevelopment
District payable from a special tax levied upon all of the taxable
property in the Redevelopment 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 for property acquisition and redevelopment in the
Studebaker Corridor Development Area (the "Area ") together with
expenses incidental thereto and expenses in connection with the
issuance of the bonds, which principal amount (together with
investment earnings thereon in the approximate amount of $300,000)
does not exceed the cost of property acquisition and redevelopment in
the Area together with such incidental and related expenses; and
WHEREAS, this Commission did not include the proceeds (including
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investment earnings thereon) of said bonds of the South Bend
Redevelopment District in the regular budget for the year 1990; and
WHEREAS, a petition has been filed by more than fifty (50) owners
of taxable real estate in the Redevelopment District, requesting the
Commission to issue bonds in an amount not to exceed Four Million
Nine Hundred Thousand Dollars ($4,900,000) for the purpose of
procuring funds to be applied to the cost of the projects described
in Resolution No. 903; and
WHEREAS, the Commission now finds that said projects are
necessary and will be of general benefit to the Redevelopment
District and its citizens; and
WHEREAS, there are insufficient funds available or provided for
in the existing budget and tax levy which may be applied to the cost
of property acquisition and redevelopment in the Area, 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 of
hearing on said appropriation to be published as required by law; and
WHEREAS, such public hearing was held on January 12, 1990 at
10:00 a.m. Eastern Standard Time in the office of the Commission,
1200 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601, on 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 Commission as follows:
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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 Three Hundred Thousand Dollars ($300,000) 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 the Area together with expenses incidental thereto
and 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 this Commission shall be, and
they are, hereby 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.
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ADOPTED AND APPROVED at a regular meeting of the South Bend
Redevelopment Commission, held on January 12, 1990, in the office of
the Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
ATTEST:
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Roman J. Piaseck , Secretary
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01 -02 -90
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