HomeMy WebLinkAboutNo. 0849 establishing certain funds/accounts in connection with the lease dates as of 6-1-1988 between the SBRC and the SBRA relating to the Stanley Coveleski Regional Stadium and other related mattersI
RESOLUTION NO. 849
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION ESTABLISHING CERTAIN FUNDS AND
ACCOUNTS IN CONNECTION WITH THE LEASE DATED
AS OF JUNE 1, 1988, BETWEEN THE SOUTH BEND
REDEVELOPMENT COMMISSION AND THE SOUTH BEND
REDEVELOPMENT AUTHORITY RELATING TO THE
STANLEY COVELESKI REGIONAL STADIUM,
AND OTHER RELATED MATTERS
WHEREAS, the South Bend Redevelopment Authority (the
"Authority ") has been created pursuant to I.C. 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 $5,685,000 pursuant to I.C. 36 -7- 14.5 -19 to
be known as the "South Bend Redevelopment Authority Lease Rental
Revenue Bonds (Coveleski Stadium Project)" (the "Bonds "), the
proceeds of which are to be used to finance the acquisition of a
stadium facility known as the "Stanley Coveleski Regional
Stadium" (the "Facility "), including the site thereof, and to pay
the costs of issuance of the Bonds; and
WHEREAS, the Authority intends to lease the Facility to
the Commission pursuant to a lease dated as of June 1, 1988 (the
"Lease "), which Lease was heretofore approved by this Authority;
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;
NOW, THEREFORE, BE IT RESOLVED, by this South Bend
Redevelopment Commission as follows:
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Section 1. There is hereby created and established a
Redevelopment District Bond Fund to consist of a Stadium
Principal and Interest Account and such other accounts as the
Commission shall from time to time establish.
Section 2. The Commission shall levy in 1988 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 Stadium 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, 1988, to pay all lease rental payments payable
in the 18 -month period beginning on January 1, 1989. The
Commission shall levy in each calendar year beginning in 1989 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 Stadium 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. Such taxes
shall be deposited in the Stadium Principal and Interest Account
and such taxes and any other funds in the Stadium Principal and
Interest Account shall be irrevocably pledged for the purposes
set forth in this Resolution.
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Adopted this day of r�� , 1988.
SOUTH BEND REDEVELOPMENT
COMMISSION
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