HomeMy WebLinkAboutNo. 0847 establishing certain funds/accounts in connection with the lease dated as of 6-1-1988 between the SBRC and the SBRA relating to the St. Joseph/Wayne parking facility and other related mattersi; .
RESOLUTION NO. 847
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
SAINT JOSEPH /WAYNE PARKING FACILITY,
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 $4,575,000 pursuant to I.C. 36 -7- 14.5 -19 to
be known as the "South Bend Redevelopment Authority Lease Rental
Revenue Bonds (Parking Facility Project)" (the "Bonds "), the
proceeds of which are to be used to finance the construction of a
parking garage facility to be known as the "Saint Joseph /Wayne
Parking Facility" (the "Facility "), and the acquisition of the
site therefor, 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:
Section 1. The revenues of the Facility, together with
the revenues of all extensions and improvements thereto and
replacements thereof made subsequent to this Resolution, shall be
set aside for the use of the Commission, and shall be used and
applied by said Commission as provided in this Resolution. All
of such revenues shall be segregated and kept in special accounts
separate and apart from all other funds of the Commission and
shall be used and applied in the operation, repair and
maintenance of the Facility, and in payment of lease rentals
which by their terms are payable from the revenues of the
Facility. There are hereby created and established a Parking
Facility Maintenance Account ( "Maintenance Account ") and a
Parking Facility Net Revenue Account ( "Net Revenue Account ")
(each of which accounts the Commission hereby covenants and
agrees to cause to be kept and maintained so long as needed for
the purposes set forth herein). All revenues of the Facility
shall be set aside in the following accounts in the following
order of priority and to the extent indicated below:
(1) Maintenance Account; and
(2) Net Revenue Account.
(a) Maintenance Account. Revenues of the Facility
shall first be set apart and paid into the Maintenance Account,
and shall be used to pay the reasonable expense of operation,
repair and maintenance of the Facility; provided that no deposit
shall be made into such account when the balance therein equals
the estimated expense of operating, repairing and maintaining the
Facility during the next following 6 calendar months.
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(b) Net Revenue Account. Revenues of the Facility
shall next be set apart and paid into the Net Revenue Account.
Section 2. There is hereby created and established a
Redevelopment District Bond Fund to consist of a Parking Garage
Principal and Interest Account and such other accounts as the
Commission shall from time to time establish. All moneys set
apart and held in the Net Revenue Account shall, on each August 1
during the Term of the Lease, be deposited in the.Parking Garage
Principal and Interest Account (a "Required Deposit ") and such
Required Deposit shall be used to pay Lease rental payments in
the 12 -month period beginning on January 1 of the following
calendar year; provided, however, that no deposit shall be made
from the Net Revenue Account into the Parking Garage Principal
and Interest Account on any August 1 if on such date the balance
in the Parking Garage Principal and Interest Account is
sufficient to pay all Lease rental payments payable in the
12 -month period beginning on January 1 of the following calendar
year. Any funds in the Net Revenue Account remaining immediately
after such Required Deposit shall be deemed Excess Funds and be
paid to the Commission for appropriation and use as permitted by
law. The revenues of the Facility, other than Excess Funds, and
the funds in the Parking Garage Principal and Interest Account,
shall be irrevocably pledged for the purposes set forth in this
Resolution.
Section 3. The Commission shall levy in each calendar
year beginning 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 any Required Deposit made
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on August 1 of such calendar year and all other funds in the
Parking Garage Principal and Interest Account deposited into such
account from any other sources during the 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 January 1 of
the following calendar year. Such taxes shall be deposited in
the Parking Garage Principal and Interest Account and shall be
irrevocably pledged for the purposes set forth in this
Resolution.
Adopted this % day of 1988.
SOUTH BEND REDEVELOPMENT
COMMISSION
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