HomeMy WebLinkAboutNo. 0823 supplemental appropriation resolution two, COSB redevelopment district tax increment revenue bonds of 1988RESOLUTION NO. 823
SOUTH BEND REDEVELOPMENT COMMISSION
SUPPLEMENTAL APPROPRIATION RESOLUTION TWO,
CITY OF SOUTH BEND REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS OF 1988
WHEREAS, the South Bend Redevelopment Commission (the "Commis-
sion") , has heretofore, on November 12, 1987 adopted a resolution
entitled "A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AUTHORIZING THE ISSUANCE OF BONDS ON PARITY WITH THE CITY OF SOUTH
BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE BONDS OF 1985 AND
THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT TAX INCREMENT REVENUE
BONDS OF 1986 FOR THE PURPOSE OF RAISING MONEY FOR PROPERTY ACQUISI-
TION AND REDEVELOPMENT IN THE SOUTH BEND CENTRAL ALLOCATION 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 solely out of taxes
on real property located in the South Bend Central Allocation Area
(South Bend Allocation Area No. 1A) (the "Allocation Area ") allocated
and deposited in the South Bend Central Allocation Area (South Bend
Allocation Area No. 1A) Special Fund (the "Allocation Fund ") pursuant
to the provisions of I.C. 36- 7 -14 -39 and proceeds from the sale or
leasing of property in the Allocation Area under I.C. 36- 7 -14 -22
deposited in the Allocation Fund as required by I.C. 36- 7 -14 -26 in
the amount of One Million Eight Hundred Thousand Dollars ($1,800,000)
for the purpose of raising money to pay for the cost of property
acquisition and redevelopment in the Allocation Area together with a
sum sufficient to pay the estimated cost of all expenses reasonably
incurred in connection with property acquisition and redevelopment in
the Allocation Area, including the total cost of all land, rights -of-
way and other property to be acquired and redeveloped, all necessary
architectural, engineering, legal, accounting, advertising, bond dis-
count, and supervisory expenses, a debt service reserve and capita-
lized interest as provided in such resolution, and expenses the
Commission may be required to pay as "relocation assistance" under
I.C. 8 -13 -18.5, together with expenses in connection with the
issuance of the bonds; and
WHEREAS, the Commission did not include the proceeds of said
bonds of the South Bend Redevelopment District in the regular budget
for the year 1988; 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 Allocation 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 a
hearing on said appropriation to be published on November 13, 1987 as
required by law; and
WHEREAS, such public hearing was held on November 27, 1987 at
10:00 a.m., E.S.T., in the office of the South Bend Redevelopment
Commission concerning said appropriation at which all taxpayers and
interested persons had an opportunity to appear and express their
views as to such additional appropriation; and
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WHEREAS, On November 27, 1987, subsequent to said public hearing,
the Commission adopted Resolution No. 820, entitled "South Bend
Redevelopment Commission, Supplemental Appropriation Resolution one,
City of South Bend Redevelopment District Tax Incremental Revenue
Bonds of 1988 "; and
WHEREAS, the Secretary of this Commission has caused notice of an
additional hearing on said appropriation to be published on December
4, 1987; and
WHEREAS, such additional public hearing was held on December 16,
1987 at 4:00 p.m., E.S.T., in the office of the South Bend Redevelop-
ment Commission concerning said appropriation at which all taxpayers
and interested persons had an additional opportunity to appear and
express their views as to such additional appropriation; and
WHEREAS, the Commission desires to readopt Resolution 820 and to
again, subsequent to said additional public hearing, appropriate the
proceeds derived from the sale of the bonds heretofore authorized to
be issued and designated as "City of South Bend Redevelopment
District Tax Increment Revenue Bonds of 1988 ".
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION, as follows:
Section 1. Resolution No. 820, entitled "South Bend Redevelop-
ment Commission, Supplemental Appropriation Resolution One, City of
South Bend Redevelopment District Tax Increment Revenue Bonds of
1988" is hereby readopted and the proceeds derived from the sale of
the bonds heretofore authorized to be issued and designated as "City
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of South Bend Redevelopment District Tax Increment Revenue Bonds of
1988" be, and they are hereby, again appropriated by the Commission
for the purpose of providing funds to be applied to the cost of pro -
perty acquisition and redevelopment in the Allocation Area together
with a sum sufficient to pay the estimated cost of all expenses
reasonably incurred in connection with property acquisition and
redevelopment in the Allocation Area, including the total cost of all
land, rights -of -way and other property to be acquired and redeve-
loped, all necessary architectural engineering, legal, accounting,
advertising, bond discount, and supervisory expenses, a debt service
reserve and capitalized interest as provided in the bond resolution,
and expenses the Commission may be required to pay as "relocation
assistance" under I.C. 8 -13 -18.5, together with expenses in connec-
tion with the issuance of the bonds not provided for in the existing
err budget and tax levy.
Section 2. Such appropriation shall be in addition to all appro-
priations provided for in the existing budget and levy, and shall
continue in effect until the completion of the activities described
in Section 1 above. Any surplus of such proceeds shall be credited
to the proper fund as provided by law.
Section 3. The President and the Secretary of the Commission 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
IL Indiana State Board of Tax Commissioners for the purpose of obtaining
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the approval of said Board of the additional appropriation herein
made.
Adopted at the regular meeting of the South Bend Redevelopment
Commission, held on December 16, 1987 at 1200 County City Building,
227 West Jefferson Boulevard, South Bend, Indiana 46601.
ATTEST:
SOUTH BEND REDEVELOPMENT COMMISSION
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ROMAN PIASECKI, SECRETARY
RLH 12/14/87
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