HomeMy WebLinkAboutNo. 0820 supplemental appropriation resolution one, COSB redevelopment district tax increment revenue bonds of 1988RESOLUTION NO. 820
SOUTH BEND REDEVELOPMENT COMMISSION
SUPPLEMENTAL APPROPRIATION RESOLUTION ONE,
CITY OF SOUTH BEND REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS OF 1988
WHEREAS, the South Bend Redevelopment Commission (the
"Commission "), 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 ACQUISITION
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 discount, and supervisory expenses, a debt service reserve and
capitalized 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 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.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
2
COMMISSION, as follows:
Section 1. 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" be,
and they 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 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
discount, and supervisory expenses, a debt service reserve and
Apk
capitalized interest as provided in the bond resolution, and expenses
the Commission may be required to pay as "relocation assistance" under
IC 8 -13 -18.5, together with expenses in connection with the issuance of
the bonds not provided for in the existing budget and tax levy.
Section 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
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
Indiana State Board of Tax Commissioners for the purpose of obtaining
3
the approval of said Board of the additional appropriation herein made.
Adopted at the regular meeting of the South Bend Redevelopment
Commission, held on November 27, 1987 at 1200 County City Building, 227
West Jefferson Boulevard, South Bend, Indiana 46601.
ATTEST:
o �
ROMAN PIASECKI, SECRETARY
R3ES
SOUTH BEND REDEVELOPMENT COMMISSION
4