HomeMy WebLinkAboutNo. 0780 amending section 7 of and adding section 23 and 24 to Res. No. 775 of the COSBRCRESOLUTION NO. 7ro
A RESOLUTION AMENDING SECTION 7 OF AND ADDING
SECTIONS 23 AND 24 TO RESOLUTION NO. 775 OF THE
CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
WHEREAS, on May 23, 1986, the South Bend
Redevelopment Commission (the "Commission ") adopted
Resolution No. 775, authorizing the issuance of the City of
South Bend Redevelopment District Tax Increment Revenue
Bonds of 1986 (the "Series 1936 Bonds ") in the amount of Two
Million Five Hundred Sixty Five Thousand ,Dollars
($2,565,000) to finance ,.property acquisition and
redevelopment in the South Bend Central Allocation Area
(South Bend Allocation Area No. 1A), which boundaries are
coterminous with the South Bend Central Development Area;
and
WHEREAS, on July 11, 1986, the Commission adopted
Resolution No. 779, amending Resolution No. 775 and reducing
the amount of the Series 1986 Bonds authorized to One
Million Seven Hundred Fifty Thousand Dollars ($1,750,000);
and
WHEREAS, certain additional amendments to
Resolution No. 775 are necessary.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION, as follows:
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SECTION I. Section 7 of Resolution No. 775 shall
be deleted in its entirety and a new. Section 7 shall be and
hereby is adopted to read in its entirety as follows:
t
Section 7. Proceeds received from the sale of the
Series 1986 Bonds shall be deposited as follows:
(a) All accrued interest and unused discount
received at the time of the delivery of .the Series 1986
Bonds, any premium received at, the time of delivery of the
-Series 1986 Bonds and an additional amount equal to Twenty
Thousand Dollars ($20,000) shall be placed in the Bond
Principal and Interest Account;
(b) An amount which when added to the balance in
the Reserve Account shall make the balance in the Reserve
Account equal the Debt Service Reserve Requirement as
calculated for the Bonds; and
(c) The remaining proceeds from the sale of the
Series 1986 Bonds shall be deposited in the special fund
designated as the "Redevelopment District (South Bend
Central Development Allpcation Area) Capital Fund."
1%W Section II. A new Section 23 shall be added to
Resolution No. 775, to read in'its entirety as follows:
Section 23. The Commission for and on behalf 'of
the Redevelopment District covenants to use its best efforts
to meet the requirements and restrictions of any federal
legislation which may be made applicable to the Series 1986
Bonds, and to take action to meet such requirements to the
extent consistent with the proceedings authorizing the the
Series 1986 Bonds and Indiana law, and to the extent that
there is a reasonable period of time in which to comply.
However, since the nature of any additional requirements and
restrictions is unknown, there can be no assurance as to
whether this undertaking will be sufficient to maintain the
tax - exempt status of the Series 1986 Bonds if federal
legislation is retroactively applied to the Series 1986
Bonds.
Section III. A new Section 24 shall be added to
Resolution No. 775, to read in its entirety as follows:
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Section 24. If and to the extent that
paragraph (3) of Section 802(e) of H.R. 3838 adopted by the
United States House of Representatives on December 17, 1985
(or any functionally equivalent provision of any other law)
applies to the Series 1986 Bonds herein authorized, the
Series 1986 Bonds are hereby designated "Qualified Tax -
Exempt Obligations for purposes of such paragraph (or any
functionally, equivalent provision of any other law), and any
or all officers of the-Commission are hereby authorized to
execute on 'behalf of the Redevelopment District any
documents necessary or I appropriate to evidence further such
designation. It is reasonably anticipated that the amount
of Qualified Tax - Exempt Obligations which will be issued by
the Redevelopment District during the calendar year in which
the Series 1986 Bonds authorized herein are issued will not
exceed Ten Million Dollars ($10,000,000). The Commission
for and on behalf of the Redevelopment District covenants to
use its best efforts to comply with paragraph (3) of
Section 802(e) of H.R. 3838 (or any functionally equivalent
provision of any other law) to insure the designation of the
Series 1986 Bonds as Qualified Tax-Exempt Obligations.
S.
Section IV. Resolution Nos. 775 and 779 shall
remain in all other respects as adopted on May 23, 1986 and
July 11, 1986, respectively.
.Approved this S day of _ , 1986,
at a meeting of the South Bend Redevelopment Commission
ATTEST:
Roman Piasecki, Secretary
SOUTH BEND REDEVELOPMENT COMMISSION
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