HomeMy WebLinkAboutNo. 0776 supplemental appropriation resolution one COSB redevelopment district tax increment revenue bonds of 1986SOUTH BEND REDEVELOPMENT. COMMISSION
SUPPLEMENTAL APPROPRIATION RESOLUTION ONE
CITY OF SOUTH BEND REDEVELOPMENT DISTRICT
TAX INCREMENT REVENUE BONDS OF 1986
RESOLUTION NO. 776
WHEREAS, the South Bead Redevelop -went Commission (the
"Commission "), has heretofore, on May 23, 1986, adopted Resolution
No. 775, 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 IC
36- 7 -14 -39 and proceeds from the sale or leasing of property in the
Allocation Area under IC 36- 7 -14 -22 and deposited in the Allocation
Fund in the amount of Two Million Five Hundred Sixty -Five Thousand
Dollars ($2,565,000) for the purpose of raising money for property
acquisition or redevelopment in, the Allocation Area together with
expenses incidental thereto and expenses in connection with the
issuance of the bonds.
WHEREAS, this Commission did not include the proceeds of
said bonds of the South Bend Redevelopment District in the regular
budget for the year 1986; 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
Areal. 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 June 13, 1986, at
10:00 a.m., E.S.T., at 1200 County -City Building, 227 West Jefferson
Blvd., South Bend, Indiana 46601, on 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 COMMISSION THAT:.
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 1986 11,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 expenses
incidental thereto and 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.
-2-
Section 3. The President and 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 the approval of said Board of the additional appropriation
herein made.
Adopted at the regular meeting of the South Bend
Redevelopment Commission, held on June 13, 1986, at 1200 County -City
Building, 227 West Jefferson Blvd., South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
F. Jay. Nim P esident
ATTEST:
Roman Piasecki, Secretary
5/21/86
-3-