HomeMy WebLinkAboutNo. 0748 supplemental appropriation resolution one COSB redevelopment district tax increment revenue bonds of 1985SOUTH BEND REDEVELOPMENT COMMISSION
SUPPLEMENTAL APPROPRIATION RESOLUTION ONE
CITY OF SOUTH BEND REDEVELOPMENT
DISTRICT TAX INCREMENT REVENUE BONDS OF 1985
RESOLUTION NO. 748
WHEREAS, the South Bend Redevelopment Commission
(the "Commission "), has heretofore, on August 23, 1985, adopted
Resolution No. 747 , the provisions of which resolution
are hereby included herein by this reference thereto, determin-
ing to issue special taxing district bonds of the South Bend
Redevelopment District payable solely out of taxes on real
Area
property located in the South Bend Central Allocation /(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 Four Million Two Hundred Thousand Dollars
($4,200,000) 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 1985; and
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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 redevelop-
ment 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 September
_3_, 1985 at 10:00 a.m., E.S.T., at 1200 County -City
Building, 227 West Jefferson Boulevard, South Bend, Indiana,
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
i0UNE
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 1985" 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.
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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 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 September 13 , 1985, at
1200 County -City Building, 227 West Jefferson Boulevard,
South Bend, Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
Jay Nimtz Secretary
ATTEST:
Roman Piasecki
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