HomeMy WebLinkAboutResolution No. 3505 (Downtown Bond Debt Service Reserve Additional 2019)RESOLUTION NO. 3505
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS
AND EXPENSES RELATED TO THE DOWNTOWN BOND DEBT SERVICE
RESERVE FUND NO. 328
WHEREAS, the South Bend Redevelopment Commission (the "Commission") has caused
to issue several bonds funding the development of certain local improvements located within the
various development areas in the City of South Bend; and
WHEREAS, to provide for the repayment of such bonds, the Commission has established
several Debt Service Funds and has deposited monies into those funds for the purpose of repaying
those bonds; and
WHEREAS, the Debt Service Funds earn interest income over the course of the year which
can be appropriated and transferred for the use of the Commission pursuant to IC 36-7-14-39,
during calendar year 2019; and
WHEREAS, the Debt Service Funds also contain monies held in reserve to guarantee that
payments can be made on said bonds, which, at the end of the life of the bonds are no longer
required to be held in the Debt Service Fund and become available for the Commission's use in
accordance with IC 36-7-14-39; and
WHERAS, the Commission has determined it is necessary and desirable to appropriate the
interest income and other available monies of the various Debt Service Funds and to transfer those
monies to the appropriate fund for the use of the Commission in accordance with the uses specified
in IC 36-7-14-39.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS;
1. For the expenditures of the Downtown Bond Debt Service Reserve Fund 328, for the
fiscal year 2019, excess funds in the amount of Twenty Thousand Dollars ($20,000.00)
are hereby appropriated and ordered transferred out of the Downtown Bond Debt
Service Reserve Fund 328 for the purposes hereinafter specified, subject to the laws
governing the same. The sums hereby appropriated and transferred shall be deemed to
include all expenditures authorized to be made in said year, unless otherwise expressly
stipulated or provided by law.
2- For the fiscal year ending December 31, 2019, the above referenced appropriations
are made within the River West Development Area.
3. The above referenced funds herein appropriated are hereby ordered transferred to the
River West General Account Fund 324.
4. This resolution shall be in full force and effect from and after its adoption.
Adopted at the Regular Meeting of the South Bend Redevelopment Commission held
Thursday, October 24, 2019, at 4:00 p.m., 1308 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
/ /' I, " ". , " VQ.
Marcia I. Jane , esident
ATTEST:
400�fe
,1111"Ouciiflin Phillips, Secretary