HomeMy WebLinkAbout1992-08-28 Resolution 63i
RESOLUTION NO. ~_
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
ESTABLISHING ITS INTENT THAT CERTAIN PRELIMINARY
REDEVELOPMENT COSTS BE REIMBURSED FROM THE PROCEEDS OF
REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS
WHEREAS, the City of South Bend, Indiana (the "City"),
is currently investigating the possible methods of financing
improvements to be constructed and known as the College Football
Hall of Fame (the "Project"); and
WHEREAS, the City is expected to enter into additional
phases of certain architectural and engineering. contracts which
will permit the City to proceed with design of the Project prior
to determining the most appropriate method of financing; and
WHEREAS, the South Bend Redevelopment Authority (the
"Authority") has been created pursuant to I.C. 36-7-14.5 as a
separate body, corporate and politic, and as an instrumentality of
the City of South Bend to finance local public improvements for
lease to the South Bend Redevelopment Commission (the
"Commission"); and
WHEREAS, the Authority agrees, if required, to serve as
the issuer of its South Bend Redevelopment Authority lease rental
revenue bonds to finance the construction of the Project and lease
said Project to the Commission; and
WHEREAS, certain preliminary costs in financing the
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construction of the Project, will be incurred by the City on behalf
of the Authority and the South Bend Redevelopment Commission prior
to the issuance and delivery of bonds; and
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WHEREAS, the Authority desires to establish its intent
to reimburse such preliminary expenditures as may be incurred prior
to the issuance of bonds, all pursuant to IC 5-1-14-6(b) and in
compliance with Section 1.103-18 of the Treasury Regulations;
NOW, THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Authority as follows:
1. The Authority hereby declares that it reasonably
expects to reimburse certain preliminary expenditures as may be
incurred in connection with the construction of the Project prior
to the issuance of bonds should the Authority issue bonds to
finance construction of the Project, with proceeds of any such
bonds to be used for reimbursement purposes in a maximum amount of
Three Million Dollars ($3,000,000).
• 2. The Authority hereby declares that no funds from.
sources other than bonds to be issued are, or reasonably expected
to be, reserved, allocated or otherwise set aside by the Authority
(or any other member of the same controlled group) on a long-term
basis for payment of such expenditures to be reimbursed pursuant
to its budget or financial policies with respect to the expenditure
to be reimbursed.
3. The Authority hereby directs the Secretary of the
Board of Directors of the Authority to file this Resolution in the
records of the Authority, and to make a copy of this Resolution
available for inspection within thirty (30) days after adoption
hereof until the date of issue of bonds issued by the Authority for
the construction of the Project.
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4. The Authority hereby declares that this Resolution
is being adopted for purposes of evidencing compliance with Indiana
Code 5-1-14-6 and Section 1.103-18 of the Treasury Regulations.
5. This resolution shall be in full force and effect
from and after its adoption by the Authority.
ADOPTED at a meeting of the South Bend Redevelopment
Authority held on August 28, 1992, at 1308 County-City Building,
227 West Jefferson Boulevard, South Bend, Indiana.
SOUTH BEND REDEVELOPMENT AUTHORITY
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By Jos ph W. Wroblewski, President
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AT EST:
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Donald K. Fewell, Secretary
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