HomeMy WebLinkAbout1997-08-14 Resolution 115~,:
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RESOLUTION NO. ~~_
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
REGARDING USE OF SURPLUS BOND PROCEEDS FROM SOUTH BEND
REDEVELOPMENT AUTHORITY TAXABLE LEASE RENTAL REVENUE BOND
(COVELESKI STADIUM REFUNDING)
WHEREAS, the South Bend Redevelopment Authority previously
issued its South Bend Redevelopment Authority Taxable Lease Rental
Revenue Bond (Coveleski Stadium Refunding)(Bonds), the proceeds of
which were used for property acquisition and public improvements in
the South Bend Central Development Area (SBDCA); and
WHEREAS, the purpose for which the Bonds were issued has been
accomplished and completed; and
WHEREAS, the Bonds .have been paid in full; and
WHEREAS, a surplus of $9,032.76 exists on deposit with Norwest
Bank Indiana, N.A. (Trustee) in various funds (Funds) from taxes
levied to make principal and interest payment on such Bonds; and
. WHEREAS,. The South Bend City Controller has certified that the
surplus was not anticipated and is not needed in connection with
the Bonds, a copy of which certification is attached hereto; and
WHEREAS, the South Bend Redevelopment Authority deems it
advisable to use said surplus to reduce the tax levy to make
principal and interest. payments on bonds of the South Bend
Redevelopment Commission issued for purposes similar to those for
which the Bonds were issued.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
AUTHORITY as follows:
1. That the determinations set forth in the certifications of
the Controller are hereby approved.
2. That the South Bend Redevelopment Authority hereby approves
the use of said surplus to reduce the tax levy to make principal
and interest payments on bonds of the South Bend Redevelopment
Commission issued for purposes similar to those for which the Bonds
were issued.
3. That the South Bend Redevelopment Authority hereby
authorizes and directs the trustee to close the accounts and that
• all deposits therein be paid to the City of South Bend for use as
stated herein.
Adopted at the rescheduled meeting of the South Bend
Redevelopment Commission held August 14, 1997, 1308 County-City.
Building 46601.
SOUTH BEND
REDEVELOPMENT AUTHORITY
An re mma e, Presi ent
ATTEST:
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Secretary
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The undersigned, the duly acting Controller of the City of
South Bend, Indiana, hereby certifies as follows:-
1. A surplus exists from the taxes levied to make principal
and interest payments on the South Bend Redevelopment Authority
Taxable Lease Rental Revenue Bond (Coveleski Stadium Refunding)
(Bonds) .
2. The purpose for which the Bonds were issued has been
completed.
3. The Bonds have been repaid in full.
4. There remains on deposit in the Fund the sum of $9,032.76.
5. Said surplus was not anticipated in connection with the
Bonds.
WITNESS my hand this- day of August, 1997.
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. Ca he ne Roemer
RESO/SURPLUS.RDV