HomeMy WebLinkAbout6A1&11RESOLUTION NO. 3168
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING AND TRANSFERRING MONIES FOR THE PURPOSE OF FUNDING
CERTAIN PROJECTS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2014, AND
ENDING DECEMBER 31, 2014
(2003 Airport Bond)
WHEREAS, the South Bend Redevelopment Commission (the "Commission ") has caused to be
issued several bonds funding the development of certain local public 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 2013; 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
WHEREAS, 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 as specified in Exhibit A 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 Airport TIF Revenue Fund 324, for the fiscal year 2014, the
sums of money, as set forth in Exhibit A, attached hereto and made a part hereof, are hereby appropriated
and ordered transferred out of the Airport 2003 Debt Reserve Fund 315 and into the Airport TIF Revenue
Fund 324, and 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, 2014, the above referenced appropriations are
made within the Airport Economic Development Area.
The above referenced funds herein appropriated are hereby ordered transferred to the
Airport TIF Revenue 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 10, 2013, at 9:30 a.m., 1308 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601
SOUTH BEND REDEVELOPMENT COMMISSION
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EXHIBIT A
Appropriated and transferred from:
Airport 2003 Debt Reserve Fund 315 $5,000.00
Transferred to:
Airport TIF Revenue Fund 324 $5,000.00