6B(2)&(3) Resolution No. 2806 - Laserfiche WebLink

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� h (Z) RESOLUTION NO. 2806 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING THE PROCEEDS (INCLUDING INVESTMENT EARNINGS THEREON) OF THE SOUTH BEND REDEVELOPMENT DISTRICT REVENUE BONDS TO BE APPLIED TO THE COST OF REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN OR SERVING THE CENTRAL DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission "), on November 19, 2010, adopted its Resolution No. 2805 entitled "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF REVENUE BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN THE CENTRAL DEVELOPMENT AREA" (the "Bond Resolution "), the provisions of which Bond Resolution are hereby included herein by this reference thereto, determined to issue bonds of the South Bend Redevelopment District (the "District ") payable from certain "covered taxes" as such term is defined by I.C. 36 -7- 31.3 -4 of the Professional Sports and Convention Development Area (the " PSCDA Revenues "), and to the extent the PSCDA Revenues are insufficient therefor, from County Option Income Tax Revenues ( "COIT Revenues ") pledged by the Common Council of the City of South Bend, Indiana, for the purpose of procuring funds to pay for the cost of redevelopment and economic development in or serving the Central Development Area (the "Area "), including without limitation, certain local public improvements to Coveleski Stadium (the "Project "), together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic development in the Area, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the bonds to the extent that the Commission determines that a reserve is reasonably required, together with the expenses in connection with or on account of the completion of the Project and the issuance of the bonds; and WHEREAS, the Commission did not include the proceeds (including investment earnings thereon in an estimated amount of Twenty Thousand and 00 /100 Dollars ($20,000.00) of said bonds of the District in the regular budget for the year 2010; and WHEREAS, there are insufficient funds available or provided in the existing budget and tax levy which may be applied to the cost of the redevelopment and economic development in the Area, the completion of the Project, 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 BDDB01 6409698v2