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REGULAR MEETING <br />JUNE 9, 1987 <br />1ST SOURCE BANK <br />P.O. Box 1602 <br />South Bend, Indiana 46634 <br />Proposal was submitted by <br />Vice -President, Commercial <br />Mr. Nathaniel A. Angel, Assistant <br />Banking Division. <br />PROPOSAL: Interest Rate: 6.95% A.P.R. fixed <br />Repayment: Interest only on the Credit Limit, <br />computed on the outstanding balance for the <br />period from closing to December 15, 1987. <br />Interest will be payable January 15, 1988. <br />Draws against the Credit Limit will be made up to <br />an aggregate total of $693,527.00. The Credit <br />Limit will expire one (1) year from the date of <br />closing. However, draws made against the Credit <br />Limit after December 15, 1987, will immediately be <br />transferred to the Term Loan. <br />Effective December 15, 1987, the outstanding <br />principal balance will be converted to a five (5) <br />year term loan with a fixed principal and interest <br />payment of $13,716.31 commencing January 15, 1988 <br />and the 15th of each month thereafter until all <br />outstanding principal and interest is paid in full <br />or December 15, 1992, when all unpaid principal <br />and interest will be due and payable. <br />SECURITY PACIFIC LEASING <br />5 Mount Royal Avenue <br />Marlborough, Massachusetts <br />Proposal was submitted by Edward J. Fleming, IV, Regional <br />Manager. <br />PROPOSAL: Interest Rate: 7% (simple) <br />The City would be required to make sixty (60) <br />equal consecutive monthly rental payments, each <br />in advance, at 1.969% of Equipment Cost. <br />NCR <br />150 North Michigan Avenue, Suite 220 <br />Chicago, Illinois <br />Proposal was submitted by Helen V. Nemeth, Financial Services <br />Executive. <br />PROPOSAL: Financing Rate: Guaranteed Rate of 6.65% for July, <br />1987 through September, 1987 delivery and <br />acceptance of equipment. Guaranteed rate of 6.90% <br />for October, 1987 through March, 1988 delivery and <br />acceptance of equipment. <br />Upon a motion made by Mr. Leszczynski, seconded by Mrs. DeClercq <br />and carried, the above Proposals were referred to the City <br />Controller's office for review and recommendation. <br />ADOPTION OF RESOLUTION NO. 12-1987 - SALE OF CITY -OWNED PROPERTY <br />AT BOWEN STREET <br />Mr. Leszczynski advised that pursuant to the request made by Mr. <br />Christopher Davey and Mr. Robert E. Dunbar, Jr., of Erskine Plaza <br />Associates, to purchase City -owned property, the following <br />Resolution No. 12-1987 authorizing the disposal of said property <br />has been submitted to the Board for approval. Therefore, upon a <br />motion made by Mrs. DeClercq, seconded by Mr. Leszczynski and <br />carried, the following Resolution No. 12-1987 for the sale of <br />City -owned real estate was adopted: <br />