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South Bend Redevelopment Commission <br /> Regular Meeting—May 10, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (1) continued... <br /> environment now is very favorable. The rates <br /> for taxable are lower today than the tax- <br /> exempt rates were when we issued the bonds. <br /> We hope this will be the case when the bonds <br /> are actually sold. The Century Center bonds <br /> are simply being refunded to achieve a lower <br /> interest rate. In combining these two <br /> refundings into one bond issue, we'll have a <br /> Series A for the Hall of Fame and Series B <br /> for Century Center. That should also result <br /> in some cost savings by sharing the issuance <br /> costs. Resolution No. 2874 recognizes that <br /> transaction as moving ahead and the lease the <br /> Commission has between us and the <br /> Redevelopment Authority for those two <br /> facilities will need to be amended based on <br /> the new payment schedule for the bonds that <br /> will be issued. <br /> Mr. Randy Rompola of Baker& Daniels <br /> added that the resolution also then continues <br /> the funds and accounts that are in place for <br /> the Century Center bonds and the Hall of <br /> Fame bonds so that we have revenue streams <br /> in place to pay those bonds. There has been a <br /> tax rate in place on the Hall of Fame bonds <br /> on the levy and this resolution just continues <br /> the course. <br /> Mr. Inks noted that the maturity dates on the <br /> bonds are not being changed, but are the <br /> original maturity dates: 2018 on both bonds. <br /> There are no additional funds being <br /> generated. This is a straight forward <br /> refunding where the savings will be realized <br /> in lower payments on the bonds. <br /> 4 <br />