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South Bend Redevelopment Commission <br />Regular Meeting— September 19, 2003 <br />6. NEW BUSINESS <br />F. Airport Economic Development Area <br />(continued...) <br />(2) Commission approval requested for <br />Resolution No. 2004 amending Resolution <br />No. 1965 entitled "A Bond Resolution of <br />the South Bend Redevelopment <br />Commission authorizing the issuance of <br />Tax Increment Revenue Bonds, <br />Series 2003, of the South Bend <br />Redevelopment District ". <br />Mr. Rompola advised that earlier in the <br />spring or possibly late winter was the <br />processing of a bond issue for the Airport <br />Economic Development Area to be a TIF <br />revenue bond for a variety of road projects, <br />some of which are already under <br />construction. That bond issue then became <br />associated with the proposed bond issue for <br />the downtown TIF revenue area. The idea <br />now is that both bond issues will be sold to <br />the Indiana Bond Bank. The Airport bond <br />issue has been significantly delayed from <br />when we thought it would be issued which <br />was earlier in the spring. As a result we <br />have had to do several technical actions: <br />delay the first interest payment from August <br />until next February, delay the first principal <br />payment, set the maturity of the bonds to <br />one year later and the redemption date to one <br />year later. All of this is the result of <br />delaying the issuance of these bonds until <br />October rather than last spring. The other <br />action Resolution No. 2004 does is authorize <br />the bond to be sold to the Indiana Bond <br />Bank. Originally when the Commission <br />adopted the bond resolution we were not <br />contemplating using the Bond Bank at all, so <br />L, 16 <br />