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South Bend Redevelopment Commission <br />ILI Regular Meeting —June 20, 2003 <br />IL <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />(1) continued... <br />and South Bend Redevelopment <br />Commission indicating intent to issue <br />bonds and that certain preliminary costs <br />be reimbursed from the proceeds of said <br />bonds. <br />Mr. Rock advised Resolution No. 1980 <br />expresses the Commission's intent to issue <br />bonds for the South Bend Central <br />Development Area and to reimburse certain <br />costs out of bond proceeds. Mr. Rock <br />further advises that the bond is not to exceed <br />the amount of $22M. The bond will pay off <br />the current bonds in the downtown area. <br />The debt service on the new bond will be <br />equivalent to the old bonds which is $1.4M <br />and it will be a twenty (20) year bond. <br />There is the potential of exceeding the <br />current payments and if this should occur, it <br />would be paid by other City revenues, <br />possibly COIT. <br />Upon a motion by Mr. Blake, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Redevelopment <br />Authority Resolution No. 153 and <br />Redevelopment Commission Resolution <br />No. 1980 a joint resolution of the South <br />Bend Redevelopment Authority and South <br />Bend Redevelopment Commission <br />indicating intent to issue bonds and that <br />certain preliminary costs be reimbursed from <br />the proceeds of said bonds. <br />5 <br />COMMISSION APPROVED REDEVELOPMENT <br />AUTHORITY RESOLUTION NO. 153 AND <br />REDEVELOPMENT COMMISSION RESOLUTION <br />NO. 1980 A JOINT RESOLUTION OF THE SOUTH <br />BEND REDEVELOPMENT AUTHORITY AND SOUTH <br />BEND REDEVELOPMENT COMMISSION <br />INDICATING INTENT TO ISSUE BONDS:AND THAT <br />CERTAIN PRELIMINARY COSTS BE REIMBURSED <br />FROM THE PROCEEDS OF SAID BONDS. <br />