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South Bend Redevelopment Commission <br />Regular Meeting —March 21, 2003 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(3) continued... <br />Increment Revenue Bonds for various road <br />projects in the Airport Economic <br />Development Area. Doing some of the road <br />projects through bond financing will allow <br />the City to use cash on hand to refund some <br />outstanding bonds. The bonds will be <br />payable solely from TIF; there is no tax <br />back -up or tax levy implication. Maturity is <br />not to exceed twenty years. The bonds will <br />be sold either by public sale or private sale; <br />that is yet to be determined. The resolution <br />leaves it to the discretion of the Controller <br />and Financial Advisor to decide what the <br />best route would be. Timing will have much <br />IL to do with what is going on in the world <br />situation. A decision should be made within <br />the next week or so. Contemplation of a <br />sale is expected the first or second week in <br />April, depending on where the interest rate <br />market is at that time. Surprisingly, in terms <br />of the bond market, the rates have been <br />constant this week. Hopefully that trend <br />will continue, or even drop a little more, and <br />a good interest rate will be obtained. <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 1965 <br />authorizing the issuance of Tax Increment <br />Revenue Bonds, Series 2003, of the South <br />Bend Redevelopment District. <br />(4) Public Hearing concerning appropriation <br />of proceeds (including investment <br />earnings thereon) of the South Bend <br />Redevelopment District Tax Increment <br />ILRevenue Bonds, Series 2003. <br />IN <br />COMMISSION APPROVED RESOLUTION NO. 1965 <br />AUTHORIZING THE ISSUANCE OF TAX INCREMENT <br />REVENUE BONDS, SERIES 2003, OF THE SOUTH <br />BEND REDEVELOPMENT DISTRICT. <br />