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11-01-02 Redevelopment Commission Minutes
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11-01-02 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting— November 1, 2002 <br />6. NEW BUSINESS (CONT.) <br />D. Sample -Ewing Development Area <br />(3) continued... <br />Mr. Rompola advised that the original bond <br />issue is a tax backed revenue bond issue, and <br />as a result, there is a need for a reserve fund. <br />The reserve fund is typically funded out of <br />bond proceeds which would require that the <br />amount be raised to account for the reserve <br />fund. Increasingly, surety bonds are being <br />used, which are instruments issued by <br />insurance companies, that provide bond <br />insurance to provide for the funding of the <br />reserve. The net effect would be that, <br />instead of putting $600,000 or $700,000 <br />aside, a surety bond is purchased for <br />$30,000 with bond proceeds. Tthe savings is <br />IL clear. At the time the Bond Resolution was <br />adopted, the bond insurer had not been <br />selected; therefore, no language was <br />included at that time. The bond insurer and <br />provider of the surety bond has now been <br />identified as Ambac Assurance Corporation. <br />The Bond Resolution has been amended in <br />Section 4, adding a Debt Service Reserve <br />Account and providing for the payment <br />mechanism in the event the City did not <br />make a timely payment. Section 22 adds <br />relatively boilerplate language required by <br />Ambac to provide bond insurance. There is <br />a change in the original bond resolution on <br />page three, paragraph B, line 4. The amount <br />of the reserve has been identified as an <br />amount equal to the maximum principal of <br />and interest on the bonds due in any eighteen <br />month period. The bond sale is scheduled <br />for November 13, 2002. <br />26 <br />
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