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WHEREAS, the lowest and best bid for the Bonds was <br />received from City Securities Corporation, as the bidder offering <br />the lowest net interest cost to the Authority, determined by <br />computing the total interest on all of the Bonds from the date <br />thereof to their maturities and deducting therefrom the premium <br />bid, if any, or adding thereto the amount of any discount, if any, <br />with a net interest rate of 6.384 %, which bid was accepted; and <br />WHEREAS, this will result in a lower annual Lease payment <br />for the Project; and <br />WHEREAS, the Commission desires to approve and execute <br />an addendum to the Lease (the "Addendum "), a copy of which is <br />hereby attached as Exhibit A, reflecting such lower annual Lease <br />payments for the Project and making certain other amendments to the <br />Lease; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMENT COMMISSION, AS FOLLOWS: <br />1. The second paragraph of Section Four of the Lease <br />is amended to read as follows: <br />After the sale of the Bonds issued by the Authority <br />to pay the cost of the acquisition of the property <br />therefor and other expenses incidental thereto, the sum <br />of the first and second semiannual rental installments <br />and the sum of the third and fourth semiannual rental <br />installments, and so on, shall be reduced to an amount <br />equal to the multiple of One Thousand and 00/100 Dollars <br />($1,000.00) next highest to the highest sum of principal <br />and interest due in any year ending on a Bond maturity <br />date on such Bonds plus Four Thousand and 00 /100 Dollars <br />($4,000.00), payable in equal semiannual installments. <br />Such amount of reduced annual rental shall be endorsed <br />on this Lease at the end hereof by the parties hereto as <br />soon as the same can be done after the sale of said <br />Bonds, and such endorsement shall be recorded as an <br />addendum to this Lease. <br />K <br />