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South Bend Redevelopment Commission <br />Regular Meeting — November 8, 2011 <br />done some years ago was to get a better <br />interest rate for the city. Therefore, what is <br />proposed is to refund the bond bank bonds, <br />not the city bonds. The bond bank will have <br />a savings at their level and they will pay the <br />savings back to the redevelopment district so <br />that for the South Bend Central Development <br />Area Bond, the savings is estimated at <br />$500,000. The Airport Bond savings is <br />estimated at $294,000. To get that savings, <br />the city would give up its rights to redeem <br />the bonds early. <br />Mr. Varner asked if the savings would be an <br />annual payment. Mr. Rompola replied that it <br />is a one -time lump sum payment. The bonds <br />are expected to close in December. The city <br />will get the money at closing from the bond <br />bank. The cash will be divided for the two <br />respective TIF districts. <br />Ms. King asked what the terms of the <br />existing bonds are. Mr. Rompola believes <br />they are for eight and eleven more years, <br />respectively. Ms. King wondered if the city <br />would not be refunding these if the bond <br />bank was not involved. Mr. Rompola said if <br />the bonds were the city's outright, the city <br />would be refunding them for the savings <br />also. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved Resolution No. 2955 a <br />Supplemental Bond Resolution <br />supplementing and amending Resolution No. <br />2012, adopted on October 17, 2003, all for <br />the purpose of authorizing the modification <br />of certain contractual rights, the execution <br />and delivery of its City of South Bend, <br />Indiana, Redevelopment District Amended <br />Tax Increment Revenue Bonds, Series 2003 <br />11 <br />COMMISSION APPROVED RESOLUTION NO. 2955 <br />A SUPPLEMENTAL BOND RESOLUTION <br />SUPPLEMENTING AND AMENDING RESOLUTION <br />No. 2012, ADOPTED ON OCTOBER 17, 2003, ALL <br />FOR THE PURPOSE OF AUTHORIZING THE <br />MODIFICATION OF CERTAIN CONTRACTUAL <br />RIGHTS, THE EXECUTION AND DELIVERY OF ITS <br />CITY OF SOUTH BEND, INDIANA, <br />REDEVELOPMENT DISTRICT AMENDED TAX <br />INCREMENT REVENUE BONDS, SERIES 2003 <br />(SOUTH BEND CENTRAL DEVELOPMENT AREA), <br />AND REGARDING CERTAIN RELATED MATTERS. <br />