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South Bend Redevelopment Commission <br /> Regular Meeting—November 8, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. South Bend Central Development Area <br /> (4) continued... <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 COMMISSION APPROVED RESOLUTION No.2955 <br /> Ms. King and unanimously carried, the A SUPPLEMENTAL BOND RESOLUTION <br /> Commission approved Resolution No. 2955 a SUPPLEMENTING AND AMENDING RESOLUTION <br /> No.2012,ADOPTED ON OCTOBER 17,2003,ALL <br /> Supplemental Bond Resolution FOR THE PURPOSE OF AUTHORIZING THE <br /> supplementing and amending Resolution No. MODIFICATION OF CERTAIN CONTRACTUAL <br /> 2012, adopted on October 17, 2003, all for RIGHTS,THE EXECUTION AND DELIVERY OF ITS <br /> the purpose of authorizing the modification CITY OF SOUTH BEND,INDIANA, <br /> REDEVELOPMENT DISTRICT AMENDED TAX <br /> 12 <br />