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RESOLUTION NO. 924 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT <br />COMMISSION REDUCING THE ANNUAL RENTAL ON THE LEASE <br />FOR THE SOUTH BEND CENTRAL DEVELOPMENT AREA PUBLIC <br />IMPROVEMENT PROJECT AND APPROVING THE EXECUTION OF AN <br />ADDENDUM TO THE LEASE <br />WHEREAS, the South Bend Redevelopment Authority (the "Authority ") <br />previously entered into a Lease between the Authority and the South_ <br />Bend Redevelopment Commission (the "Commission ") dated as of November <br />1, 1989 (the "Lease "), pursuant to which the Authority will lease <br />certain land and public improvements (the "Project ") to the <br />Commission; and <br />WHEREAS, bids were received on March 27, 1990, for the sale of <br />Four Million Eight Hundred Ninety -Five Thousand Dollars ($4,895,000) <br />of South Bend Redevelopment Authority Lease Rental Revenue Bonds <br />(South Bend Central Development Area Public Improvement Project) (the <br />"Bonds ") to finance the Project; and <br />WHEREAS, the lowest and best bid was received from John Nuveen & <br />Co. Incorporated (on behalf of itself and certain other underwriters) <br />( "Nuveen "), as the bidder offering the lowest net interest cost to <br />the Authority, determined by computing the total interest on all of <br />the Bonds from the date thereof to their maturities and deducting <br />therefrom the premium bid, if any, or adding thereto the amount of <br />any discount, if any, with a net interest rate of 7.3541 %, which bid <br />was accepted; and <br />-1- <br />