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VA <br />FAA <br />SPRINGSTED <br />PUBLIC FINANCE ADVISORS <br />251 North Illinois Street, Suite 1510 <br />Indianapolis, Indiana 462041942 <br />317.237.3636 <br />Fax 317.237.3639 <br />TO <br />OFFICIAL STATEMENT DATED JANUARY 5, 1988 <br />$1,800.,000 <br />CITY OF SOUTH BEND, INDIANA REDEVELOPMENT DISTRICT <br />TAX INCREMENT REVENUE BONDS OF 1988 <br />Rating: AAA /Aaa <br />(AMBAC Indemnity Insured) <br />Sale Date and Time: <br />Due to the failure of a local newspaper to publish the notice of sale in the manner <br />legally required, the sale of this Issue has been rescheduled to: <br />MONDAY, FEBRUARY 8, 1988, AT 12.00 NOON, EASTERN STANDARD TIME <br />All other terms and conditions of sale remain unchanged. <br />Procedures for Property Assessment, Tax Levy and Collection, and Tax Abatement: <br />Since the date of the Official Statement, Senate Bill 320 has been introduced in the <br />1988 Session of the Indiana General Assembly. Senate Bill 320 establishes a property <br />tax credit for those taxpayers in tax increment finance ( "TIF") allocation areas whose <br />property taxes are allocated to TIF allocation funds. The purpose of the bill is to <br />eliminate the higher net property tax liability that would otherwise apply to such <br />taxpayers as a result of the denial of the property tax replacement credit as <br />described on page 8 of the Official Statement. The credit given to such taxpayers in <br />TIF allocation areas reduces the amount of incremental property taxes payable into <br />TIF allocation funds by an amount up to twenty percent of the property tax <br />increment available. In addition, the bill makes technical corrections in <br />redevelopment statutes. <br />Cash flow and revenue projections which supplement those on pages 17 and 18 of the <br />Official Statement are attached, showing the estimated effect of the reduction in <br />property taxes allocable to the City's Allocation Area Special Fund that would occur <br />if Senate Bill 320 is passed. These projections also include refinements for current <br />interest rate estimates and revenue stream projections. <br />Dated: January 21, 1988 <br />Home Office: <br />85 East Seventh Place, Suite 100 <br />Saint Paul, Minnesota 55101-2143 <br />612.223.3000 <br />Fax: 612.223.3002 <br />Wisconsin Office: <br />500 Elm Grove Road, Suite 101 <br />Elm Grove, Wisconsin 53122.0037 <br />414.782.8222 <br />Fax: 414.782.2904 <br />EXHIBIT "A" <br />