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120ON COUNTY --CiTr BUILDING <br />227 W JEFFERSON BLVD. <br />SOUTH BEND, INDIANA 46601 -1830 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />PHONE 574/ 235-9216 <br />FAx 574/235 -9928 <br />DEPARTMENT OF .ADMINISTRATION AND FINANCE <br />April 18, 2012 <br />Mr. Derek D. Dieter, President <br />City of South Bend Common Council <br />227 W. Jefferson Boulevard, 4th Floor <br />South Bend, Indiana 46601 <br />RE: Ordinance of the Common Council — Refunding of 2003 City of South Bend <br />Building Corporation ( "Building Corporation ") Bonds <br />Dear President Dieter, <br />Attached please find a Ordinance to authorize the Building Corporation to refund the <br />2003 Bonds and approve the sale of Refunding Bonds in an amount not to exceed <br />$16,100,000.00 in order to reduce the lease rentals payable by the City under the terms of <br />its Lease with the Building Corporation. The result of this effort is to save the City at <br />least $450,000 over the remaining life of the Refunding Bonds. <br />I will present this bill to the Common Council at the appropriate committee and council <br />meetings. It is requested that this bill be filed for 1St reading on April 23, 2012 with 2nd <br />reading, public hearing and 3`d reading scheduled for May 14, 2012. <br />Thank you for your attention to this request. If you should have any questions, please feel <br />to contact me at 574- 235 -7500. <br />Regards, <br />Mark W. Neal <br />City Controller <br />cc: Pete Buttigieg Mayor <br />Mike Schmuhl, Chief of Staff <br />Kathryn Roos, Deputy Chief of Staff <br />P, <br />j <br />E <br />