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6. `ANEW BUSINESS (Cont'd <br />A lengthy discussion followed on this item due to a <br />large differential in the amounts. <br />Mr. Gene Evans, Executive Secretary of the South Bend <br />Civic Planning Association, advised that on their Agreement, <br />Appendix 1,(HUD Form HM- 7476.1, Washington, D.C.), Item 8, <br />states that the contractor certifies that its principal <br />officer(s) is a Certified Public Accountant and /or Licensed <br />or Registered Public Accountant, certified, licensed or <br />registered by a regulatory authority of a State or other <br />political subdivision of the United States. A statement <br />identifying such certification or license shall be attached <br />to this contract. With this information, he would assume <br />we must wind up with a certified audit from any of the <br />bidders. <br />Legal Counsel, Mr. Kevin J. Butler, advised that basically <br />these are two women from HUD and are very familiar with <br />the projects. Some of the other firms,contemplate using <br />many more employees. Also, this firm specializes in this <br />type of audit. <br />Commissioner Wade was still of the opinion on this type <br />of deviation and is still suspicious, and that we should <br />have something more than verbal from HUD. He said it should <br />be in writing. <br />Mr. Evans said we have a binding contract - -they don't perform; <br />they don't get paid. <br />Commissioner Wiggins said that their people would be providing <br />a service to check our records. If they would need to spend <br />more time on the records, that would be their problem. <br />On motion by Mr. Wiggins, seconded by Mr. Wade and unanimously <br />carried, the independent audit contract is to be awarded to <br />the low bidder, Goodson -Tyler & Associates, in their bid <br />amount of $2,800.00, and the staff authorized to enter into <br />Agreement, which will also have the concurrence of the Depart- <br />ment of Housing and Urban Development, (Regional Inspector <br />General for Audit), of the Regional Office, with approval of <br />the Area Director. <br />Preliminary Loan Notes: The bid opening was held at <br />1:00 p.m., (E.S.T.), November 19, 1974, for the Central <br />Downtown Renewal Project, R -66, Second Series, 1974, <br />for the amount of $10,150,000.00. The bidders were: <br />.... .. ... <br />Bidder's Name and Address <br />Morgan Guaranty Trust Co., N.Y. <br />Salomon Brothers <br />25 Wall St., N.Y., N.Y. 10015 <br />- 15 - <br />......... .... <br />Int. Rate Premium <br />4.48% $ 497.00 <br />PRELIMINARY LOAN <br />NOTES AWARDED TO: <br />MORGAN GUARANTY <br />TRUST CO. OF N.Y. <br />AND SALOMON BROS., <br />N.Y. <br />