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6. NEW BUSINESS (Copt' d
<br />Mr. Brownell advised we have to pay the interest on the
<br />$10,150,000 Project Notes, Second Series, '1974. We have the
<br />funds available from HUD's advance of Progress Payment of
<br />$3,400,000 and from the sale of the $6,745,000 Project Notes,
<br />First Series, 1975, which the Commission wil] award this morn-
<br />ing, to pay off the old Notes. There still is the matter of
<br />interest, in the amount of $231,149 that we have to pay.
<br />The motion requested was the approval to transfer $300,000 from
<br />the Redevelopment District Bonds of 1972 account to the Project
<br />Temporary Loan Repayment Fund, R -66. The transfer is temporary
<br />and shall be repaid by June 20, 1976, or at such earlier date as
<br />such funds might be necessary for expenditure on eligible Bond
<br />costs.
<br />Mr. Wiggins made the motion for the authority, subject to the
<br />conditions as outlined by Legal Counsel (as noted above), se-
<br />conded by Mr. Wade and carried. The account is the District
<br />Capital Bond Fund of 1972.
<br />Preliminary Loan Notes: The bid opening for the Project Notes, PRELIMINARY
<br />First Series, 1975, in the amount of $6,745,000.00, was held LOAN NOTES
<br />at 1:00 p.m., (Eastern Daylight Savings Time), on May 20, 1975, AWARDED TO:
<br />in the Office of the Department of Redevelopment, for the Central
<br />Downtown Renewal Project, Indiana R -66. The bidders were: MORGAN GUARANT
<br />Bidder's Name and Address Int. Rate Premium
<br />Morgan Guaranty Trust Co. of N.Y. 3.63% $ 661.00
<br />Salomon Brothers
<br />25 Wall St., N.Y., N.Y. 10015
<br />Bankers Trust Company 3.64% 531.00
<br />16 Wall St., N.Y., N.Y. 10015
<br />The Chase Manhattan Bank, N.A. 3.75% 5.00
<br />1 Chase Manhattan Plaza
<br />New York, N.Y. 10015
<br />* Mellon Bank N.A. 3.64% 21.00
<br />Mellon Square
<br />Pittsburgh, Pa. 15230
<br />* *American Fletcher National Bank 3.76% 6.00
<br />By: St. Joseph Bank & Trust Co.
<br />202 South Michigan Street
<br />South Bend, IN 46601
<br />Attn: Mr. John Schuster
<br />The successful bidder for the Project Notes, in the aggregate
<br />principal amount of Six Million Seven Hundred Forty -Five
<br />Thousand Dollars ($6,745,000.00), for the Central Downtown
<br />Urban Renewal Project, R -66, was Morgan Guaranty Trust Company
<br />* Bid$ $2,000,000
<br />** Bid $1,000,000 - 5 -
<br />TRUST CO. OF
<br />N.Y. AND
<br />SALOMON BROS.,
<br />N.Y.
<br />
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