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7. NEW <br />N. . <br />BUSINESS (Cont'd <br />idder's Name and Address <br />hemical Bank <br />n Association with: <br />. G. Becker & Co. <br />unicipal Securities, Inc. <br />By: Chemical Bank <br />Municipal Bond Department <br />20 Pint Street (P.O. Box 5710) <br />New York, N.Y. 10049 <br />organ Guaranty Trust Company of N.Y. <br />alomon Brothers <br />3 Wall Street <br />ew York, N.Y. 10015 <br />Ihterest'Rate Premium <br />2.88% $ 98.00 <br />2.98% 187.00 <br />s. Derbeck, South Bend Tribune Reporter, inquired if these Notes <br />hat were issued are to pay off the previous notes, and Mr. Brownell <br />dvised that it is, but that actually we owed $6,745,000 in Project <br />otes that become due on June 11, and the interest on that is $240,262.77. <br />e are sending in the check for $34,815.00 that the Commission authorized <br />oday so that we will have paid the paying agent $52.23 more than is owed, <br />nd the Premium is $157.00, so they will be sending us a check back for <br />209.23. <br />r. Brownell advised this is a matter of reporting rather than anything <br />hat requires any Commission action at this point. Resolution No. 281 <br />uthorizes the action taken. The new Project Notes will come due on: <br />eptember 17, of this year- -1976. <br />r. Brownell also advised that prior to September 17, we anticipate major <br />ayments on the balance of the Notes. We expect to get $1,050,960 from <br />UD in grant money; close to $800,000 in relocation money. Also, we <br />ant to report that our Urgent Needs Funds request has been determined <br />ligible for $2 -1/2 Million, and have been told, via phone, that we will <br />eceive formal notice from HUD within the next week or week after, to <br />et in our documentation to receive the $2 -1/2 Million. We are hopeful <br />hat we can get that all done and get it received by September 17, so <br />hat the balance of the Notes for September 17 be be down around $2 -1/2 <br />illion. Mr. Butler asked if the $2 -1/2 Million in Urgent Needs Funds <br />s all to be used to pay off the obligation, and Mr. Brownell advised <br />t is all to be used for that. Also, that we just sold the portion <br />f Disposition Parcel No. 6 -1, in amount of $44,427.34, and that amount <br />ill go on the Notes too; so we will have in the neighborhood of <br />4 -1/2 Million to pay on these Notes by September, we hope, and that <br />ill reduce the balance to around $2.5 Million dollars to be refinanced. <br />ESS REPORTS <br />The <br />Center City <br />News and the scheduled events for happenings in Downtown <br />DOWNTOWN <br />South <br />Bend, for <br />spring and summer of 1976, were distributed in the packets, <br />SOUTH <br />are <br />being posted <br />and distributed to anyone wishing copies. These are <br />BEND <br />printed <br />through <br />courtesy of the Downtown South Bend Council, with addi- <br />COUNCIL <br />ti o <br />al copies available through the River Bend Plaza Office. <br />REPORTS <br />- 17 - <br />