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6. NEW $USINESS (Cont'd
<br />Bidder's Name and Address Interest Rate Premium
<br />Erlich -Bober & Company, Inc. 2.96% $143.00
<br />New York, N.Y.
<br />By: American Fletcher National Bank,
<br />Agent
<br />Chemical Bank 2.97% 84.00
<br />In Association with:
<br />A. G. Becker & Co.
<br />Municipal Securities, Inc.
<br />By: Chemical Bank, Municipal Bond Dept.
<br />20 Pine St., N.Y., N.Y.
<br />The Indiana National Bank 2.97% * 5.00
<br />One Indiana Square 3.01% ** 9.00
<br />Indianapolis, IN 46266
<br />Citibank, N.A. & Associates 2.98% 195.00
<br />95 Wall Street
<br />New York, N.Y. 10015
<br />Pittsburgh National Bank 3.0% 193.00
<br />Pittsburgh, PA. 15230
<br />Manufacturers Hanover Trust Co. 3.0% * ** -0-
<br />In Association with: 3.03% * ** -0-
<br />Lehman Commercial Paper 3.05% * * ** -0-
<br />National Bank of North America
<br />Denominations bid:
<br />* $ 500,000
<br />** 3,721,000
<br />* ** 1,500,000
<br />* * ** 1,221,000
<br />4r. Brownell advised there will be 123 Project Notes in varying denomi-
<br />iations making up the total of $4,221,000 for the successful bidder.
<br />Ir. Brownell explained the effect of the Notes and advised the First
<br />eries 1976 Project Notes are due on September 14, 1976, in the amount
<br />f $6,951,000. The interest on those is $54,287.13 for a total of
<br />7,005,287.31. The new Notes, in the amount of $4,221,000.00, leaves
<br />total due from the Local Public Agency of $2,784,287.31. The cash
<br />or this purpose is the Capital Grant received of $2 -112 Million, read
<br />arlier under Communications, 4a. The following funds received,
<br />rom Community Development $240,763.00, from land sales $44,427.00,
<br />r a total of $2,785,190.00 with the grant. This amount will have to
<br />e paid to the paying agent of the Bankers Trust Company on September
<br />4, 1976. They will then subtract this amount, with a difference of
<br />902.69, plus the premium of $143.00 from the bid will total $1,045.69
<br />hich they will send to us. HUD dictates this procedure.
<br />he Chair added, the point is that if we hadn't received the $2,500,000
<br />rant, we would have been issuing Notes for that amount also, and it
<br />ould still be up in the $7 Million amount. Instead of that, we are
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