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South Bend Redevelopment Commission <br />Commission rs' Regular Meeting <br />Friday, Ma 5, 1978 <br />FLOOR DISCUSSIONS (Cont'd) <br />Ms. D rbeck: Would all that stuff take very long? <br />Mr. B ownell: It will take several months. One of the things is that we <br />have to wait twenty one (21) days after we publish for bids before the <br />biddinIg is closed and the bid opening. <br />Ms. Delrbeck: Are they likely to start any construction yet this year? <br />Mr. B ownell: I don't know. They estimate it will take six months to complete <br />the a chitectural plans, and of course, we have that much time to get our steps <br />done, so there won't be any real delay on the project that I know of. <br />Ms. Derbeck: And you want your attorneys to comment on Century Mall, right? <br />Mr. Briownell: If there is anything you want to know about that, ask them. <br />Mr. Butler: Mr. Chapleau is my attorney, and he told me to keep quiet. <br />Mr. Nimtz: Ms. Derbeck, let me explain this take down to you. Maybe you got <br />this at the conference we attended a couple weeks ago. It is all involved with <br />the national debt concept—in that we get this grant, they don't send us the <br />money, we get a letter of credit at a local bank and we draw on Carl Ellison's <br />department. Mr. Ellison requisitions the money. This is one way they keep <br />contr 1 of the national debt, so that when this money comes out of there, the <br />natio al debt goes up; and they do it piecemeal, rather than $7,600,000 all at <br />one time. It is a matter of requisitioning, and by computer or some way they <br />keep track of everyone who is drawing on their funds this way. <br />Mr. Brownell: Otherwise they would be issuing a lot of money that would be <br />just lying in the bank somewhere. <br />Mr. Wiggins: There was a day when we got the money; we invested it, and <br />impro ed our position that way, but they have pretty well taken care of that now. <br />Mr. Brownell: That used to be in our budget. We were supposed to have our <br />inter st on the money they gave us. <br />Ms. D rbeck: In other words, they are going to get the interest? <br />Mr. B ownell: That's right, or to put it another way, they don't pay interest. <br />Mr. B tier: On our last bond sale, the 2.8 million, or 3.8, whatever it was, <br />we pr bably parlayed that through investments over the years to somewhere around <br />4.0 million dollars. <br />Mr. By <br />11: That's where we get the money to fix the lights. <br />