Laserfiche WebLink
BAI~ERe~DANIELS <br />Est. 1863 First Bank Building, 205 W.lefferson Blvd., Suite 250 South Bend, Indiana 46601 574234.4149 Fax 574.2391900 www.bakerdaniels.com <br />RANDOLPH R. ROMPOLA <br />574.239.1926 <br />randolph. rompola Co3 bakerd.com <br />March 17, 2004 <br />VIA HAND DELIVERY <br />John Voorde <br />Clerk, City of South Bend <br />County-City Building, 4`h Floor <br />South Bend, IN 46601 <br />Indiana <br />Washington, D.C. <br />China <br />Re: Substitute Ordinance for Consideration by the Common Council Authorizing the <br />Issuance of Multi-Family Housing Revenue Refunding Bonds for The Pointe at <br />St. Joseph Apartments <br />Dear Mr. Voorde: <br />Enclosed with this letter is a substitute form of ordinance for consideration by the <br />Common Council in place of the form of ordinance previously filed with your office on March 3, <br />2004. We have also enclosed substantially final forms of the Trust Indenture, including a form <br />of bond, and the Loan Agreement, including a form of promissory note. These documents are <br />approved by the ordinance. Ken Fedder, counsel for the Economic Development Commission, <br />had asked us to assist with the filing of these documents with your office. <br />With regards to the enclosed substitute ordinance, the only substantive change <br />from the originally filed ordinance is that the attached form of ordinance provides the bondholder <br />the option to extend the term of the bonds for two additional years at an interest rate to be <br />determined by a formula as set forth in the Trust Indenture. As the substitute ordinance <br />indicates, the principal amount of the bonds will not exceed $14 million and the initial interest <br />rate may not exceed 9%. Mr. Fedder and I will be present at the Committee meeting on <br />March 22 to answer any questions that may arise regarding the enclosed documents. Mr. Fedder <br />will also be present at the Common Council's meeting on March 22. <br />The ordinance continues to provide that the City will bear no responsibility, <br />financial or otherwise, with respect to the payment of the principal of and interest on the bonds <br />or any other expenses associated with the bond issuance. <br />Adoption of the ordinance by the Council at its meeting on March 22 will allow <br />for the refunding to be timely completed. The Economic Development Commission is scheduled <br />to meet on March 19th to consider the refunding. <br />SB [MAN 1 176759v 1 <br />