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South Bend 4edevelopment Con-anission <br />Regular Mee ing - November 8, 1985 <br />4. COMMUNISATIONS (Cont.) <br />November 4, 1985 <br />South B nd Redevelopment Commissioners <br />1200 Co my -City Building <br />South Bind, IN 46601 <br />Dear Commissioners: <br />Pursuant to the authority you have vested in <br />me in your Resolution No. 747, this letter is to <br />inform you that I have determined that any bid for <br />your tax increment revenue bonds of 1985 in an <br />amount ess than Four Million Ninety -Five Thousand <br />Dollars ($4,095,000) will be determined to be <br />unaccep able. <br />Very truly yours, <br />Michael L. Vance <br />City Controller <br />Ms. Schwartz explained that this is a technical <br />matter. While the Redevelopment Commission under <br />law is Authorized to accept bids down to 97% of <br />the par value of the bonds, Michael Vance and the <br />financial advisor have determined that this level, <br />which is greater than that 97 %, should be used and <br />should also be included in the notice of sale of <br />bonds. <br />Mr. Nirftz noted that the date for the opening for <br />the sale of bonds has been changed from November <br />19 to November 26, 1985, at 12:00 noon in the City <br />Controller's office. There will be a special <br />meeting of the Redevelopment Commission scheduled <br />for that time in case any Commission action is <br />needed. <br />5. OLD <br />There wis no old business. <br />6. NEW BUS <br />a. Com <br />and <br />for proposals <br />wi <br />in accordance with the <br />from the Bureau of Housing. <br />-3- <br />THERE WAS NO OLD BUSINESS <br />