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South Bend Redevelopment Commission <br />Reschedule4 Regular Meeting — December 30, 1987 <br />5. OLD <br />There wi.s no old business. <br />6. NEW <br />a. <br />uested for <br />ting to <br />tion and <br />Confirming Recommendations Regarding the <br />Cit of South Bend Redevelopment District <br />Tax Increment Revenue Bonds of 1988. <br />Mr. Treptow, Springsted, Inc., explained <br />the two documents being approved by <br />Resolution No. 827. The Confirming <br />Recommendations contain complete written <br />doc entation on how the bond issue is <br />str ctured, including the conditions of <br />the bond sale, composition of the issue, <br />repayment, tax increment revenue <br />projection, bond market conditions, <br />credit rating, bond insurance, salability <br />factors, risk factors, early redemption <br />pro isions, bond sale procedures, etc. <br />The last two thirds of the booklet is the <br />tax increment revenue projection, <br />exp aining where the tax increment <br />rev nue comes from. It should be a good <br />ref rence document for the staff. <br />The draft of the Official Statement is <br />the document which will be sent out to <br />banks and bond underwriters as one of the <br />means of advertising the issue. It <br />contains the official terms of offering, <br />exp ains the security, provides all the <br />disclosure documents, disclosing all the <br />inherent risks in owning a bond issue, <br />and explains in detail the repayment <br />to . The document is a document of the <br />Comnission. We have applied for <br />mun'cipal bond insurance from AMBEC. If <br />the approve it, this issue will receive, <br />by virtue of the bond insurance, a <br />Standard and Poors AAA rating and also a <br />Mo y's AAA. These ratings will increase <br />the marketability of the bond. Approval <br />of he bond insurance is likely within a <br />day or two. <br />-2- <br />THERE WAS NO OLD BUSINESS <br />