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South Bend evelopiient Commission <br />Rescheduled Pegular Meeting - April 6, 1990 <br />6. NEW BUS (Cont.) <br />g. contlinuecl... <br />The doption of this resolution today by <br />the ommission will permit bonds to be <br />sold on May 15 with funds being on hand <br />by J ne 1. <br />I wait to take this opportunity to thank <br />you 3nd the members of the Redevelopment <br />Commission for your leadership and <br />persistence. Without your support and <br />that of all of the citizens of this <br />comm nity who have participated in this <br />effo t, we would not be taking this <br />impo tant step today for the future of <br />our ommunity. <br />Sincerely, <br />Jose�h E. Kernan <br />Mayo <br />Mrs. Kolata distributed copies of various <br />paynent schedules prepared by Springsted <br />and considered by staff, the City <br />Controller, and bond counsel. The <br />schedules were prepared by Springsted <br />Inc., our financial consultant for the <br />bond. They looked at a number of <br />different schedules and are recommending <br />a fifteen year schedule included in <br />Resolution No. 925. This schedule has a <br />smaller effect on the taxpayer and saves <br />$90 ,000 in interest over the life of the <br />bo aver the 20 year schedule. <br />Mr. Hill pointed out that Resolution No. <br />925 rovides for standard items relating <br />to tie form of a bond, including <br />au rization for publication for the <br />bond sale. <br />Mr. rter asked what the estimated <br />impa on the tax payer would be. Mrs. <br />Kola responded that, before <br />t, we had estimated that it <br />woul I cost the taxpayer between ten and <br />elevim cents per one hundred dollars of <br />value. Mrs. Kolata also noted <br />-10- <br />