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South Bend edevelopment Commission <br />Rescheduled Regular Meeting - May 1, 1992 <br />6 <br />(Cont.) <br />C. continued... <br />of he bonds. It may not be to your <br />financial advantage to do that. All of <br />the analysis related to that is not <br />com lete. <br />We will have to escrow some of the money <br />because not all of the bonds are callable <br />yet The resolution establishes Banc One <br />of ndianapolis as the Escrow Agent. <br />Banc One has been the Registrar and <br />Pay'ng Agent on all three of the bonds <br />and we intend to retain them in those <br />fun tions. <br />Mrs Kolata noted that the resolution <br />set3 the form of bonds, establishes the <br />different accounts which will be set up <br />for the new bonds, and establishes that <br />the interest rate of the bonds cannot <br />exc ed 10% and the discount to the <br />suc essful bidder cannot exceed 12s. <br />Mr. Krcmaric noted that approval of the <br />resolution allows us to go forward and <br />work on this project. Evensen Dodge, the <br />financial advisor for this bond issue, <br />will be providing the final numbers on <br />whi h we can base our decision on which <br />bonds to refinance. <br />Ms. Auburn opened the public hearing for <br />anyoLne who wished to speak. <br />Mr. <br />res <br />ins <br />rat <br />issi <br />lets <br />not <br />Piasecki asked what rating we have <br />i getting on our bonds. Mrs. Kolata <br />)onded that these bonds have bond <br />trance, the equivalent of a AAA <br />.ng. The ones that have not had bond <br />trance have had an A rating from <br />iy's. We are looking at having this <br />ie qualify for bond insurance and <br />:ing the purchaser decide whether or <br />to buy insurance. <br />-7- <br />PUBLIC HEARING ON ADDITIONAL <br />APPROPRIATION OF FUNDS RELATED TO <br />THE REFINANCING OF CERTAIN <br />OUTSTANDING TAX INCREMENT <br />FINANCING BONDS IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA <br />