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RM 08-21-92
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RM 08-21-92
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mo—,' South Bend Redevelopment Commission <br />`Regular Meeting - August 21, 1992 <br />6. NEW BUSINESS (Cont.) <br />k. continued... <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Commission approved the request from <br />Rick's Hot Dog Stand to locate on the <br />Morris Civic Plaza on August 28, 1992. <br />1. Commission avoroval requested for <br />Resolution No. 1094 amending Resolution <br />No. 1065 which amended Resolution No. <br />1054 regarding the issuance of Tax <br />Increment Revenue Refunding Bonds. <br />Mrs. Kolata noted that we intended to <br />hold a bond sale on August 25 for the <br />refunding of the 1985 and 1986 TIF <br />bonds. However, our financial advisor <br />has recommended that we postpone the sale <br />for approximately one week. Although the <br />bond interest rates are good, the <br />proceeds must go to purchase state and <br />local government securities and those <br />interest rates are a little low. They <br />are expected to come up shortly. We only <br />have to give 24 hours notice to the <br />bidders so the sale can be easily <br />rescheduled. <br />Resolution No. 1094 makes some language <br />changes to the bond resolution, including <br />some language that is required by AMBAC <br />Insurance since the bonds qualify for <br />bond insurance. The maturity schedule <br />has also been changed to more closely <br />reflect the interest rate we expect to <br />pay. <br />Mrs. Kolata noted that we are not buying <br />bond insurance, but have qualified for <br />it. It will be up to the bidders to <br />decide if they want to pay for bond <br />insurance. We expect to get bids with <br />and without insurance. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved Resolution <br />No. 1094 amending Resolution No. 1065 <br />which amended Resolution No. 1054 <br />regarding the issuance of Tax Increment <br />-8- <br />COMMISSION APPROVED THE REQUEST <br />FROM RICK'S HOT DOG STAND TO <br />LOCATE ON THE MORRIS CIVIC PLAZA <br />ON AUGUST 28, 1992 <br />COMMISSION APPROVED RESOLUTION <br />NO. 1094 AMENDING RESOLUTION <br />NO. 1065 WHICH AMENDED RESOLUTION <br />NO. 1054 REGARDING THE ISSUANCE <br />OF TAX INCREMENT REVENUE <br />REFUNDING BONDS <br />
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