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SM 01-04-93
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SM 01-04-93
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0 0 <br />Bonds of 1986 and the City of South Bend <br />+ Redevelopment District Tax Increment Revenue <br />Bonds of 1988 for the purpose of raising money <br />for redevelopment in the South Bend Central <br />Allocation Area. "' <br />Mr. Rompola explained that the Commission <br />approved Resolution No. 1124 at its December 18 <br />meeting authorizing the issuance of Bond <br />Anticipation Notes (BAN) to be sold to the Indiana <br />Bond Bank to provide funding for interim costs <br />related to the College Football Hall of Fame. <br />Resolution No. 1126 aligns the interest payment <br />date with the Bond Bank's BAN. Resolution <br />No. 1124 stated that the payment dates were <br />February 1 and August 1. The Bond Bank uses an <br />annual payment date of December 31. The <br />resolution also changes the date of bond closing to <br />1993, since closing will be January 6, 1993. <br />Mrs. Kolata noted that selling the BAN instead of <br />the TIF bond allows the City to save <br />approximately $85,000 in interest. We expect to <br />pay the BAN off next summer with a long term <br />bond for the Hall of Fame financing, but could <br />extend payment out until December 31, 1994. <br />Upon a motion by Mr. Donoho, seconded by Mr. <br />COMMISSION APPROVED <br />Sharp and unanimously carried, the Commission <br />RESOLUTION NO. 1126 AMENDING <br />approved Resolution No. 1126 amending <br />RESOLUTION NO. 1124 ENTITLED "A <br />Resolution No. 1124 entitled "A Resolution of the <br />RESOLUTION OF THE SOUTH BEND <br />REDEVELOPMENT COMMISSION <br />South Bend Redevelopment Commission amending <br />AMENDING RESOLUTION NO. 1118 <br />Resolution No. 1118 entitled 'A Resolution of the <br />ENTITLED 'A RESOLUTION OF THE <br />South Bend Redevelopment Commission <br />SOUTH BEND REDEVELOPMENT <br />authorizing the issuance of bonds on parity with <br />COMMISSION AUTHORIZING <br />the City of South Bend Redevelopment District <br />ISSUANCE OF BONDS ON PARITY <br />Tax Increment Revenue Bonds of 1985, the City of <br />WITH THE CITY OF SOUTH BEND <br />REDEVELOPMENT DISTRICT TAX <br />South Bend Redevelopment District Tax Increment <br />INCREMENT REVENUE BONDS OF <br />Revenue Bonds of 1986 and the City of South <br />1985, THE CITY OF SOUTH BEND <br />Bend Redevelopment District Tax Increment <br />REDEVELOPMENT DISTRICT TAX <br />Revenue Bonds of 1988 for the purpose of raising <br />INCREMENT REVENUE BONDS OF <br />money for redevelopment in the South Bend <br />1986 AND THE CITY OF SOUTH BEND <br />REDEVELOPMENT DISTRICT TAX <br />U <br />
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