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6 0 South BendRedevelopment Commission Special Meeting - January 4, 1993 6. NEW BUSINESS (Cont.) Central Allocation Area.' ° INCREMENT REVENUE BONDS OF 1988 FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT IN THE SOUTH BEND CENTRAL ALLOCATION AREA'" f. Commission annroval reauested for Resolution No. 1127 amending Resolution No. 1094 which amended Resolution No. 1065 and Resolution No. 1054 regarding the issuance of tax increment revenue refunding bonds and amending the resolutions of the Redevelopment Commission authorizing the issuance of its outstanding tax increment revenue bonds. Mrs. Kolata explained that this resolution is related to the refunding of the callable portions of the 1985 and 1986 'TIF bonds. We left it up to the IV bidders as to whether they wanted to take the AMBAC insurance. The buyer of the bonds has taken the bond insurance. Since the payment amounts on the bonds varies throughout the life of the bonds, AMBAC has asked that we adopt this resolution which clarifies we will maintain 150% coverage of the maximum payment of our debt service. Upon a motion by Mr. Donoho, seconded by Mr. COMMISSION APPROVED Sharp and unanimously carried, the Commission RESOLUTION NO. 1127 AMENDING approved Resolution No. 1127 amending RESOLUTION NO. 1094 WHICH Resolution No. 1094 which amended Resolution AMENDED RESOLUTION NO. 1065 No. 1065 and Resolution No. 1054 regarding the AND RESOLUTION NO. 1054 REGARDING THE ISSUANCE OF TAX issuance of tax increment revenue refunding bonds, INCREMENT REVENUE REFUNDING and amending the resolutions of the BONDS, AND AMENDING THE Redevelopment Commission authorizing the RESOLUTIONS OF THE issuance of its outstanding tax increment revenue REDEVELOPMENT COMMISSION bonds. AUTHORIZING THE ISSUANCE OF ITS OUTSTANDING TAX INCREMENT REVENUE BONDS -7-