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South Bend Redevelopment Commission <br />Regular Meeting - March 15, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. Continued.... <br />refunding bonds of the South Bend <br />Redevelopment District for the purpose of <br />advance refunding the City of South Bend <br />Redevelopment District Bonds of 1990. <br />Randy Rompola, Baker & Daniels, <br />explained that Resolution No. 1422 is <br />related to the refinancing of the 1990 <br />Studebaker Corridor Bond. It authorizes the <br />City to sell bonds on behalf of the <br />Commission and sets out the parameters for <br />the bond: an amount not to exceed <br />$5,500,000, a maximum interest rate of 8 % <br />and a final maturity date of February 1, <br />2006. It states that the Commission will <br />adhere to certain covenants to maintain the <br />tax- exempt status on the bonds. It also <br />requires that the City provide continuing <br />disclosure through certain annual reports and <br />notices. The resolution also designates <br />Norwest Bank as registrar and paying agent <br />and establishes an escrow account from <br />which to pay out the bond proceeds. The <br />resolution also authorizes the reimbursement <br />of any expenses relating to the bonds which <br />are incurred prior to the issuance of the <br />bonds. <br />John Julien, H.J. Umbaugh & Associates, <br />explained the financing. It will be a <br />negotiated sale which means that we will <br />select a date for the sale whenever we feel <br />the interest rate is most advantageous. The <br />bond resolution approves the Official <br />Statement which is a compilation of <br />disclosures about the City and the <br />Redevelopment District and describes the <br />-5- <br />