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South Bend Redevelopment Commission <br />Regular Meeting - March 15, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. Continued... <br />financing. The Official Statement will be <br />used in selecting and negotiating with the <br />underwriter of the bond. It will also be <br />used by the rating agency to establish a <br />credit rating for this financing. It will also <br />be submitted to bond insurance companies in <br />case the underwriter wants to secure <br />insurance. <br />Mrs. Kolata explained that the reason for <br />deciding to do a negotiated sale is that a <br />negotiated sale allows us the watch the <br />market and pick the most opportune time for <br />the sale. H.J. Umbaugh will send out RFPs <br />to solicit three or four underwriters <br />interested in negotiating the sale. <br />Ms. Auburn asked the amount of the <br />estimated savings. Mrs. Kolata responded <br />that the estimated savings will be $175,000. <br />Since this bond is tax exempt, we can only <br />refinance it one time. We don't need to <br />complete the refinancing if the savings aren't <br />going to be signficant. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Hojnacki and unanimously carried the <br />Commission approved Resolution No. 1422 <br />authorizing the issuance and sale of special <br />taxing district refunding bonds of the South <br />Bend Redevelopment District for the purpose <br />of advance refunding the City of South Bend <br />Redevelopment District Bonds of 1990. <br />c. Commission approval requested for <br />proposal from Peirce & Associates for <br />In <br />CON MISSION APPROVED RESOLUTION <br />NO. 1422 AUTHORIZING THE ISSUANCE <br />AND SALE OF SPECIAL TAXING DISTRICT <br />REFUNDING BONDS OF THE SOUTH BEND <br />REDEVELOPMENT DISTRICT FOR THE <br />PURPOSE OF ADVANCE REFUNDING THE <br />CITY OF SOUTH BEND REDEVELOPMENT <br />DISTRICT BONDS OF 1990 <br />