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South Bend Redevelopment Commission <br />Regular Meeting - September 20, 1996 <br />6. NEW BUSINESS (Cont.) <br />d. continued.... <br />Commission and the South Bend <br />Redevelopment Authority for Certain <br />Land in the South Bend Central <br />Development Area. <br />Mrs. Kolata noted that both Resolution <br />No. 1461 and Resolution No. 1462 have <br />to do with a refinancing of ' <br />Redevelopment Authority Bonds that <br />were issued in 1990 for the South Bend <br />Central Development Area. On <br />September 10 the Authority refinanced a <br />portion of the Bonds, in the amount of <br />$3,790,000. The net savings related to <br />the refinancing of the bonds amounts to <br />$452,412, the present value savings is <br />approximately $175,000 and the net <br />interest rate is 5.629 %. <br />Mrs. Kolata noted that Resolution <br />No. 1462 amends that lease that exists <br />between the Commission and the <br />Redevelopment Authority to account for <br />a new payment schedule and to allow the <br />bond payments to be reduced because of <br />the savings generated by the refinancing. <br />Resolution No. 1461 authorizes certain <br />funds to be maintained in various <br />accounts. <br />Upon a motion by Mr. Hojnacki, <br />seconded by Mr. Donoho and <br />unanimously carried, the Commission <br />adopted Resolution No. 1462, a <br />Resolution of the South Bend <br />Redevelopment Commission Approving <br />the Execution of an Addendum to the <br />-11- <br />COMMISSION ADOPTED RESOLUTION NO. 1462, <br />A RESOLUTION OF THE SOUTH BEND <br />REDEVELOPMENT COMMISSION APPROVING <br />THE EXECUTION OF AN ADDENDUM TO THE <br />LEASE DATED AS OF SEPTEMBER 11, 1996, <br />BETWEEN THE SOUTH BEND REDEVELOPMENT <br />COMMISSION AND THE SOUTH BEND <br />REDEVELOPMENT AUTHORITY FOR CERTAIN <br />