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South Bend Redevelopment Commission <br />Regular Meeting - February 7, 1997 <br />6. NEW BUSINESS (Cont.) <br />c. continued.... <br />Ms. Kolata noted that refinancing of the <br />Studebaker Corridor Bond issue was <br />started approximately a year ago and the <br />refinancing was postponed until interest <br />rates were cost effective. She noted that <br />she received a letter from H.J. Umbaugh <br />& Associates stating that the net savings <br />on the refinancing totaled approximately <br />$218,678 after the cost of issuance. <br />Closing on these Bonds is scheduled for <br />February 11, 1997. <br />Upon a motion by Ms. Schwartz, <br />seconded by Mr. Donoho and <br />unanimously carried, the Commission <br />adopted Resolution No. 1492, a <br />resolution of the South Bend <br />Redevelopment Commission amending <br />Resolution No. 1422 which authorized the <br />issuance and sale of special taxing district <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 />d. Commission approval requested for <br />Resolution No. 1493 of the South Bend <br />Redevelopment Commission <br />establishing certain funds and accounts <br />in connection with the amended and <br />restated lease dated as of August 1, <br />1990, and as amended by an <br />addendum thereto dated as of January <br />29, 1991, and as further amended by <br />the South Bend Redevelopment <br />Commission and the South Bend <br />H:\ HOME \CPMPPS \WPDATA \COMMSM020797.MIN -5- <br />COMMISSION ADOPTED RESOLUTION NO. 1492, <br />A RESOLUTION OF THE SOUTH BEND <br />REDEVELOPMENT COMMISSION AMENDING <br />RESOLUTION NO. 1422 WHICH AUTHORIZED THE <br />ISSUANCE AND SALE OF SPECIAL TAXING <br />DISTRICT REFUNDING BONDS OF THE SOUTH <br />BEND REDEVELOPMENT DISTRICT FOR THE <br />PURPOSE OF ADVANCE REFUNDING THE CITY <br />OF SOUTH BEND REDEVELOPMENT DISTRICT <br />BONDS OF 1990 <br />