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South Bend Redevelopment Commission <br />Regular Meeting - January 16, 1998 <br />6. NEW BUSINESS (CONT.) <br />E continued.... <br />when they buy the bond. This resolution <br />also makes reference to the Reserve Fund. <br />The Commission will have the Reserve <br />Fund to look at each year as the <br />Commission looks forward and determines <br />whether or not it needs to levy a tax. The <br />Reserve Fund will help offset the money <br />that the Commission will otherwise need <br />when determinating to levy a tax. <br />Mrs. Kolata commented that approval <br />from the State Tax Board was received last <br />summer. The bonds could have been <br />issued at any time, but the issuance of the <br />bonds was held off until closer to the start <br />of construction. The "Closing of the <br />House" (Morris) party will be held <br />tomorrow night. The seat removal within <br />the Morris Civic will start in February of <br />1998. The first bids will be received by <br />the Board of Public Works in March of <br />1998. The bond issue is anticipated to <br />close in March of 1998, so that the bond <br />proceeds will be available when the <br />contracts are awarded. <br />Mrs. Kolata stated that at the time the <br />bond issue was structured, it was <br />anticipated that the $1.6 million in cash <br />that had already been collected by the <br />Entertainment District Board for the <br />project would be used to reduce the total <br />bond size. There will be additional <br />pledges coming in over the years. The <br />first source of payment for the bond will <br />be the pledges as they come in over the <br />F:\ HOME\ CPHIPPS \WPDATA \COMMSN\011698.MIN -11- <br />