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South Bend Redevelopment Commission <br />Regular Meeting - January 16, 1998 <br />6. NEW BUSINESS (CONT.) <br />f. continued.... <br />next three to five years. In addition to <br />that, the next source of payment will be <br />the Economic Development Income Tax <br />from the City. <br />Mr. Donoho asked who will control the <br />Reserve Fund. Mr. Rompola stated that <br />the Reserve Fund will be held by a Bond <br />Trustee. Mr. Donoho asked if the Bond <br />Trustee will determine the use of the <br />Reserve Fund. Mr. Rompola responded <br />that the Bond Trustee will be responsible <br />for investing the proceeds that are in the <br />Reserve Fund. Mr. Donoho asked who <br />will instruct the Bond Trustee on the use <br />of the Reserve Fund. Mr. Rompola <br />responded that the funds are held by the <br />Bond Trustee by way of a Trust <br />Agreement. The Trustee will look to the <br />City for instructions as to how to invest <br />the reserve funds. The Bond Trustee will <br />invest the funds within the parameters of <br />the rules related to the governmental units. <br />Mrs. Kolata commented that the <br />documents that Mr. Rompola is referring <br />to are documents adopted by the <br />Redevelopment Authority, who is the <br />issuer of the bonds. A Redevelopment <br />Authority meeting is scheduled for <br />Wednesday, January 21, 1998 at 1:00 <br />p.m., at which time the Redevelopment <br />Authority will take action on the lease <br />rental revenue bonds and the addendum to <br />the lease. The Redevelopment Authority <br />will act on the lease, the trust indenture <br />F:\HOME\CPH PPS \WPDATA \COMMSN\011698.MIN -12- <br />