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BUTLER, SIMERI, KONOPA AND LADERER, P.C. <br /> ATTORNEYS AT LAW JOSEPH V.SIMERI <br /> ONE MICHIANA SQUARE KEVIN J.BUTLER <br /> ROBERT J.KONOPA <br /> 100 EAST WAYNE STREET,SUITE 300 LEWIS C.LADERER.JR. <br /> Posr OFFICE Box 1438 MICHAEL C.MURPHY <br /> SOUTH BEND, INDIANA 46624 REBECCA HOYT FISCHER <br /> ROBERT G.DEPETSKI <br /> TELEPHONE(219)233-3303 MARGOT F.REAGAN <br /> PATRICK J.O'CONNELL <br /> FACSIMILE(219)284-2397 ANN-CAROL SIMONS <br /> MICHAEL J.STEPANEK,JR. <br /> OF COUNSEL <br /> October 21, 1992 <br /> South Bend Common Council <br /> South Bend City Clerk <br /> 4th Floor, County-City Building <br /> South Bend, Indiana 46601 <br /> Ladies and Gentlemen: <br /> Enclosed is a proposed Ordinance which, if approved, will <br /> authorize the first amendment to the Loan Agreement and Bond <br /> Purchase Agreement for the City of South Bend Economic Development <br /> Refunding Revenue Bond (Columbia Place Associates Project) dated as <br /> of August 1, 1993. We ask that this Ordinance be placed on the <br /> Council Agenda for its meeting on Monday, October 26, 1992. <br /> The Bonds referenced above financed the construction of <br /> Columbia Place office building located in the River Glenn Office <br /> Park in downtown South Bend. The interest rate which was fixed at <br /> 10.33 percent per annum will, by the amendments authorized by this <br /> Ordinance, be adjusted to current market rates, thereby making this <br /> project economically viable. <br /> We will ask the Common Council at its meeting on Monday, <br /> October 26, 1992, to suspend its rules and take final action on <br /> this Ordinance so that the interest rate adjustments can be <br /> effected immediately after enactment. <br /> Thank you for consideration of this matter. <br /> Ver ly yours, <br /> Kevin . Butler <br /> KJB:ks <br /> Enclosure <br />