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The South Bend Redevelopment Authority <br />January 16, 2008 Meeting Minutes <br />and August 1, 2017 <br />The financing bill will occur by negotiated sale with the underwriter, 7.P. Morgan <br />Securities. The net present value of savings will be approximately 5%, which <br />equates to between $430,000 and $450,000. <br />Mr. Schalliol said that from an annual savings perspective over the next nine years <br />there will be about $970,000. worth of savings, about $100,000. per year. Ms. <br />Pfotenhauer asked if the figures quoted take into consideration the costs involved <br />in refinancing, and Ms. Sell said they did. Ms. Sell said the bonds will be sold in <br />February and close in February if the market conditions are similar. <br />Upon a motion by Ms. Pfotenhauer, seconded by Mr. Thomas, the Authority <br />approved Resolution No. 162 authorizing the Refunding of the Lease Rental <br />Revenue Bonds of 1998 (the "1998 Bonds") and approving the form of Bond <br />Documents and Authorizing the Execution of a bond purchase agreement and <br />distribution of an official statement. <br />4. NEXT MEETING DATE: February 6, 2008 <br />5. ADJOURNMENT <br />There being no further business to come before the Redevelopment Authority the meeting <br />was adjourned at 1:40 p.m. <br />H:\WPDATA\AUTHORTY\1-16-2008 REDEVELOPMENT AUTHORITY MINi1TES <br />