1988-08-29 Resolution 11 - Laserfiche WebLink

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net interest cost to the Authority, .determined by computing the total interest on all of the Bz~rids from the date thereof to their maturities .and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount, if any, with a net .interest rate of 7.7868, which bid was accepted; and WHEREAS, the Authority at said meeting ratified and confirmed the award of the sale of the bonds to Bank One as the successful bidder; and WHEREAS, the award of the sale of the Bonds will permit a reduc- tion in the annual rental payments on the Lease pursuant to Section 4 of the Lease to an amount equal to the multiple of One Thousand Dollars ($1,000.00) next highest to the highest sum of principal and interest due in any year ending on a bond maturity date' (bond year) on such Bonds, plus Two Thousand Dollars ($2,000..00), payable in • equal.semi-annual, installments; and WHEREAS, the Authority desires to approve and execute an addendum to the Lease (the "Addendum") , a copy of which is hereby attached as Exhibit "A", reflecting such lower annual Lease payments; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT AUTHORITY, AS FOLLOWS: 1. 'The Authority hereby ratifies and approves the award of the sale of the Bonds to Bank One in the amount of $4,575,000.00, at a price equal to $4,518,270.00, such bonds to bear a net interest figure of 7.7868, since said bid was the. highest bid submitted in accordance with the bond sale notice published in connection with the sale of the Bonds. • -2-