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P age | 3 <br />it may get a little bit less than that. We expect the interest rate to be less <br />than what is listed here. In the resolution, you are authorizing Baker Tilly <br />to prepare the offering document. This also authorizes officers to sign a <br />trust indenture that will buy the security of the bonds. The bonds are paid <br />from the lease rentals and the lease rentals are paid from the hotel/motel <br />tax revenues. There is a tax back-up in place. If there was no tax back <br />up, we may receive a rating in the high 3%. <br />Richard Klee asked where would we expected the ceiling rate to come in? <br />Randy Rampola states in the latest draft it is $6,590,000. We are looking <br />for proposals from either a policy or from cash on hand which will not <br />increase the actual sale. The cash deposit is in the range of $350,000. <br />The bonds are sold electronically usually within 30 minutes with the city <br />controller signing the document and returning it. <br />Upon a motion by Anthony Fitts, Secretary made a motion seconded by <br />Richard Klee, President, the motion carried unanimously, the Authority <br />approved Resolution No. 212 (Bond Resolution – South Bend Morris Civic <br />Bonds 2022) on January 19, 2022. <br />5.ADJOURNMENT <br />The Authority adjourned the meeting at 11:19 am. <br />______________________________ ______________________________ <br />Anthony Fitts, Secretary Erin Linder Hanig, Vice-President <br />South Bend Redevelopment Authority South Bend Redevelopment Authority