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<br />• WHEREAS, a Notice of Intent to Sell Two Million Three <br />Hundred Fifty-Five Thousand Dollars ($2,355,000) of the Tax-Exempt <br />Bonds was published on December 21, 1990 and December 28, 1990 in <br />the South Bend Tribune, the Tri-County News, and the Indianapolis <br />Commercial; and <br />WHEREAS, the South Bend Redevelopment Authority <br />previously entered into a Lease between the Authority and the South <br />Bend Redevelopment Commission (the "Commission") dated as of <br />August 1, 1990, as further amended by an Amended and Restated <br />Lease, dated as of August 1, 1990 (the "Lease"), pursuant to which <br />the Authority will lease certain land and the Tax-Exempt Project <br />and the Taxable Project to the Commission; and <br />WHEREAS, bids were received on January 22, 1991, for the <br /> sale of the Taxable Bonds for the construction of the Taxable <br /> Project under the terms and conditions provided in the Lease; and <br />WHEREAS, the lowest and best bid for the Taxable Bonds <br />was received from John Nuveen & Co. Incorporated (on behalf of <br />itself and other underwriters) ("Nuveen"), as the bidder offering <br />the lowest net interest cost to the Authority, determined by <br />computing the total interest on all of the Taxable Bonds from the <br />date thereof to their maturities and deducting therefrom the <br />premium bid, if any, or adding thereto the amount of any discount, <br />if any, with a net interest rate of 9.6161%, which bid was <br />accepted; and <br />WHEREAS, the award of the sale of the Taxable Bonds will <br />permit a reduction in the annual rental payments on the Lease for <br />the Taxable Project pursuant to Section 4 of the Lease; and <br />-2- <br />