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• offering the lowest net interest cost to the Authority, determined <br />by computing the total interest on all of the Bonds from the date <br />thereof to their maturities and deducting therefrom the premium <br />bid, if any, or adding thereto the amount of any discount, if any, <br />with a net interest rate of 7.0189%, which bid was accepted; and <br />WHEREAS, Section Four of the Lease provides that the <br />annual rental shall be reduced following the sale of the Bonds to <br />an amount equal to the multiple of One Thousand Dollars ($1,000) <br />next highest to the highest sum of principal and interest due in <br />any year ending on a Bond maturity date on the Bonds plus Two <br />Thousand Dollars ($2000).; and <br />WHEREAS, the Authority desires to approve a modification <br />to the Lease changing the amount to be added from $2,000 to Three <br />• Thousand Dollars ($3,000). which modification does not increase the. <br />term of the Lease or the rental amount of the Lease as approved by <br />the State Board of Tax Commissioners; and <br />WHEREAS, the award of the sale of the Bonds will permit <br />a reduction in the annual rental payments on the Lease for the <br />Project pursuant to Section 4 of the Lease as modified; and <br />WHEREAS, the Authority desires to approve and execute an <br />addendum to the Lease (the "Addendum"), a copy of which is hereby <br />attached as Exhibit A, reflecting such lower annual Lease rental <br />payments for the Project and making certain other amendments to the <br />Lease; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMENT AUTHORITY, AS FOLLOWS: <br />• <br />-2- <br />