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WHEREAS, the lowest and best bid for the Bonds was <br />received from City Securities Corporation ("City Securities"), as <br />the bidder offering the lowest net interest cost to the Authority, <br />determined by computing the total interest on all of the Bonds from <br />the 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 6.384%, which bid was accepted; <br />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 and 00/100 Dollars <br />($1, 000.00) next highest to the nignesz sum vi Y~iiivlNa.~. Qa,u <br />interest due in any year ending on a Bond maturity date on the <br />• Bonds plus Two Thousand and 00/100 Dollars ($2,000.00); and <br />WHEREAS, the Authority desires to approve a modification <br />to the Lease changing the amount to be added from Two Thousand and <br />00/100 Dollars ($2,000.00) to Four Thousand and 00/100 Dollars <br />($4,000.00) which modification does not increase the term of the <br />Lease or the rental amount of the Lease as approved by the State <br />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 /> <br />