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WHEREAS, the Authority previously entered into a lease <br />• between the Authority and the South Bend Redevelopment Commission <br />(the "Commission") dated as of November 1, 1993 (the "Lease"), <br />pursuant to which the Authority will lease the Project to the <br />Commission; and <br />WHEREAS, the Authority desires to approve and execute an <br />addendum to the Lease (the "Addendum"), a copy of which is attached <br />hereto as "Exhibit A" and incorporated herein, reflecting lower <br />semi-annual Lease rental amounts and making certain other <br />modifications to the Lease; <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend <br />Redevelopment Authority as follows: <br />Section 1. The Authority hereby ratifies the execution <br />of the Purchase Contract providing for the sale of the Bonds in an <br />• aggregate principal amount of Seven Million One Hundred Sixty <br />Thousand and 00/100 Dollars ($7,160,000.00) to the Underwriter at <br />a net interest cost of 6.31% which Bonds mature February 1 in the <br />years at the principal amounts and bearing interest at the rates <br />as follows: <br />Year Amount Rate Year Amount Rate <br />1996 $160,000 4.30% 2002 $220,000 5.40% <br />1997 $170,000 4.60% 2003 $230,000 5.50% <br />1998 $180,000 4.75% 2004 $240,000 5.60% <br />1999 $190,000 5.00% 2005 $250,000 5.70% <br />2000 $200,000 5.15% 2006 $270,000 5.80% <br />2001 $210,000 5.30% 2007 $280,000 5.90% <br />2018 $4,560,000 6.25% <br />• <br />