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-~ .. <br />were rated by Moody's Investment Service in New York. The rating on the <br />• Parking Facility project is what is .called a "Conditional A" rating. A <br />rating of "A" represents the city rating, the fact that it is conditional is <br />.based on the fact that the garage is not yet constructed. Once it is <br />constructed, the conditional aspect of that rating will be removed. <br />Mr. Treptow then went on to open the bids. Bids were received for the <br />Lease-Rental Revenue Bonds for the Parking Garage from: <br />Net Interest Net Interest <br />Syndicate Head Dollar Cost Rate <br />Blunt Ellis & Loewi, Chicago $4,758,703.30 7.788% <br />Prudential Bache $4,803,245.35 7.8609% <br />Merrill Lynch, Chicago $4,760,437.50 7.7909% <br />Bank .One, Indianapolis $4,757,968.75 7.7868% <br />City Securities $4,766,848.75 7.8013% <br />Mr. Treptow stated that the apparent best bid was that submitted by Bank <br />One. The bids have to be checked for mathematical accuracy and to be sure <br />they don't violate any of the other bidding terms, especially the one that <br />limits the total annual payments to $518,000.00.. This will be checked by <br />• computer in Springsted's home office. <br />Mr. Treptow stated that there were two (2) bids submitted locally from Bank <br />One and City Securities and both were accompanied by good faith checks. In <br />the case of the three bids that he carried in, the good faith checks are on <br />file at Springsted. <br />Mr. Davey stated that-the apparent low bidder is Bank One and he awarded the <br />bid to Bank One subject to verification of accuracy of the bid and also <br />compliance with the maximtnn semi-annual payment requirement. <br />4. Opening and award of bids for the South Bend Redevelopment Authority Lease <br />Rental Revenue Bonds (Coveleski Stadium Project). <br />Mr. Treptow stated he was especially pleased to have four (4) bids for this <br />issue since this is a taxable bond. The rating for this issue is "A". This <br />is not a conditional rating because the stadium is already completed. <br />Bids were received for Coveleski Stadi~n project from: <br />Net Interest Net Interest <br />Syndicate Head Dollar Cost Rate <br />M Bank, Dallas TX $2,815,893.13 9.8174610 <br />Griffin Kubik Stephens & Thompson $2,771,578.75 9.66291% <br />• Bank One $2,744,409.00 9.5682% <br />Raffensberger Hughes $2,782,801.65 9.702089% <br />-2- <br />