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,~ :, <br />South Bend Redevelopment Authority <br />. Special Meeting - December 17, 1990 <br />3. NEW BUSINESS (Cont.) <br />a. continued... <br />Bank, Peoples Bank and Trust, Bank One, First Interstate, <br />Midwest Commerce, and Merchants National Bank. We sent a <br />form with the Request for Proposals so that we would <br />receive comparable information from each bank. H. J. <br />Umbaugh and Associates has reviewed the proposals. <br />Merchants National Bank of Indianapolis' proposal offered <br />the lowest first year cost. Society Bank of South Bend's <br />proposal was the lowest local bank. Both Society Bank <br />and Merchants National proposed to charge $2.50 for each <br />principal payment for an average annual cost of under <br />$200 over .the life of the bond. Society Bank's fee <br />includes $100 per month during the construction period <br />.(estimated to be one year). After that, Society Bank's <br />fee structure is very similar to Merchants National's. <br />Society Bank's fee is not subject to change over the life <br />of the bond issue and Merchants National's is subject to <br />change, although the criteria for change was not given. <br />Based on this information and the fact that it is much <br />more convenient. to submit claims for payment to a local <br />• bank, we have selected Society Bank as trustee and paying <br />agent. <br />Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority ratified the <br />selection of Society Bank as Trustee, Registrar, and <br />Paying Agent for the Airport Economic Development Area <br />bond issue. <br />b. Authority approval rectuested for Resolution No. 26 <br />authorizing the Issuance of the South Bend Redevelopment <br />Authority Taxable Lease Rental Revenue Bonds (Airport <br />Economic Development Area Public Improvement Proiect) and <br />Regarding Other Related Matters.. <br />Mrs. Kolata explained items b. and c. together since they <br />are identical except that the project has been divided <br />into two parts. Resolution No. 26 authorizes a <br />$4,200,000 taxable bond with an interest rate not <br />exceeding 11% per year. The bonds shall mature on August <br />1st of each year, beginning in 1996 and continue to the <br />year 2012. They are redeemable in part in multiples of <br />$5,000 at the option of the Authority. The resolution <br />authorizes publication of a Notice of Intent to Sell <br />Bonds in the South Bend Tribune, the Tri-County News, and <br />the. Indianapolis Commercial on December 21st and December <br />28th. The date of sale for the bonds will not be set in <br />the Notice of Intent to Sell Bonds. Prospective bidders <br />-2- <br />