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. .South Bend Redevelopment Authority <br />Special Meeting - November 13, 1991 <br />3. NEW BUSINESS (Cont.) <br />a. continued... <br />Bend the Escrow Agent. It was prepared by the Legal <br />Department and meets with the approval of the title <br />company. <br />Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority approved the <br />Escrow Agreement with Ray E. and Justine DeMaegt. <br />b. Authority approval requested for Resolution No. 45 <br />approving an Escrow Agreement and authorizing publication <br />of Notice of Execution and Delivery of a Contract for the <br />Refunding). <br />Mrs. Kolata noted that the pricing for the refunding of <br />the bonds took place on November 12. Interest rates have <br />dropped further. than we expected. The net interest rate <br />on the bond is 6.670819%. The interest rates range from <br />. 4.9% for bonds maturing in 1992 to 7.250 for bonds <br />maturing in 1997. The total cumulative savings on the <br />refinancing was $339,964.44. The net present value of <br />that is about $283,349. <br />Mrs. Kolata noted that this Escrow Agreement is related <br />to the refinancing of the Coveleski Stadium. The closing <br />for the new bond issue will take place and the proceeds <br />will be put into escrow until the call date for the <br />existing bond. We are not going to give notice to the <br />current bond holders until we have closed on this bond. <br />There will be about a one month period during which we <br />will-have both bonds. The escrow trustee will be Norwest <br />Bank. <br />Upon a motion by Mr. Fewell, seconded by Mr. Wroblewski <br />and unanimously carried, the Authority approved <br />Resolution No. 45 approving an Escrow Agreement and <br />authorizing publication of Notice of Execution and <br />Delivery of a Contract for the Purchase of the South Bend <br />Redevelopment Authority Taxable Lease Rental Revenue <br />Bonds (Coveleski Stadium Refunding). <br />c. Authority approval requested for Resolution No. 46 <br />approving an Official Statement relating to the issuance <br />• of the South Bend Redevelopment Authority Taxable Lease <br />Rental Revenue Bonds (Coveleski Stadium Refunding), <br />ratifying the execution and delivery of the contract for <br />the purchase of the bonds and approving the execution of <br />-2- <br />