1991-11-15 Minutes - Laserfiche WebLink

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South Bend Redevelopment Authority Special Meeting - November 15, 1991 2. NEW BUSINESS (Cont.) a. continued... reduces the tax burden on the citizens of South Bend. Mrs. Kolata noted that the pricing of the bond, not the sale, took place on November 12. Banc One contacted its potential buyers to find out what interest rate they will be willing to pay for the bonds. They do a preliminary pricing and Banc One presents to us a Purchase Contract in which they commit to buying the bond for the 6.67%-net interest rate. Resolution No. 46 approves the Purchase Contract, approves the Official Statement, and approves the Addendum to Lease between the Authority and the Redevelopment Commission which sets out the rental payment date and the payment amounts. The new schedule of payments in the Addendum is based on the new interest rate. Mr. Fewell asked if we could take advantage of any further decline in interest rates. Mrs. Kolata responded that if • the Authority approves. Resolution No. 46 and signs the Purchase Contract, that locks in the interest rate. Upon a motion by Mr. Gammage, seconded by Mr. Fewell, and unanimously carried, the Authority approved Resolution No. 46 approving an Official Statement relating to the issuance of the South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Coveleski Stadium Refunding), ratifying the execution and delivery of the contract for the purchase of the bonds and approving the execution of an Addendum to the Lease between the Authority and the Redevelopment Commission for the Stanley Coveleski Regional Stadium Facility. 3. CLAIMS Claims submitted November 15, 1991 for payment: SBCDA PUBLIC IMPROVEMENT PROJECT City of South Bend, Dept. of Code Enforcement $ 3.759.00 TOTAL SBCDA PUBLIC IMPROVEMENT PROJECT $ 3,759.00 • Upon a motion by Mr. Fewell, seconded by Mr. Gammage and unanimously carried, the Authority approved the claims submitted for payment November 15, 1991.