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pY ~~Y ~ KA <br />South Bend Redevelopment Authority.... <br />. Special Meeting - April 30, 1992 <br />3. NEW BUSINESS (Cont.) <br />d. Authority approval requested for :Resolution No. 51 <br />indicating its intent to issue Redevelopment Authority <br />Lease Rental Revenue Bonds and that' certain preliminary <br />.costs be reimbursed from the proceeds of said bonds. <br />Mrs. Kolata explained that Resolution No. 51 is a <br />reimbursement resolution which allows expenses related to <br />the bond, which are incurred prior to the :bond sale, to <br />be reimbursed from bond proceeds. <br />Upon a motion by Mr. Fewell, seconded by Mr. Gammage and <br />unanimously carried, the Authority approved Resolution <br />No. 51 indicating its intent to issue .Redevelopment <br />Authority Lease Rental Revenue Bonds and that certain <br />preliminary costs be reimbursed from the proceeds of said <br />bonds. <br />e. Authority approval requested for Resolution. No. 52 <br />Refunding) and other related matters. <br />• Mrs. Kolata noted that this is the resolution that begins <br />the refinancing of the garage.: It says that we intend to <br />issue bonds in an amount not to exceed $4,696,000 which <br />.will be used to refund bonds issued in 1988. It also <br />says that the Authority plans to amend the Lease with the <br />Commission, primarily to lower payments based on the new <br />interest rate. Norwest Bank would be the Trustee on the <br />refunded bonds as they are. on the current bonds. The <br />final maturity date will be no later. than February 1, <br />2009 at a maximum interest rate of 7.250.. It also <br />authorizes the Notice of Intent to S-ell to be published <br />and establishes a time for interested bidders to <br />register. <br />Mrs. Kolata noted that there is no need to go before the <br />State Tax Board with this bond because it would be a <br />reduction of a bond that was already approved. <br />Upon a motion by Mr. Fewell, seconded by Mr. Gammage and <br />unanimously carried, the Authority approved Resolution <br />No. 52 authorizing the issuance of the South Bend <br />Redevelopment Authority Lease Rental Revenue Bonds <br />.(.Parking Facility Refunding) and other related matters. <br />• <br />-3- <br />