Laserfiche WebLink
3, NEW BUSINESS (Cont.) <br />a. continued.. <br />turf utility vehicles for $12, 227. Mrs . Kolata recommended referring the bid <br />to staff for review. <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and <br />unanimously carried, the Authority referred the bid for Miscellaneous Golf <br />Course Equipment to the staff for review. <br />b. Authority authorization requested for Letter to Norwest Bank Incliana, <br />N.A. related to the South Bend Central Development Area Public <br />improvement Project (1990). <br />Mrs. Kolata explained that hTorwest Bank is the Trustee for the 1990 SBCDA <br />Public Improvement Bond. The Authority previously declared the project <br />substantially complete. The one portion that was not completed is now <br />complete and the bills for it have been paid. There is approximately $90,000 <br />left in the Construction Fund which needs to be transferred to the Bond <br />Sinking Fund. This letter to the Trustee requests that transfer. <br />Upon a motion by Mr. Wroblewski, seconded by Mr. Gammage and <br />• .unanimously.-carved, the Authority .authorized the Letter for Norwest Bank <br />Indiana, N.A. related to the South Bend Central Development Area <br />Improvement Project (1990). <br />c. Authority approval requested for Escrow Defeasance Agreement with <br />Society Bank. <br />Mrs. Kolata noted that we used some of the proceeds of the Airport Taxable <br />.Bond to purchase land in the Blackthorn Corporate Park andin the Toll Road <br />Industrial Park. According to the terms of the bond issue, the Redevelopment <br />Authority must own the land until the bonds are totally paid off. In marketing <br />the land, it is in the Authority's interest to be able to sell it rather than lease <br />it. In order to be able to do that, we need to set up a separate fund with our <br />bond trustee that puts a portion of the proceeds of each land sale into a <br />separate account to go for paying off the bonds. We have spent a lot of time <br />working with bond counsel and the bond trustee to arrive at-.this method. All <br />are in agreement that this allows us to sell land. Once put into this fund, the <br />money cannot be used for anything other than paying off bonds. <br />• _- <br />