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.; <br />~'! <br />• South Bend Redevelopment Authority <br />Rescheduled Meeting March 13, 1996 <br />4. NEW BUSINESS <br />a. Authority approval requested for Resolution No. 106 indicating its intent <br />to issue Redevelopment Authority lease rental revenue refunding bonds <br />and that certain preliminary costs be reimbursed from the proceeds of said <br />bonds. <br />Randy Rompola, Baker & Daniels, explained that the purpose of this <br />Resolution is to state for the record that Redevelopment Authority does intend <br />to issue the bonds. It states that any expenses incurred prior to the time of <br />issue of the bonds, will be reimbursed out of the bonds proceeds when they <br />are issued. This relates to the two series of bonds. Series A bond refunds the <br />bonds from the South Bend Central Development Area Public Improvement <br />Project 1990 Lease Purchase Bonds. Series B bond refunds the Airport <br />Economic Development Area Public Improvement Project that was issued in <br />1991. <br />Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously <br />carried, the Authority approved Resolution No. 106 indicating its intent to <br />issue Redevelopment Authority lease rental revenue refunding bonds and that <br />certain preliminary costs be reimbursed from the proceeds of said bonds. <br />b. Authority approval requested for Resolution No. 107 authorizing the <br />issuance of the South Bend Redevelopment Authority lease rental revenue <br />refunding bonds, series 1996A (Central Development Area Public <br />Improvement Project) and series 1996B (Airport Economic Development <br />Area Public Improvement Project) and other related matters. <br />Mrs. Kolata noted that Resolution No. 107 is related to refinancing of the <br />South Bend Central Development Area Public Improvement Project Bond and <br />the Airport Economic Development Area Tax-Exempt Bond. <br />Randy Rompola, Baker & Daniels, explained that Resolution No. 107 sets up <br />the parameters for the bond issues. The Series 1996A Bond will not exceed <br />$6,000,000, and the Series 1996B bond will not exceed $3,000,000. The <br />actual amount of each bond will depend on what the interest rate is at the time <br />of sale and the outstanding balance of the existing bonds. The Resolution sets <br />a maximum interest rate of 8 % and a maximum maturity date of 2012. <br />Under current laws the refunding bonds will not be redeemed unless they are <br />redeemed currently as they mature. <br />3. NEW BUSINESS (Cont.) <br />-2- <br />