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1996-03-13 Redevelopment Authority Minutes
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1996-03-13 Redevelopment Authority Minutes
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• South Bend Redevelopment Authority <br />Rescheduled Meeting March 13, 1996 <br />b. continued... <br />The Resolution approves the form of Trust Indenture and the form of Escrow <br />Agreement. Resolution No. 107 allows the bonds to be sold at a negotiated <br />sale which means that we will select the date for the sale whenever we feel the <br />interest rate is most advantageous. <br />John Julien, H.J. Umbaugh & Associates, explained the financing for the <br />refunding. Resolution No. 107 approves the Preliminary Official Statement <br />which is a compilation of disclosures about the City and the Redevelopment <br />District and describes the financing. The Official Statement will be used in <br />selecting and negotiating with the underwriter of the bond. It will also be used <br />by the rating agency to establish a credit rating for this financing. The <br />estimated amount of net savings is approximately $300,000 - $400,000. <br />Mrs. Kolata explained that the reason for deciding to do a negotiated sale is <br />that a negotiated sale allows us to watch the market and pick the most <br />opportune time for the sale. <br />Mr. Gammage asked if the interest rates don't fall, do we have to go through <br />with the refunding? Mrs. Kolata responded that if the market doesn't make it <br />worth our while we will not go through with the sale. <br />Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously <br />carried, the Authority approved Resolution No. 107 authorizing the issuance of <br />the South Bend Redevelopment Authority lease rental revenue refunding <br />bonds, series 1996A (Central Development Area Public Improvement Project) <br />and series 1996B (Airport Economic Development Area Public Improvement <br />Project) and other related matters. <br />c. Authority approval requested for Indemnification Agreement between the <br />South Bend Redevelopment Authority and St. Joseph County Airport <br />Authority relating to the grant of drainage easements by the Airport in <br />connection with the development of Nimtz Parkway. <br />Mrs. Kolata explained that the Authority has some easements on Airport <br />Authority land. The Airport Authority wanted us to indemnify them as it <br />relates to certain environmental situations. <br />3. NEW BUSINESS (Cont.) <br />c. continued... <br />-3- <br />
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