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<br />• South Bend Redevelopment Authority <br />Special Meeting -September 11, 1996 <br />Mrs. Kolata explained that Resolution No. 109 authorizes the Authority to enter <br />into any types of documents required so that the Hall of Fame can get a Letter of <br />Credit from this new bank. We estimate savings of as much as $90,000 a year in <br />terms of interest on the bonds. The actual cost for the Letter of Credit will go up <br />but the interest on the bonds will go down, so the net erect is a saving. <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously <br />carried, the Authority approved Resolution No. 109 authorizing such actions as <br />maybe necessary for the substitution and replacement of the credit facility for the <br />South Bend Redevelopment Authority Variable Rate Demand Lease Rental <br />Revenue Bonds of 1994 (College Football Hall of Fame Project) <br />Mrs. Kolata added item b to the agenda. <br />b. Authority approval requested for Resolution No. 110 approving and ratifying <br />the sale of South Bend Redevelopment Authority Lease Rental Revenue <br />Refunding Bonds Series 1996 A (South Bend Central Development Area <br />Public Improvement Project) and approving the execution of an Addendum <br />to the Lease between the Authority and the South Bend Redevelopment <br />• Commission and other related matters <br />Mrs. Kolata stated that earlier this year, the Authority began the refinancing <br />process on two bond issues. It was recently decided to only refinance one bond <br />issue at this time so that the City of South Bend will stay under the $10 million <br />financing cap for 1996. The other bond issues will be refinanced early next year if <br />interest rates remain favorable. <br />Mr. Rompola explained that Resolution No. 110 relates to the refinancing of a <br />portion of the 1990 Lease Rental Revenue Bond for the South Bend Central <br />Development Area. As a result of the bonds being sold, there is a savings of <br />$452,000 which is net of expenses. The bonds will close September 26. <br />Resolution No. 110 ratifies the signing of the Bond Purchase Agreement, <br />authorizes the execution of a Lease Addendum and authorizes the Authority to <br />execute and deliver the Notice of Redemption to the Trustee on the deposit date. <br />A portion of the 1990 bonds will be replaced with the new bonds. <br />Upon a motion by Mr. Gammage, seconded by Mr. Wroblewski and unanimously <br />carried, the Authority approved Resolution No. 110 approving and ratifying the <br />sale of South Bend Redevelopment Authority Lease Rental Revenue Refunding <br />Bonds Series 1996 A (South Bend Central Development Area Public Improvement <br />Project) and approving the execution of an Addendum to the Lease between the <br />Authority and the South Bend Redevelopment Commission and other related <br />matters <br />