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_' -~ <br />• SOUTH BEND REDEVELOPMENT AUTHORITY <br />REGULAR MEETING <br />October 16, 1996 1308 County -City Building <br />4:30 p.m. 227 W. Jefferson Boulevard <br />Presiding: Joseph Wroblewski South Bend, Indiana 46601 <br />President <br />The October 16, 1996 Regular Meeting of the Redevelopment Authority was called to order at <br />4:40 p.m. by its President, Joseph Wroblewski. There was: a quorum present. <br />1. ROLL CALL <br />Members Present: Mr. Joseph Wroblewski, President <br />Mr. Andre B. Gammage, Vice-President <br />Ms. Mary O. Ferlic, Secretary <br />Redevelopment Staff: Mrs. Ann Kolata, Director <br />Mrs. Joelle K. Smith, Recording Secretary <br />2. APPROVAL OF MINUTES <br />• a. Approval of Minutes of the Regular Meeting of Wednesday, October 2, <br />1996. <br />Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously <br />carried, the Authority approved the Minutes of the Regular Meeting of <br />Wednesday, October 2, 1996. <br />3. NEW BUSINESS <br />Mrs. Kolata stated that she had two items to add to the agenda. There were no objections <br />so items 3a & 3b were added to the agenda. <br />a. Authority approval requested for letter from Norwest Bank regarding <br />investment of funds from the South Bend Central Development Area Lease <br />Rental Revenue Refunding Bonds, Series 1996 A. <br />Mrs. Kolata explained that Norwest Bank wants written authorization to invest <br />funds in six month Treasury Securities. This will allow the funds to earn higher <br />interest rates. Our financial advisor on the bond issue, H.J. Umbaugh, has <br />reviewed the letter and advised us that the investment in these securities is in <br />accordance with the provisions of the bond issue. <br />• Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously <br />carried, Authority approved the letter of authorization from Norwest Bank to <br />refund bond issues. <br />