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Joseph E. Kernan <br />Director, Administration and <br />Finance <br />CITY of SOUTH BEND <br />ROGER O. PARENT, Mayor <br />COUNTY -CITY BUILDING SOUTH .BEND, INDIANA 46601 <br />September 8, 1981 <br />South Bend Common Council <br />4th Floor County -City Building <br />South Bend, Indiana 46601 <br />Dear Members of the Council: <br />219/284 -9742 <br />This bill would amend Ordinance 6881 -81 which authorized the <br />issuance and sale of the general obligation bond. <br />The amendments reflect the decrease in the bond to $3,215,000.00, <br />and the attendant decreases in payment amounts over the proposed <br />schedule. The maximum allowable interest rate has been amended <br />to 15% because of the changes in the bond market since original <br />passage of the ordinance, but the actual interest rate will be <br />determined by competitive bid. <br />We are now working on preparing information for our bond rating <br />hearing, and with successful passage of these amendments we hope <br />to be in a position to be able to sell the bonds toward the end <br />of October. <br />If there are questions or further information is needed, please <br />contact me or Rich Hill. <br />Your favorable consideration is requested. <br />Sincerely, <br />Joseph E. Kernan <br />City Controller <br />JEK :des <br />Attachment <br />