1998-01-21 Redevelopment Authority Minutes

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• The South Bend Redevelopment Authority Special Meeting January 21, 1998 Secretar~Treasurer Carolyn Pfotenhauer nominated Andre Gammage to serve as Secretary-Treasurer of the Redevelopment Authority. Eugene Ladewski seconded the nomination. There were no additional nominations. The vote being unanimous, Mr. Gammage was elected Secretary-Treasurer for 1998. Mr. Ladewski assumed the chair. 3. APPROVAL OF MINUTES Upon a motion by Mr. Gammage, seconded by Ms. Pfotenhauer and unanimously carried, the Authority approved the Minutes of the Special Meeting of November 14, 1997. 4. NEW BUSINESS a. Authority approval requested for Resolution No. 117 authorizing the • issuance of the South Bend Redevelopment Authority lease rental revenue bonds (the Morris Performing Arts Center Project) and other related matters. Mrs. Kolata explained that the State Tax Board approved the bond issue for the Morris Performing Arts Center in July. The Authority has been waiting to issue the bond until closer to the start of construction. The first construction bids will come in March, so the bond sale will take place inmid-February. Mr. Randy Rompola explained Resolution No. 117 and 118. Resolution No. 117 authorizes the issuance of the bonds. This Resolution sets the final bond structure with the principal maturity amount listed in the bond resolution and the maximum amount of the bond to be issued. Since the exact amount of the bond will not be known until later, a maximum bond principal amount of $15 million, has been established. The bond is expected to be issued for approximately: $13,700,000. The resolution delegates authority to the President or Vice- President to sign off on the exact size of the bond. The resolution sets a maximum interest rate of 6.5%. Section 3. of the resolution contains the redemption terms. Section 4. is there because of the 1992 taxable bond issue for the purchase of the • H:\WPDATA\ALTTHORTY\012198.MIN 2