1998-10-19 Redevelopment Authority Minutes

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The South Bend Redevelopment Authority • October 19, 1998 Meeting Minutes the process by which the bonds will be sold. Mr. Rompola pointed out that Resolution No. 130 states that the Redevelopment Authority has determined to publish the notice of intent to sell, but is not agreeing to comply with the public sales statutes. In a refunding, a bond seller has the opportunity to negotiate with one underwriter or to publish a notice of intent to sell and sell publicly. Mr. Rompola stated that Baker and Daniels thought it best to have the City sell the bonds publicly, but reserve the right to not have to comply with the public sales statutes in case there is any problem with the notice in the paper, etc. Section 10 authorizes the Redevelopment Authority to secure bond counsel opinion. Section 11 states that the bonds will be sold for not more than $7 million. Section 12 approves the form of the Official Statement. All of the documents are "in the form of so that Baker and Daniels is authorized to make changes and finalize the documents, and to secure signatures at a later time without formal approval. The documents still have many blanks in them which cannot be filled in until the bonds are sold. The attachments to the resolution are the "forms" of the documents. The Trust Agreement is the agreement that secures the bonds. Because Norwest Bank is the current Trustee on the 1992 bonds, the staff thought it wise to keep them • as Trustee on the 1998 bonds. To go to a new Trustee would incur additional expense. Ms. Pfotenhauer noted that there is a Y2K section in the Official Statement. Mr. Rompola stated that the FCC has made requirements for factoring in Y2K. Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, the Authority approved Resolution No. 130 authorizing the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 1998 (Blackthorn Golf Course Project) and other related matters. e. Authority approval requested for the Eighth Addendum to amended and restated Lease between the South Bend Redevelopment Authority and South Bend Redevelopment Commission dated as of August 1,1990. Mrs. Kolata stated that this lease is for some taxable and tax-exempt bonds in the Blackthorn area that were used to purchase property. The Eighth Addendum takes out certain property that has been sold to Crescent Michiana Properties and Shamrock Development. The money from the sale of the property was used to defease that portion of the bonds. Upon a motion by Mr. Kahn, seconded by Mr. Alvarez, and unanimously carried, the Authority approved the request for the Eighth Addendum to the Amended and Restated • 6 H: \ WPDATA\AUTHORTY\ 10199 8.MIN