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• The South Bend Redevelopment Authority <br />March 1, 1999 Regular Meeting Minutes <br />C.E. Lee building. <br />Upon a motion by Mr. Kahn, seconded by Ms. Pfotenhauer, and unanimously <br />carried, the Authority approved Resolution No. 132 authorizing the issuance of <br />the South Bend Redevelopment Authority Lease Rental Revenue Notes <br />(Downtown Property Acquisition Project), approving a Proposed Lease for certain <br />land to be acquired with the proceeds thereof, approving Preliminary Plans and <br />Cost Estimates and other related matters. <br />k. Authority approval requested for authorization of Norwest Bank to invest <br />the funds held in the Debt Service Reserve Fund. (Morris Bond Issue) <br />Mrs. Kolata stated Norwest Bank N.A. wants to invest the Debt Service Reserve <br />funds for a longer period of time than originally agreed. There is currently <br />$1,157,840 in the account, invested in U.S. Treasuries, which is currently earning <br />4.09%. If the funds were invested in 6-month Treasuries they would earn 4.56%. <br />The City Controller agreed that the investment was a good one for the Debt <br />Service Reserve fund. <br />i Upon a motion by Jose Alvarez, seconded by Matthew Kahn, and unanimously <br />approved, the Authority authorized Norwest Bank N.A. to reinvest the funds held <br />in the Debt Service Reserve Fund of the Morris bond issue. <br />4. NEXT MEETING DATE: March 15, 1999. <br />5. ADJOURNMENT <br />There being no further business to come before the Authority, Mr. Alvarez made a <br />motion that the meeting be adjourned. Mr. Kahn seconded the motion and the meeting <br />was adjourned at 2:00 p.m. <br />Carolyn . Pfote au ,President Ann .Kolata, Director <br />• fi <br />