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• The South Bend Redevelopment Authority <br />October 2, 2000 Meeting Minutes <br />c. Authority approval for Trust Agreement between the South Bend Redevelopment <br />Authority. and Wells Fargo Bank Indiana, N.A. (Lease. Rental Revenue Bonds of <br />2000) (College Football Hall of Fame Project) <br />Mr. Rampola said the Trust Agreement is with Wells Fargo, formerly Norwest <br />Bank, who has submitted a proposal to serve as Trustee. The Trust Agreement <br />provides for the issuance of the bonds and the mechanism that allows the <br />Redevelopment Commission to make its lease rental payment. The Trustee makes <br />sure everything is done according to the agreement. Mr. Rampola said since the <br />City is levying a tax to help pay for the Hall of Fame, money will be available to <br />pay principle. <br />Mr. Inks asked if the first payments would be due February 1, 2001 or 2002. Mr. <br />Rampola said a lease payment will be due in January just for interest. The first <br />principle payment will be due August 2001. <br />Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, and unanimously <br />carried, the Authority approved the Trust Agreement between the South Bend <br />• Redevelopment Authority and Wells Fargo Bank Indiana, N.A. (Lease Rental <br />Revenue Bonds of 2000) (College Football Hall of Fame Project). <br />4. CLAIMS <br />There were no claims presented at the meeting. <br />5. NEXT MEETING DATE: November 20,-2000 <br />6. ADJOURNMENT <br />There being no further business to come before the Redevelopment Authority the meeting <br />was adjourned at 1:55 p.m. <br />r <br />-~. ~4 ' <br />Carolyn V. enhau sident <br />~~ <br />~~f <br />Donald Inks, Director <br />H:\WPDATAWUTHORTY~100200.min.wpd <br />