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The South Bend Redevelopment Authority <br />March 14, 2002 Meeting Minutes <br />meets the legal requirements that we need for investment purposes. He finds that <br />it does and thus recommends it as the investment vehicle for the funds. Mr. <br />Alvarez asked if the interest rate compares with the former interest rate. Mr. Inks <br />said they must be similar investments since they are government accounts and <br />should have similar returns. The interest rates run between 4.5 and 6 percent. <br />Interest on an annual basis is only around $50. <br />Upon a motion by Mr. Alvarez, seconded by Ms. Pfotenhauer, and unanimously <br />carried, the Authority approved the Investment redirection for accounts 131794.1, <br />131794.2, and 131733.2 at JP Morgan. <br />5. Next Meeting Date: to be determined <br />6. Adjournment <br />There being no further business to come before the Redevelopment Authority the meeting <br />was adjourned at 9:30 a.m. <br />~~~ <br />Carolyn V. Pfot nhauer, es'd nt <br />Donald Inks, Director <br />H:\WPDATAWUTHORTY\031402.min.' d <br />~'P <br />