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C.OUIJIY-CtCY BUILDING <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-921 G <br />Fnx 574/235-9928 <br />TDD 574! 235-5567 <br />CITY OF SOUTH BEND ST'EPHEN,J. LUECKE, MAYOR <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />November 20, 2002 <br />Mr. Roland Kelly <br />President <br />South Bend Common Council <br />41h Floor -County-City Building <br />South Bend, IN 46601 <br />FREDERICK B. OLLET"I', III <br />C,ANTROLLER <br />Subject: Redemption of 1992 South Bend Redevelopment Authority Taxable/Rental, <br />Revenue Bonds (Palais Royale) <br />Dear Mr. Kelly: <br />In 1992 the City of South Bend through the South Bend Redevelopment Authority issued these <br />bonds ($1,400,000) to acquire the Palais Royale building from private owners. <br />We wish to retire these bonds as of December 27, 2002 rather than continuing to pay interest at <br />7.3% per year while earning 1.21% on the funds in the debt reserve fund. <br />In addition to the $320,865.83, $34,314.63 from Fund #328 (Redevelopment Bond/Palais <br />Royale) is requested for appropriation to redeem the bonds and the outstanding interest through <br />December 27, 2002. The remaining balance in Fund #328 will be transferred to Fund #420 <br />(South Bend Central Redevelopment Area Tax Incremental Fund). Fund #328 will be closed <br />since its stated purpose of Palais Royale repayment will have been fulfilled. <br />We request your approval of this ordinance. <br />Sincerely, <br />~~o~j <br />n~ <br />Frederick B. Ollett, III <br />Controller <br />~rted in Gl~rk'~ ®ff~~~ <br />~eji ~i 7 {~j'~ ry ~ i f, <br />IYQ fi LU ~ <br />LO'B~TTAJ. ~~~ <br />Ci'fYCLtR"ra~. <br />CATHERINEA. HUBBARD-SHEAR LIZ ROWS THOMAS SKARBEK SUSAN WALLACE ROBERT ALLEN <br />DIRECTOR DIRECTOR DIRECTOR MANAGER DIRECTOR <br />HUMAN RESOURCES CITY FINANCE BUDGETING & FINANCIAL REPORTING BENEFITS INFORMATION TECHNOLOGY <br />