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South Bend Redevelopment Commission Regular Meeting—April 24, 2014 6. NEW BUSINESS (CONT.) A. Public Hearings (1) continued... the Bonds will also be issued with a special benefits tax backup to the TIF Revenues. The Refunding Bonds will have a final maturity no later than January 1, 2022, which is the same term as the existing 2002 Bonds. Staff is also seeking approval of professional advisory services agreement with Crowe Horwath associated with this bond refunding. Mr. Relos noted that the public hearing file is complete, containing: (1)A copy of the Notice of Hearing; (2)A copy of Resolution No. 3211,the subject of the public hearing; (3) An affidavit from Kim Wilson,Publisher of the South Bend Tribune,that the Notice of Hearing was published in that newspaper on April 11, 2014; (4)An affidavit from Jason Jolly, Classified Manager of the Tri-County News,that the Notice of Hearing was published in that newspaper on April 11, 2014. Staff is seeking approval of bond refunding and professional advisory services by the Commission. Ms. Jones opened the Public Hearing for anyone who wished to speak regarding Resolution No. 3211. There was no one who wished to speak. Ms. Jones closed the Public Hearing for whatever action the Commission wished to take. (2) Consideration of Resolution No.3211. Mr. Inks asked the intent of the special benefits tax backup. Mr. Philip Faccenda, Barnes& Thornburg,responded that the current bonds have a special benefits tax backup which is a general tax applicable to the entire district, in the event you need to levy a tax. Throughout the life of the bond a tax has never been levied to make a payment on the bond. The district is coterminous with the city limits of the City of South Bend. Mr. Varner asked if the Common Council will need to approve the refunding as well. Mr. Faccenda responded that it will. Mr. Varner wondered if these bonds when originally approved were approved by the Council. Mr. Faccenda responded that they might not have been. State law changed about eight years ago,requiring any bonds of$3,000,000 or more be approved by the Council. However, the state legislature does not like the Redevelopment Commission approving bonds on its own, so basically any bonding action must also be approved by the Common Council. Mr. Downes asked what the estimated savings will be due to the refunding. Mr. Faccenda responded that the savings is expected to be in excess of$200,000. Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried,the Commission approved Resolution No. 3211 authorizing the issuance of bonds for the purpose of providing funds to be applied to pay for the refunding of certain outstanding South Bend Redevelopment District Special Taxing District Bonds of 2002 and to pay incidental expenses in connection therewith and on account of the issuance of the bonds,and appropriating the proceeds thereof. 6