HomeMy WebLinkAbout1996-10-16 Redevelopment Authority Minutes_' -~
• SOUTH BEND REDEVELOPMENT AUTHORITY
REGULAR MEETING
October 16, 1996 1308 County -City Building
4:30 p.m. 227 W. Jefferson Boulevard
Presiding: Joseph Wroblewski South Bend, Indiana 46601
President
The October 16, 1996 Regular Meeting of the Redevelopment Authority was called to order at
4:40 p.m. by its President, Joseph Wroblewski. There was: a quorum present.
1. ROLL CALL
Members Present: Mr. Joseph Wroblewski, President
Mr. Andre B. Gammage, Vice-President
Ms. Mary O. Ferlic, Secretary
Redevelopment Staff: Mrs. Ann Kolata, Director
Mrs. Joelle K. Smith, Recording Secretary
2. APPROVAL OF MINUTES
• a. Approval of Minutes of the Regular Meeting of Wednesday, October 2,
1996.
Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously
carried, the Authority approved the Minutes of the Regular Meeting of
Wednesday, October 2, 1996.
3. NEW BUSINESS
Mrs. Kolata stated that she had two items to add to the agenda. There were no objections
so items 3a & 3b were added to the agenda.
a. Authority approval requested for letter from Norwest Bank regarding
investment of funds from the South Bend Central Development Area Lease
Rental Revenue Refunding Bonds, Series 1996 A.
Mrs. Kolata explained that Norwest Bank wants written authorization to invest
funds in six month Treasury Securities. This will allow the funds to earn higher
interest rates. Our financial advisor on the bond issue, H.J. Umbaugh, has
reviewed the letter and advised us that the investment in these securities is in
accordance with the provisions of the bond issue.
• Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously
carried, Authority approved the letter of authorization from Norwest Bank to
refund bond issues.
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• South Bend Redevelopment Authority
Regular Meeting.- October 16, 1996
b. Authority approval requested for letter from Norwest Bank regarding
investment of funds from the South Bend Redevelopment Authority -College
Football Hall of Fame and Century Center. Bond. Issues.
Mrs. Kolata explained that Norwest Bank wants written authorization to invest in
Treasury Securities in order to earn higher interest rates. Our financial advisor for
these bond issues, Municipal Consultants, has reviewed the letter and advised us
that the investment in these securities is in accordance with the provision of the
bond issue. They also recommended that we limit the investment to a maximum of
six month Treasury Securities.
Upon a motion by Ms. Ferlic, seconded by Mr. Gammage and unanimously
carried, the Authority approved the letter of authorization from Norwest Bank
related to the College Football Hall of Fame and Century Center Bond Issues
subject to a maximum of six months Treasury Securities.
4. CLAIMS
• Claims submitted for approval on October 16, 1996
SBCDA - 1996 A Bonds
Standard & Poor's
Operation & Reserve $4,500.00
City Securities Corporation
Operation & Reserve $ 664.00
Hall of Fame
The Fuji Bank, Limited
Expense Fund $5,714.49
Upon a motion by Mr. Gammage, seconded by Ms. Ferlic and unanimously carried, the
Authority approved the Claims submitted for approval October 16, 1996
5. NEXT MEETING DATE:
The next meeting of the Redevelopment Authority is scheduled for Wednesday,
November 6, 1996 at 4:30 p.m.
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South Bend Redevelopment Authority
Regular Meeting -October 16, 1996
6> ADJOURNMENT
There being no further business to come before the Redevelopment Authority, Ms. Ferlic
made a motion that the meeting be adjourned.. Mr. Gammage seconded the motion and
the meeting was adjourned at 4:46 p.m.
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seph .Wroblewski, President
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Ann E. Kolata, Director
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