HomeMy WebLinkAbout1998-12-07 Redevelopement Authority MinutesSOUTH BEND. REDEVELOPMENT AUTHORITY
• REGULAR MEETING
December 7, 1998 1308 County-City Building
1:30 p.m. 227 West Jefferson Boulevard
Presiding: Mr. Matthew Kahn, Vice-President South Bend, IN 46601
The December 7, 1998 Regular Meeting of the Redevelopment Authority was called to order at
1:32 p.m. by its Vice-President, Matthew Kahn. There was a quorum present.
L ROLL CALL
Members Present: Mr. Matthew Kahn, Vice-President
Mr. Jose Alvarez, Secretary
Redevelopment Staff: Mrs. Ann Kolata, Deputy Executive Director
Mrs. Jenny Hullinger, Recording Secretary
2. APPROVAL OF MINUTES
a. Approval of the minutes of the regular meeting of November 16,1998.
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Upon a motion by Jose Alvarez, seconded by Matthew Kahn, and unanimously carried,
the Authority approved the Minutes of the Regular Meeting of November 16, 1998.
3. NEW BUSINESS
a. Authority approval requested for proposal from Norwest Investment
Management and Trust for professional services related to the Blackthorn
Refunding Bonds of 1998.
Mrs. Kolata stated that the City Controller reviewed the proposed fees Norwest
sent for their work on the bond issues, and found them similar to fees charged for
the bonds of 1992. Norwest requested an initial fee of $1,500 and an annual fee
of $1,250, as well as charges per occurrence for different activities. Mr. Alvarez
asked if this is the second Blackthorn bond issue. that Norwest has been the
Trustee for, and if there is a volume discount for handling more than one bond.
Mrs. Kolata replied that this is the second bond issue and there is no discount
because they are paid for the amount of work they do: sending statements, issuing
checks, writing letters to bond holders, etc.
Upon a motion by Mr. Alvarez, seconded by Mr. Kahn, and unanimously carried,
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The South Bend Redevelopment Authority
December 7, 1998 Meeting Minutes
the Authority approved the proposal from Norwest Investment Management and
Trust for professional services related to the Blackthorn Refunding Bonds of
1998.
4. CLAIMS
Blackthorn Refunding Bonds of 1998
Standard & Poor's $6,000.00
McGladrey & Pullen, LLP $2,500.00
Moody's Investors Service $6,500.00
Crowe Chizek $3,807.62
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Mrs. Kolata stated that the claims for Standard & Poor's and Moody's Investors Service
are for bond ratings. McGladrey & Pullen did an escrow verification for the bonds, and
Crowe Chizek's claim is for the printing of the Official Statement.
Mr. Alvarez asked why more than one bond rating was necessary. Mrs. Kolata replied
that more than one rating makes the bonds more saleable. Standard & Poor's and Fitch
both rate the City higher than Moody's, who did the rating on the original bonds.
Upon a motion by Mr. Alvarez, seconded by Mr. Kahn and unanimously carried, the
Authority approved the claims submitted December 7, 1998.
6. NEXT MEETING DATE: December 21, 1998.
7. ADJOURNMENT
Upon a motion by Mr. Alvarez, seconded by Mr. Kahn, and unanimously carried, the
meeting was adjourned at 1:45 p.m.
Ann Kolata, Director
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