2001-04-16 Redevelopment Authority Minutes

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SOUTH BEND REDEVELOPMENT AUTHORITY • REGULAR MEETING April 16, 2001 1308 County-City Building 1:30 p.m. 227. West Jefferson Boulevard Presiding: Ms. Carolyn Pfotenhauer South Bend, IN 46601 The April 16, 2001 Regular Meeting of the Redevelopment Authority was called to order at 1:35 p.m. by its President, Carolyn Pfotenhauer. There was a quorum present. 1. ROLL CALL Members Present: Ms. Carolyn V. Pfotenhauer, President Mr. Jose Alvarez, Secretary Redevelopment Staff: Mr. Donald Inks, Director Mrs. Jenny Hullinger, Recording Secretary 2. APPROVAL OF MINUTES a. Approval of the minutes of January 15, 2001 • Upon a motion by Carolyn Pfotenhauer, seconded by Jose Alvarez, and unanimously carried, the Authority approved the Minutes of the Regular Meeting of March 26, 2001. 3. NEW BUSINESS a. Authority approval of Resolution No. 145 authorizing the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Refunding and Improvement Bonds of 2001 (Century Center Project) and other related matters. Mr. Richard Hill, of Baker and Daniels, stated that Resolution No. 145 provides for the refunding of the 1994 Century Center Project bonds because of the change in the bond market. The present lower interest rates will bring a sizeable savings for the City. The resolution refers to additional related documents: the Bond Purchase Agreement, the Irrevocable Escrow Deposit Agreement, the Continuing Disclosure Undertaking Agreement, and the Trust Agreement. The Escrow Deposit Agreement allows the bond proceeds to be put in escrow, and would pay off and redeem those bonds at the appropriate times. It is proposed that City Securities would be the purchaser of the bonds. The bonds may sell next week depending on market conditions. Upon a motion by Mr. Alvarez and seconded by Ms. Pfotenhauer, the Authority • H:\WPDATAWUTHORTY\041601.min.wpd