The Niagara Falls Bridge Commission at a meeting which was held on September 14, 1945, after careful consideration of their financial position, unanimously decided to pay on January 1, 1944 and which was the earliest unpaid Interest Coupon. It was also agreed at that time that this commission would not be in a position to meet the January 1, 1946 Interest Payment but that in all probability three Interest Coupons totalling $255,000.00 could be paid between January 2, 1946 and January 1, 1947. Two Interest Coupons were paid this year amounting to $170,000.00 - Coupon #7 on July 1, 1945 and Coupon #8 on December 1,1945. The following resolution was unanimously adopted by the Commission at the meeting held on September 14, 1945:

"The Secretary reported that the sum of $172,641.05 was on deposit in the Revenue Fund Account as of August 31, 1945 from which the sum of $12,000.00 must be deducted to reimburse the Construction and the Purchase Fund Account to cover advances made from that Account prior to the opening of Rainbow Bridge when other funds were not available. When this deduction is made there will be a balance remaining of $160,641.05. After careful consideration of the financial position of this Commission it was moved by Mr. Haines and seconded by Mr. Johnson and unanimously carried that this Commission pay on December 1, 1945 Interest Coupon No.8 which was due on January 1, 1944 and which is the earliest unpaid Interest Coupon.

It was decided that the Commission would be unable to meet the January 1, 1946 Interest payment when that semi-annual Coupon becomes due but that when adequate funds are available the next earliest unpaid Interest Coupon would be paid.

The Secretary was instructed to communicate with Mr. Malvern Hill, Vice-President of Stranahan, Harris & Company, Inc., New York City, advising them of the action taken by this Commission relative to this Interest payment with the request that they notify all Bondholders by appropriate published notice that Coupon No.8, which was due on January 1, 1944 will be paid on December 1, 1945 if presented in the usual manner for payment.

The Secretary was further instructed to notify the Manufacturers and Traders Trust Company, Trustees, Buffalo, N.Y. of the action taken with respect to payment of this Interest Coupon and the decision made regarding Coupon No.12, which is due on January 1, 1946."

The January 1, 1944 Interest Coupon was paid on December 1, 1945 in accordance with this resolution.